AT&T Inc. (NYSE:T) Shares Purchased by Vestcor Inc

Key Points

• Vestcor Inc. has increased its stake in AT&T by 42.9% in Q1, holding a total of 977,227 shares valued at approximately $27.6 million.
• AT&T's stock has been rated positively by analysts, with price targets increased by several brokerages, including Tigress Financial, which raised its target from $32.00 to $34.00.
• AT&T reported a quarterly EPS of $0.54, exceeding analysts' expectations and reflecting a 3.4% year-over-year revenue increase to $30.85 billion.

Vestcor Inc lifted its stake in AT&T Inc. (NYSE:T - Free Report) by 42.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 977,227 shares of the technology company's stock after buying an additional 293,244 shares during the period. AT&T makes up approximately 0.9% of Vestcor Inc's holdings, making the stock its 13th largest holding. Vestcor Inc's holdings in AT&T were worth $27,636,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in T. Hager Investment Management Services LLC increased its holdings in AT&T by 182.1% in the 1st quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company's stock valued at $28,000 after acquiring an additional 641 shares during the last quarter. IMA Advisory Services Inc. bought a new position in shares of AT&T in the 1st quarter worth $29,000. Core Alternative Capital boosted its stake in AT&T by 125.4% in the first quarter. Core Alternative Capital now owns 1,021 shares of the technology company's stock valued at $29,000 after acquiring an additional 568 shares in the last quarter. Capital A Wealth Management LLC purchased a new position in shares of AT&T in the 4th quarter valued at approximately $25,000. Finally, Minot DeBlois Advisors LLC purchased a new stake in AT&T during the 4th quarter valued at about $25,000. 57.10% of the stock is owned by hedge funds and other institutional investors.

AT&T Trading Up 0.3%

Shares of T traded up $0.09 during mid-day trading on Wednesday, hitting $27.50. 30,063,016 shares of the company's stock traded hands, compared to its average volume of 31,821,926. The business's 50-day moving average price is $27.79 and its 200-day moving average price is $26.73. AT&T Inc. has a 1 year low of $18.64 and a 1 year high of $29.19. 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 firm has a market capitalization of $196.64 billion, a P/E ratio of 15.63, a PEG ratio of 3.40 and a beta of 0.42.

AT&T (NYSE:T - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The technology company reported $0.54 EPS 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 business had revenue of $30.85 billion during the quarter, compared to analysts' expectations of $30.44 billion. During the same period in the prior year, the company earned $0.51 earnings per share. The firm's revenue was up 3.4% on a year-over-year basis. As a group, sell-side analysts forecast that AT&T Inc. will post 2.14 EPS 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. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $1.11 dividend on an annualized basis and a yield of 4.04%. AT&T's dividend payout ratio is currently 63.07%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on T shares. Morgan Stanley upped their price objective 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. JPMorgan Chase & Co. upped their price objective on shares of AT&T from $31.00 to $33.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. Hsbc Global Res lowered AT&T from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 24th. Bank of America started coverage on AT&T in a report on Monday, July 7th. They issued a "buy" rating and a $32.00 price target for the company. Finally, Cowen reiterated a "hold" rating on shares of AT&T in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $29.66.

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.