DAVENPORT & Co LLC Has $8.04 Million Stake in AT&T Inc. (NYSE:T)

DAVENPORT & Co LLC lowered its position in AT&T Inc. (NYSE:T - Free Report) by 12.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 284,288 shares of the technology company's stock after selling 41,770 shares during the quarter. DAVENPORT & Co LLC's holdings in AT&T were worth $8,039,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Capital A Wealth Management LLC bought a new position in AT&T during the fourth quarter worth about $25,000. Minot DeBlois Advisors LLC acquired a new position in shares of AT&T in the 4th quarter worth approximately $25,000. Putney Financial Group LLC bought a new position in shares of AT&T during the 4th quarter worth approximately $27,000. Ball & Co Wealth Management Inc. acquired a new stake in AT&T in the 4th quarter valued at $30,000. Finally, REAP Financial Group LLC grew its position in AT&T by 115.2% in the fourth quarter. REAP Financial Group LLC now owns 1,358 shares of the technology company's stock valued at $31,000 after acquiring an additional 727 shares during the period. Institutional investors and hedge funds own 57.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on T shares. Wall Street Zen upgraded shares of AT&T from a "hold" rating to a "buy" rating in a research report on Friday, April 25th. Evercore ISI boosted their target price on AT&T from $25.00 to $27.00 and gave the stock an "in-line" rating in a report on Thursday, April 24th. UBS Group reaffirmed a "buy" rating and set a $31.00 price target (up from $30.00) on shares of AT&T in a report on Wednesday, June 18th. Tigress Financial increased their target price on AT&T from $32.00 to $34.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Finally, Royal Bank Of Canada raised their target price on AT&T from $28.00 to $30.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, AT&T has a consensus rating of "Moderate Buy" and an average target price of $28.90.

AT&T Stock Up 0.1%

NYSE T traded up $0.02 during trading hours on Thursday, hitting $28.33. 21,085,177 shares of the company traded hands, compared to its average volume of 36,406,109. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.65 and a current ratio of 0.70. The business's 50-day moving average is $27.74 and its 200-day moving average is $26.05. AT&T Inc. has a twelve month low of $18.14 and a twelve month high of $29.19. The stock has a market capitalization of $203.82 billion, a price-to-earnings ratio of 17.38, a P/E/G ratio of 4.10 and a beta of 0.42.

AT&T (NYSE:T - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The technology company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). AT&T had a return on equity of 13.63% and a net margin of 9.64%. The firm had revenue of $30.63 billion for the quarter, compared to analyst estimates of $30.39 billion. During the same quarter in the prior year, the firm earned $0.55 earnings per share. The firm's revenue for the quarter was up 2.0% on a year-over-year basis. Sell-side analysts anticipate that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders 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 dividend yield of 3.92%. The ex-dividend date is Thursday, July 10th. AT&T's dividend payout ratio is presently 68.10%.

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.