Cannon Wealth Management Services LLC Has $612,000 Holdings in AT&T Inc. (NYSE:T)

Key Points

• Cannon Wealth Management Services LLC increased its holdings in AT&T shares by 138.0%, owning a total of 21,762 shares worth approximately $612,000 as of the latest filing with the SEC.
• AT&T recently reported earnings of $0.54 per share, exceeding analysts' expectations, and announced a quarterly dividend of $0.2775 per share with a yield of 4.05%.
• Several analysts have upgraded AT&T's stock rating, leading to a higher target price ranging from $31.00 to $32.00, reflecting a consensus rating of "Moderate Buy."

Cannon Wealth Management Services LLC grew its position in AT&T Inc. (NYSE:T - Free Report) by 138.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,762 shares of the technology company's stock after purchasing an additional 12,618 shares during the period. Cannon Wealth Management Services LLC's holdings in AT&T were worth $612,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in T. NorthRock Partners LLC raised its holdings in AT&T by 1.7% during the first quarter. NorthRock Partners LLC now owns 80,465 shares of the technology company's stock valued at $2,276,000 after buying an additional 1,338 shares in the last quarter. North Star Asset Management Inc. lifted its stake in shares of AT&T by 12.1% in the first quarter. North Star Asset Management Inc. now owns 18,507 shares of the technology company's stock worth $523,000 after buying an additional 1,993 shares during the last quarter. Tower Bridge Advisors boosted its holdings in shares of AT&T by 3.3% during the 1st quarter. Tower Bridge Advisors now owns 21,306 shares of the technology company's stock worth $603,000 after buying an additional 674 shares during the period. Modera Wealth Management LLC raised its holdings in AT&T by 2.5% in the 1st quarter. Modera Wealth Management LLC now owns 55,450 shares of the technology company's stock worth $1,568,000 after acquiring an additional 1,368 shares during the period. Finally, Baader Bank Aktiengesellschaft boosted its holdings in AT&T by 63.5% during the first quarter. Baader Bank Aktiengesellschaft now owns 20,335 shares of the technology company's stock valued at $528,000 after acquiring an additional 7,901 shares during the period. 57.10% of the stock is owned by hedge funds and other institutional investors.

AT&T Trading Up 0.3%

Shares of NYSE T traded up $0.09 during mid-day trading on Wednesday, hitting $27.50. The company's stock had a trading volume of 30,063,016 shares, compared to its average volume of 31,821,926. AT&T Inc. has a one year low of $18.64 and a one year high of $29.19. The company's fifty day simple moving average is $27.79 and its 200-day simple moving average is $26.73. 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 stock has a market cap of $196.64 billion, a price-to-earnings ratio of 15.63, a price-to-earnings-growth ratio of 3.40 and a beta of 0.42.

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

AT&T Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be paid a $0.2775 dividend. This represents a $1.11 annualized dividend and a yield of 4.04%. The ex-dividend date is Thursday, July 10th. AT&T's payout ratio is 63.07%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on T. Oppenheimer lifted their price target on AT&T from $27.00 to $32.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 1st. Evercore ISI upped their price objective on shares of AT&T from $25.00 to $27.00 and gave the company an "in-line" rating in a research report on Thursday, April 24th. HSBC downgraded AT&T from a "buy" rating to a "hold" rating and set a $30.00 target price on the stock. in a research report on Thursday, July 24th. Royal Bank Of Canada boosted their price objective on AT&T from $28.00 to $30.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Finally, Raymond James Financial restated a "strong-buy" rating and set a $31.00 price target (up previously from $30.00) on shares of AT&T in a research note on Thursday, July 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $29.66.

AT&T Company 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.