AT&T Inc. $T Shares Sold by MFG Wealth Management Inc.

Key Points

• MFG Wealth Management Inc. reduced its AT&T holdings by 47.6% in Q2, now owning 62,176 shares valued at approximately $1.8 million.
• AT&T's stock received mixed ratings from analysts, with a current consensus rating of "Moderate Buy" and a price target around $30.60.
• The company reported a quarterly revenue of $30.85 billion, exceeding expectations and a quarterly dividend of $0.2775 per share with a yield of 3.7%.

MFG Wealth Management Inc. cut its holdings in shares of AT&T Inc. (NYSE:T - Free Report) by 47.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 62,176 shares of the technology company's stock after selling 56,412 shares during the period. MFG Wealth Management Inc.'s holdings in AT&T were worth $1,799,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in T. Nuveen LLC acquired a new position in AT&T during the first quarter valued at $1,072,128,000. GQG Partners LLC lifted its position in AT&T by 17.7% during the first quarter. GQG Partners LLC now owns 113,957,259 shares of the technology company's stock valued at $3,222,711,000 after purchasing an additional 17,177,874 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of AT&T by 31.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 53,432,827 shares of the technology company's stock worth $1,216,665,000 after acquiring an additional 12,881,578 shares during the period. Ontario Teachers Pension Plan Board raised its position in shares of AT&T by 30,527.5% in the first quarter. Ontario Teachers Pension Plan Board now owns 11,959,440 shares of the technology company's stock worth $338,213,000 after acquiring an additional 11,920,392 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of AT&T by 350.4% in the first quarter. Wellington Management Group LLP now owns 11,363,940 shares of the technology company's stock worth $321,372,000 after acquiring an additional 8,841,126 shares during the period. 57.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

T has been the subject of a number of analyst reports. Hsbc Global Res downgraded shares of AT&T from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 24th. Sanford C. Bernstein upped their price objective on shares of AT&T from $31.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday, September 4th. 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 research report on Thursday, July 24th. HSBC downgraded shares of AT&T from a "buy" rating to a "hold" rating and set a $30.00 price objective for the company. in a research report on Thursday, July 24th. Finally, Raymond James Financial reiterated a "strong-buy" rating and issued a $31.00 price objective (up previously from $30.00) on shares of AT&T in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $30.60.

AT&T Stock Up 0.3%

T stock opened at $29.66 on Tuesday. The stock has a market capitalization of $212.08 billion, a P/E ratio of 16.85, a P/E/G ratio of 3.68 and a beta of 0.44. The firm has a 50-day simple moving average of $28.33 and a 200-day simple moving average of $27.76. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 1.01. AT&T Inc. has a 52 week low of $21.05 and a 52 week high of $29.79.

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. The business had revenue of $30.85 billion during 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 company's quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.51 earnings per share. Equities analysts forecast that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were paid a dividend of $0.2775 per share. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 3.7%. AT&T's payout ratio is currently 63.07%.

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.

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