AT&T Inc. $T Stake Cut by Wallace Advisory Group LLC

Key Points

• Wallace Advisory Group LLC reduced its stake in AT&T Inc. by 30.5% during the second quarter, owning 26,531 shares valued at approximately $750,000.
• AT&T has received mixed ratings from analysts, with Goldman Sachs issuing a "buy" rating and a target price of $32.00, while Wells Fargo lowered its target from $31.00 to $29.00.
• AT&T declared a quarterly dividend of $0.2775 per share, representing an annualized yield of 4.3%, to be paid on November 3rd.

Wallace Advisory Group LLC cut its position in shares of AT&T Inc. (NYSE:T - Free Report) by 30.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,531 shares of the technology company's stock after selling 11,653 shares during the quarter. Wallace Advisory Group LLC's holdings in AT&T were worth $750,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. IMG Wealth Management Inc. lifted its stake in AT&T by 32.0% during the second quarter. IMG Wealth Management Inc. now owns 9,232 shares of the technology company's stock worth $267,000 after purchasing an additional 2,236 shares during the last quarter. Dupont Capital Management Corp bought a new stake in AT&T in the second quarter valued at $13,333,000. Advantage Trust Co lifted its stake in AT&T by 1,583.9% in the second quarter. Advantage Trust Co now owns 1,566 shares of the technology company's stock valued at $45,000 after buying an additional 1,473 shares during the last quarter. Whittier Trust Co. lifted its stake in AT&T by 1.3% in the second quarter. Whittier Trust Co. now owns 59,789 shares of the technology company's stock valued at $1,730,000 after buying an additional 768 shares during the last quarter. Finally, Syntegra Private Wealth Group LLC lifted its stake in AT&T by 7.2% in the second quarter. Syntegra Private Wealth Group LLC now owns 33,413 shares of the technology company's stock valued at $967,000 after buying an additional 2,244 shares during the last quarter. 57.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. The Goldman Sachs Group assumed coverage on AT&T in a research note on Tuesday, September 2nd. They issued a "buy" rating and a $32.00 target price on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of AT&T in a research note on Wednesday, October 8th. Wells Fargo & Company cut their target price on AT&T from $31.00 to $29.00 and set an "overweight" rating on the stock in a research note on Thursday, October 16th. Morgan Stanley raised their target price on AT&T from $31.00 to $32.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Finally, JPMorgan Chase & Co. raised their target price on AT&T from $31.00 to $33.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $30.65.

AT&T Price Performance

Shares of AT&T stock opened at $26.08 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01. The company's 50-day moving average price is $28.23 and its two-hundred day moving average price is $27.80. AT&T Inc. has a 52 week low of $21.05 and a 52 week high of $29.79. The stock has a market cap of $186.45 billion, a PE ratio of 14.82, a price-to-earnings-growth ratio of 2.13 and a beta of 0.42.

AT&T (NYSE:T - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The technology company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $30.85 billion for 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%. AT&T's revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.51 earnings per share. As a group, sell-side analysts anticipate that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Announces Dividend

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 paid a $0.2775 dividend. The ex-dividend date of this dividend is Friday, October 10th. This represents a $1.11 dividend on an annualized basis and a yield of 4.3%. AT&T's dividend payout ratio (DPR) 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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