Advisors Asset Management Inc. Cuts Stock Position in AT&T Inc. $T

Key Points

• Advisors Asset Management Inc. reduced its stake in AT&T Inc. by 1.4% during the 1st quarter, owning 1,635,390 shares with a value of approximately $46.25 million.
• Several institutional investors, including AllSquare Wealth Management and Kozak & Associates, increased their holdings in AT&T during the same period, reflecting varying investment strategies.
• Analysts have set target price increases for AT&T, with ratings ranging from "Strong Buy" to "Hold," resulting in an average target price of $30.40.

Advisors Asset Management Inc. decreased its stake in shares of AT&T Inc. (NYSE:T - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,635,390 shares of the technology company's stock after selling 23,700 shares during the quarter. AT&T makes up 0.9% of Advisors Asset Management Inc.'s investment portfolio, making the stock its 11th biggest holding. Advisors Asset Management Inc.'s holdings in AT&T were worth $46,249,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. AllSquare Wealth Management LLC boosted its position in shares of AT&T by 7.1% during the 1st quarter. AllSquare Wealth Management LLC now owns 5,704 shares of the technology company's stock worth $161,000 after acquiring an additional 378 shares in the last quarter. Next Level Private LLC raised its stake in shares of AT&T by 0.3% during the 1st quarter. Next Level Private LLC now owns 113,379 shares of the technology company's stock worth $3,206,000 after buying an additional 379 shares in the last quarter. Barnes Wealth Management Group Inc raised its stake in shares of AT&T by 2.6% during the 1st quarter. Barnes Wealth Management Group Inc now owns 15,027 shares of the technology company's stock worth $425,000 after buying an additional 380 shares in the last quarter. Carolinas Wealth Consulting LLC increased its stake in AT&T by 1.6% in the 4th quarter. Carolinas Wealth Consulting LLC now owns 24,161 shares of the technology company's stock valued at $550,000 after purchasing an additional 384 shares in the last quarter. Finally, Kozak & Associates Inc. increased its stake in AT&T by 9.4% in the 1st quarter. Kozak & Associates Inc. now owns 4,617 shares of the technology company's stock valued at $126,000 after purchasing an additional 398 shares in the last quarter. 57.10% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on T shares. UBS Group reaffirmed a "buy" rating and issued a $31.00 price objective (up from $30.00) on shares of AT&T in a research note on Wednesday, June 18th. Bank of America started coverage on AT&T in a report on Monday, July 7th. They set a "buy" rating and a $32.00 price objective on the stock. Wells Fargo & Company raised their price objective on AT&T from $30.00 to $31.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Scotiabank raised their price objective on AT&T from $29.50 to $30.00 and gave the company a "sector outperform" rating in a research report on Friday, July 11th. Finally, JPMorgan Chase & Co. lifted their target price 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 investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $30.40.

AT&T Stock Performance

Shares of T stock opened at $29.07 on Wednesday. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 1.01. The business has a 50 day moving average of $28.15 and a two-hundred day moving average of $27.57. AT&T Inc. has a 52 week low of $19.92 and a 52 week high of $29.65. The company has a market cap of $207.86 billion, a P/E ratio of 16.52, a PEG ratio of 3.62 and a beta of 0.44.

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

AT&T Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were issued a dividend of $0.2775 per share. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $1.11 annualized dividend and a yield of 3.8%. AT&T's payout ratio is presently 63.07%.

AT&T Profile

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.

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