Bessemer Group Inc. Trims Holdings in AT&T Inc. (NYSE:T)

Bessemer Group Inc. lessened its holdings in shares of AT&T Inc. (NYSE:T - Free Report) by 60.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 128,055 shares of the technology company's stock after selling 199,019 shares during the quarter. Bessemer Group Inc.'s holdings in AT&T were worth $3,621,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Aurora Private Wealth Inc. raised its holdings in AT&T by 903.4% in the first quarter. Aurora Private Wealth Inc. now owns 170,019 shares of the technology company's stock worth $4,808,000 after purchasing an additional 153,075 shares in the last quarter. Kellett Wealth Advisors LLC raised its holdings in AT&T by 8.2% in the first quarter. Kellett Wealth Advisors LLC now owns 16,952 shares of the technology company's stock worth $479,000 after purchasing an additional 1,287 shares in the last quarter. Independent Solutions Wealth Management LLC bought a new position in AT&T in the first quarter worth $275,000. Spire Wealth Management raised its holdings in AT&T by 71.7% in the first quarter. Spire Wealth Management now owns 79,308 shares of the technology company's stock worth $2,243,000 after purchasing an additional 33,123 shares in the last quarter. Finally, Mattern Wealth Management LLC raised its holdings in AT&T by 13.3% in the first quarter. Mattern Wealth Management LLC now owns 29,593 shares of the technology company's stock worth $837,000 after purchasing an additional 3,472 shares in the last quarter. Institutional investors own 57.10% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Barclays increased their price objective on AT&T from $27.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, April 25th. Citigroup reissued a "buy" rating on shares of AT&T in a research note on Tuesday, June 17th. TD Securities increased their target price on AT&T from $29.00 to $30.00 and gave the stock a "hold" rating in a research note on Thursday, April 24th. Cowen reissued a "hold" rating on shares of AT&T in a research note on Thursday, April 24th. Finally, Tigress Financial increased their target price on AT&T from $32.00 to $34.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, AT&T currently has a consensus rating of "Moderate Buy" and an average price target of $28.76.

AT&T Stock Performance

NYSE:T traded up $0.08 on Friday, hitting $28.08. The stock had a trading volume of 37,331,600 shares, compared to its average volume of 36,487,186. The business's 50-day simple moving average is $27.63 and its two-hundred day simple moving average is $25.94. AT&T Inc. has a 52-week low of $18.14 and a 52-week high of $29.03. The company has a quick ratio of 0.65, a current ratio of 0.70 and a debt-to-equity ratio of 0.98. The stock has a market cap of $202.02 billion, a price-to-earnings ratio of 17.22, a price-to-earnings-growth ratio of 3.97 and a beta of 0.41.

AT&T (NYSE:T - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The technology company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). AT&T had a return on equity of 13.63% and a net margin of 9.64%. The business had revenue of $30.63 billion during the quarter, compared to the consensus estimate of $30.39 billion. During the same quarter last year, the company earned $0.55 EPS. AT&T's revenue for the quarter was up 2.0% on a year-over-year basis. As a group, research analysts predict that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be paid a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 3.95%. The ex-dividend date is Thursday, July 10th. AT&T's dividend payout ratio (DPR) is presently 68.10%.

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.