Assetmark Inc. Has $289.74 Million Stake in AT&T Inc. (NYSE:T)

Key Points

• Assetmark Inc. has increased its stake in AT&T Inc. by 3.3%, owning a total of 10,245,514 shares valued at approximately $289.74 million.
• AT&T's recent earnings report shows earnings per share of $0.54, exceeding analyst expectations, with revenue of $30.85 billion for the quarter.
• The company announced a quarterly dividend of $0.2775 per share, which represents an annualized yield of 3.96%.

Assetmark Inc. increased its stake in AT&T Inc. (NYSE:T - Free Report) by 3.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,245,514 shares of the technology company's stock after purchasing an additional 331,554 shares during the period. AT&T accounts for 0.8% of Assetmark Inc.'s portfolio, making the stock its 27th largest position. Assetmark Inc. owned approximately 0.14% of AT&T worth $289,743,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in T. Geode Capital Management LLC grew its position in AT&T by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 163,761,301 shares of the technology company's stock valued at $3,719,723,000 after buying an additional 2,640,644 shares in the last quarter. Norges Bank bought a new position in AT&T in the 4th quarter valued at about $1,858,418,000. Northern Trust Corp grew 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 buying an additional 10,945,679 shares in the last quarter. Capital World Investors grew its position in AT&T by 5.2% in the 4th quarter. Capital World Investors now owns 57,425,387 shares of the technology company's stock valued at $1,307,576,000 after buying an additional 2,841,837 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in AT&T by 31.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 53,432,827 shares of the technology company's stock valued at $1,216,665,000 after buying an additional 12,881,578 shares in the last quarter. Institutional investors own 57.10% of the company's stock.

Wall Street Analyst Weigh In

T has been the subject of several research reports. UBS Group restated a "buy" rating and set a $31.00 price objective (up previously from $30.00) on shares of AT&T in a research report on Wednesday, June 18th. Citigroup reiterated a "buy" rating on shares of AT&T in a report on Tuesday, June 17th. Barclays boosted their price target on shares of AT&T from $27.00 to $30.00 and gave the company an "overweight" rating in a report on Friday, April 25th. Evercore ISI boosted their price target on shares of AT&T from $25.00 to $27.00 and gave the company an "in-line" rating in a report on Thursday, April 24th. Finally, Bank of America assumed coverage on shares of AT&T in a research report on Monday, July 7th. They set a "buy" rating and a $32.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, AT&T has a consensus rating of "Moderate Buy" and an average target price of $29.37.

AT&T Price Performance

T stock traded up $0.10 during trading on Friday, hitting $28.02. 33,981,327 shares of the stock traded hands, compared to its average volume of 32,249,414. AT&T Inc. has a one year low of $18.64 and a one year high of $29.19. The stock has a market cap of $201.58 billion, a price-to-earnings ratio of 15.92, a P/E/G ratio of 3.48 and a beta of 0.42. The company has a 50 day simple moving average of $27.81 and a 200 day simple moving average of $26.62. The company has a current ratio of 0.81, a quick ratio of 0.65 and a debt-to-equity ratio of 1.01.

AT&T (NYSE:T - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The technology company reported $0.54 earnings per share for the quarter, topping 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 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. The company's revenue was up 3.4% on a year-over-year basis. Equities analysts expect that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be issued a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date of this dividend is Thursday, July 10th. AT&T's dividend payout ratio is currently 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.