AT&T Inc. $T Stock Bought by Oppenheimer & Co. Inc.

Key Points

• Oppenheimer & Co. increased its AT&T stake by 14.8% in the third quarter, adding 75,989 shares for a total of 589,053 shares valued at approximately $14.4 million. Institutional investors collectively own 57.1% of AT&T.
• AT&T exceeded quarterly expectations, reporting $0.65 in EPS and $32.32 billion in revenue, with revenue rising 5.2% year over year.
• The company declared a quarterly dividend of $0.2775, equal to $1.11 annually and a 5.3% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $28.55.

Oppenheimer & Co. Inc. lifted its position in shares of AT&T Inc. (NYSE:T - Free Report) by 14.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 589,053 shares of the technology company's stock after buying an additional 75,989 shares during the period. Oppenheimer & Co. Inc.'s holdings in AT&T were worth $14,373,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. State Street Corp raised its holdings in AT&T by 5.8% in the second quarter. State Street Corp now owns 334,273,613 shares of the technology company's stock valued at $6,919,464,000 after buying an additional 18,468,679 shares during the period. Bank of America Corp DE lifted its position in AT&T by 4.6% during the first quarter. Bank of America Corp DE now owns 125,191,700 shares of the technology company's stock valued at $3,629,307,000 after buying an additional 5,449,222 shares in the last quarter. Bank of New York Mellon Corp grew its stake in AT&T by 12.7% during the first quarter. Bank of New York Mellon Corp now owns 72,764,509 shares of the technology company's stock worth $2,109,443,000 after buying an additional 8,197,935 shares during the period. GQG Partners LLC purchased a new stake in AT&T during the second quarter worth approximately $1,223,364,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of AT&T by 2.5% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 55,616,152 shares of the technology company's stock worth $1,151,254,000 after acquiring an additional 1,336,556 shares in the last quarter. 57.10% of the stock is owned by hedge funds and other institutional investors.

AT&T Stock Performance

AT&T stock opened at $20.83 on Tuesday. AT&T Inc. has a 12-month low of $19.89 and a 12-month high of $29.43. The company has a market capitalization of $140.30 billion, a price-to-earnings ratio of 11.26, a price-to-earnings-growth ratio of 1.04 and a beta of 0.25. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.87 and a quick ratio of 0.82. The firm's fifty day moving average price is $24.76 and its 200 day moving average price is $25.04.

AT&T (NYSE:T - Get Free Report) last issued its quarterly earnings data on Wednesday, October 21st. The technology company reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.05. The firm had revenue of $32.32 billion for the quarter, compared to analyst estimates of $31.69 billion. AT&T had a net margin of 10.19% and a return on equity of 13.41%. The firm's revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.54 EPS. On average, research analysts forecast that AT&T Inc. will post 2.39 EPS for the current fiscal year.

AT&T Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Monday, October 12th will be issued a $0.2775 dividend. The ex-dividend date of this dividend is Friday, October 9th. This represents a $1.11 dividend on an annualized basis and a yield of 5.3%. AT&T's dividend payout ratio is currently 60.00%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on T shares. KeyCorp cut their target price on shares of AT&T from $36.00 to $33.00 and set an "overweight" rating on the stock in a research note on Thursday, October 22nd. Morgan Stanley decreased their price target on shares of AT&T from $28.00 to $25.00 and set an "overweight" rating for the company in a research report on Thursday. BNP Paribas Exane upgraded AT&T from a "neutral" rating to an "outperform" rating and increased their price target for the company from $26.00 to $30.00 in a report on Monday, September 21st. Sanford C. Bernstein downgraded AT&T from an "outperform" rating to a "market perform" rating and set a $24.00 target price for the company. in a research report on Tuesday, October 13th. Finally, Wells Fargo & Company increased their target price on AT&T from $18.00 to $20.00 and gave the company an "underweight" rating in a research note on Thursday, July 23rd. Twelve research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $28.55.

About AT&T

AT&T Inc NYSE: T is a telecommunications company that provides wireless communications, broadband, and related connectivity services. Its offerings include mobile voice and data plans, internet access, fiber broadband, fixed wireless services, and business communications solutions.

The company serves consumers, businesses, government agencies, and other organizations primarily in the United States. AT&T’s business operations include wireless network services, wireline connectivity, fiber-optic internet, voice services, and networking solutions designed to connect locations, devices, and applications.

AT&T traces its history to the Bell System and has operated under its current corporate name since 2005, following the acquisition of AT&T Corp.

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