AT&T Inc. $T Shares Sold by DnB Asset Management AS

Key Points

• DnB Asset Management AS has reduced its stake in AT&T Inc. by 5.4%, now holding 1,671,857 shares valued at approximately $47.28 million.
• AT&T reported earnings of $0.54 EPS, exceeding analyst expectations, with a revenue of $30.85 billion, a 3.4% increase year-over-year.
• The firm declared a quarterly dividend of $0.2775 per share, leading to an annualized dividend yield of 3.8%.

DnB Asset Management AS reduced its stake in shares of AT&T Inc. (NYSE:T - Free Report) by 5.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,671,857 shares of the technology company's stock after selling 95,530 shares during the quarter. DnB Asset Management AS's holdings in AT&T were worth $47,280,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Capstone Wealth Management LLC bought a new position in AT&T during the 1st quarter valued at $201,000. DigitalBridge Group Inc. grew its stake in AT&T by 14.6% in the fourth quarter. DigitalBridge Group Inc. now owns 2,865,814 shares of the technology company's stock worth $65,255,000 after purchasing an additional 365,776 shares in the last quarter. Wedmont Private Capital raised its stake in AT&T by 7.9% during the first quarter. Wedmont Private Capital now owns 123,247 shares of the technology company's stock valued at $3,302,000 after buying an additional 9,027 shares in the last quarter. Xponance Inc. increased its holdings in shares of AT&T by 10.2% in the 1st quarter. Xponance Inc. now owns 1,109,933 shares of the technology company's stock valued at $31,389,000 after acquiring an additional 102,419 shares during the last quarter. Finally, NBT Bank N A NY increased its holdings in shares of AT&T by 7.5% in the 1st quarter. NBT Bank N A NY now owns 129,428 shares of the technology company's stock valued at $3,660,000 after acquiring an additional 8,989 shares during the last quarter. Hedge funds and other institutional investors own 57.10% of the company's stock.

AT&T Stock Down 0.2%

Shares of NYSE T opened at $29.03 on Thursday. AT&T Inc. has a 52-week low of $20.25 and a 52-week high of $29.65. 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 stock has a market cap of $207.54 billion, a P/E ratio of 16.49, a P/E/G ratio of 3.62 and a beta of 0.44. The firm has a 50 day moving average price of $28.17 and a 200 day moving average price of $27.58.

AT&T (NYSE:T - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The technology company reported $0.54 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $30.44 billion. During the same period in the previous year, the firm posted $0.51 EPS. The firm's revenue was up 3.4% compared to the same quarter last year. Analysts expect that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were issued a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Thursday, July 10th. AT&T's payout ratio is 63.07%.

Wall Street Analyst Weigh In

Several analysts recently commented on T shares. Sanford C. Bernstein restated an "outperform" rating on shares of AT&T in a research report on Thursday. Bank of America started coverage on shares of AT&T in a report on Monday, July 7th. They issued a "buy" rating and a $32.00 target price for the company. The Goldman Sachs Group began coverage on AT&T in a research note on Tuesday. They set a "buy" rating and a $32.00 target price on the stock. Wells Fargo & Company raised their price objective on shares of AT&T from $30.00 to $31.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Finally, UBS Group reissued a "buy" rating and set a $31.00 price objective (up previously from $30.00) on shares of AT&T in a report on Wednesday, June 18th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $30.40.

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.

Want to see what other hedge funds are holding T? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AT&T Inc. (NYSE:T - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.