AT&T Inc. $T Shares Bought by Drive Wealth Management LLC

Key Points

• Drive Wealth Management LLC increased its holdings in AT&T by 60.1% during the second quarter, owning a total of 44,959 shares worth approximately $1.3 million.
• AT&T reported a quarterly earnings per share (EPS) of $0.54, surpassing analysts’ expectations, with revenue increasing 3.4% year-over-year.
• The company announced a quarterly dividend of $0.2775 per share, representing a yield of 4.2% and a payout ratio of 63.07%.

Drive Wealth Management LLC raised its position in AT&T Inc. (NYSE:T - Free Report) by 60.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 44,959 shares of the technology company's stock after acquiring an additional 16,871 shares during the period. Drive Wealth Management LLC's holdings in AT&T were worth $1,301,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of 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 buying an additional 8,185,006 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in shares of AT&T during the second quarter worth $5,266,758,000. GQG Partners LLC lifted its stake in shares of 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 buying an additional 17,177,874 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of 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 buying an additional 1,783,363 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of 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 buying an additional 1,307,009 shares during the period. 57.10% of the stock is currently owned by institutional investors and hedge funds.

AT&T Stock Up 0.5%

T opened at $26.33 on Monday. AT&T Inc. has a fifty-two week low of $21.05 and a fifty-two week high of $29.79. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.76 and a current ratio of 0.81. The company has a fifty day moving average of $28.27 and a two-hundred day moving average of $27.80. The stock has a market capitalization of $188.24 billion, a price-to-earnings ratio of 14.96, a PEG ratio of 2.13 and a beta of 0.42.

AT&T (NYSE:T - Get Free Report) last released its earnings results on Wednesday, July 23rd. The technology company reported $0.54 EPS 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 business had revenue of $30.85 billion during the quarter, compared to analysts' expectations of $30.44 billion. During the same quarter in the previous year, the company earned $0.51 earnings per share. The company's quarterly revenue was up 3.4% on a year-over-year basis. On average, research analysts expect that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be given a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Friday, October 10th. AT&T's dividend payout ratio is 63.07%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on T shares. 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. Wells Fargo & Company decreased their target price on shares of AT&T from $31.00 to $29.00 and set an "overweight" rating for the company in a research report on Thursday. Scotiabank set a $30.25 target price on shares of AT&T and gave the company a "sector perform" rating in a research report on Monday, October 6th. Citigroup restated a "buy" rating on shares of AT&T in a research report on Tuesday, August 26th. Finally, Sanford C. Bernstein boosted their target price on shares of AT&T from $31.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $30.65.

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.

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