CCM Investment Group LLC Buys Shares of 255,378 AT&T Inc. (NYSE:T)

Key Points

• CCM Investment Group LLC has acquired 255,378 shares of AT&T Inc., valued at approximately $7.2 million, making it 14th largest position in its portfolio.
• AT&T has seen positive ratings from multiple brokerages, with JPMorgan Chase increasing the target price from $31 to $33, and a current consensus rating of "Moderate Buy."
• The company reported a quarterly earnings of $0.54 EPS, exceeding estimates, and has announced a dividend of $0.2775, reflecting a 4% yield.

CCM Investment Group LLC bought a new stake in AT&T Inc. (NYSE:T - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 255,378 shares of the technology company's stock, valued at approximately $7,197,000. AT&T accounts for about 0.8% of CCM Investment Group LLC's investment portfolio, making the stock its 14th biggest position.

A number of other large investors have also recently made changes to their positions in the company. Minot DeBlois Advisors LLC acquired a new stake in AT&T during the 4th quarter worth approximately $25,000. Capital A Wealth Management LLC purchased a new position in shares of AT&T during the 4th quarter worth approximately $25,000. Putney Financial Group LLC purchased a new position in AT&T in the 4th quarter valued at approximately $27,000. Hager Investment Management Services LLC increased its stake in AT&T by 182.1% in the 1st quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company's stock valued at $28,000 after purchasing an additional 641 shares in the last quarter. Finally, Core Alternative Capital increased its stake in AT&T by 125.4% in the 1st quarter. Core Alternative Capital now owns 1,021 shares of the technology company's stock valued at $29,000 after purchasing an additional 568 shares in the last quarter. 57.10% of the stock is owned by institutional investors and hedge funds.

AT&T Stock Up 1.3%

AT&T stock traded up $0.37 during midday trading on Tuesday, hitting $28.51. The stock had a trading volume of 30,754,806 shares, compared to its average volume of 37,614,555. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01. The business has a fifty day moving average price of $27.84 and a 200 day moving average price of $27.11. AT&T Inc. has a 12 month low of $18.97 and a 12 month high of $29.19. The stock has a market cap of $203.86 billion, a P/E ratio of 16.20, a P/E/G ratio of 3.48 and a beta of 0.42.

AT&T (NYSE:T - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The technology company reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. AT&T had a return on equity of 13.36% and a net margin of 10.29%. The company had revenue of $30.85 billion during the quarter, compared to the consensus estimate of $30.44 billion. During the same period in the previous year, the firm posted $0.51 earnings per share. AT&T's quarterly revenue was up 3.4% compared to the same quarter last year. Research analysts predict that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were paid a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date was Thursday, July 10th. AT&T's payout ratio is presently 63.07%.

Analysts Set New Price Targets

Several equities analysts have weighed in on T shares. Evercore ISI raised their price target on AT&T from $25.00 to $27.00 and gave the stock an "in-line" rating in a research report on Thursday, April 24th. Wells Fargo & Company raised their price target on AT&T from $30.00 to $31.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. TD Securities raised their price target on AT&T from $29.00 to $30.00 and gave the stock a "hold" rating in a research report on Thursday, April 24th. Barclays raised their price target on AT&T from $27.00 to $30.00 and gave the stock an "overweight" rating in a research report on Friday, April 25th. Finally, JPMorgan Chase & Co. raised their price target on AT&T from $31.00 to $33.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.66.

About AT&T

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.