Alley Investment Management Company LLC Makes New $3.89 Million Investment in AT&T Inc. $T

Key Points

• Alley Investment Management has invested $3.89 million in AT&T, acquiring 134,241 shares in the company during the second quarter.
• AT&T's recent quarterly earnings report showed earnings per share of $0.54, beating estimates and indicating a year-over-year revenue increase of 3.4% to $30.85 billion.
• The company announced a quarterly dividend of $0.2775, resulting in an annualized yield of 3.9% and a dividend payout ratio of 63.07%.

Alley Investment Management Company LLC acquired a new position in shares of AT&T Inc. (NYSE:T - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 134,241 shares of the technology company's stock, valued at approximately $3,885,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in AT&T by 1.3% during the first quarter. Vanguard Group Inc. now owns 651,044,650 shares of the technology company's stock worth $18,411,543,000 after purchasing an additional 8,185,006 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in AT&T during the second quarter worth approximately $5,266,758,000. GQG Partners LLC raised its holdings in AT&T by 17.7% during the first quarter. GQG Partners LLC now owns 113,957,259 shares of the technology company's stock worth $3,222,711,000 after purchasing an additional 17,177,874 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in AT&T by 3.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 55,216,190 shares of the technology company's stock worth $1,561,514,000 after purchasing an additional 1,783,363 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in AT&T by 2.5% during the first quarter. Dimensional Fund Advisors LP now owns 53,339,376 shares of the technology company's stock worth $1,508,411,000 after purchasing an additional 1,307,009 shares in the last quarter. Institutional investors and hedge funds own 57.10% of the company's stock.

AT&T Stock Performance

NYSE:T opened at $28.25 on Wednesday. The firm's fifty day moving average price is $28.64 and its 200 day moving average price is $27.91. AT&T Inc. has a 1-year low of $21.05 and a 1-year high of $29.79. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.81 and a quick ratio of 0.76. The firm has a market cap of $202.00 billion, a price-to-earnings ratio of 16.05, a price-to-earnings-growth ratio of 3.59 and a beta of 0.44.

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

AT&T Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be given a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Friday, October 10th. AT&T's dividend payout ratio (DPR) is 63.07%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on T shares. The Goldman Sachs Group began coverage on shares of AT&T in a report on Tuesday, September 2nd. They set a "buy" rating and a $32.00 price objective on the stock. Citigroup restated a "buy" rating on shares of AT&T in a research report on Tuesday, August 26th. Morgan Stanley raised their target price on shares of AT&T from $31.00 to $32.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Raymond James Financial restated a "strong-buy" rating and set a $33.00 target price (up from $31.00) on shares of AT&T in a research report on Thursday, September 18th. Finally, UBS Group set a $33.00 target price on shares of AT&T in a research report on Thursday, September 18th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $30.74.

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.

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