Financial Gravity Asset Management Inc. Makes New Investment in AT&T Inc. (NYSE:T)

Financial Gravity Asset Management Inc. bought a new stake in AT&T Inc. (NYSE:T - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm bought 9,760 shares of the technology company's stock, valued at approximately $276,000.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in AT&T by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 642,859,644 shares of the technology company's stock worth $14,637,914,000 after purchasing an additional 6,220,442 shares in the last quarter. Geode Capital Management LLC increased its position in AT&T by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 163,761,301 shares of the technology company's stock worth $3,719,723,000 after purchasing an additional 2,640,644 shares in the last quarter. GQG Partners LLC increased its position in AT&T by 37.3% during the 4th quarter. GQG Partners LLC now owns 96,779,385 shares of the technology company's stock worth $2,203,667,000 after purchasing an additional 26,280,866 shares in the last quarter. Norges Bank bought a new stake in AT&T during the 4th quarter worth approximately $1,858,418,000. Finally, Northern Trust Corp increased its position in AT&T by 16.3% in the 4th quarter. Northern Trust Corp now owns 78,148,354 shares of the technology company's stock valued at $1,779,438,000 after acquiring an additional 10,945,679 shares during the period. 57.10% of the stock is owned by institutional investors.

AT&T Stock Down 2.0%

Shares of NYSE T traded down $0.57 during trading on Friday, hitting $27.06. 25,994,878 shares of the company traded hands, compared to its average volume of 36,403,959. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.65 and a current ratio of 0.70. The business's fifty day moving average is $27.84 and its 200 day moving average is $26.27. The firm has a market capitalization of $194.68 billion, a price-to-earnings ratio of 16.60, a P/E/G ratio of 3.51 and a beta of 0.42. AT&T Inc. has a fifty-two week low of $18.14 and a fifty-two week high of $29.19.

AT&T (NYSE:T - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The technology company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.01). The business had revenue of $30.63 billion for the quarter, compared to the consensus estimate of $30.39 billion. AT&T had a return on equity of 13.63% and a net margin of 9.64%. The company's revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.55 earnings per share. Equities research analysts predict that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be given a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a dividend yield of 4.10%. The ex-dividend date of this dividend is Thursday, July 10th. AT&T's payout ratio is presently 68.10%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on T. Barclays lifted their price target on shares of AT&T from $27.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, April 25th. Bank of America began coverage on shares of AT&T in a report on Monday. They set a "buy" rating and a $32.00 price target on the stock. TD Securities lifted their price target on shares of AT&T from $29.00 to $30.00 and gave the stock a "hold" rating in a report on Thursday, April 24th. Evercore ISI lifted their price target on shares of AT&T from $25.00 to $27.00 and gave the stock an "in-line" rating in a report on Thursday, April 24th. Finally, Royal Bank Of Canada lifted their price target on shares of AT&T from $28.00 to $30.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, AT&T has a consensus rating of "Moderate Buy" and an average price target of $29.12.

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.