Cidel Asset Management Inc. Sells 10,660 Shares of AT&T Inc. $T

Key Points

• Cidel Asset Management Inc. reduced its stake in AT&T by 9.3%, selling 10,660 shares during Q2, while maintaining holdings worth approximately $3 million.
• Several analysts remain optimistic about AT&T, with forecasts indicating a consensus price target of $30.65 and ratings of "Moderate Buy" from 16 firms.
• AT&T declared a quarterly dividend of $0.2775, equating to an annual yield of 4.2%, with the payout ratio standing at 63.07%.

Cidel Asset Management Inc. trimmed its position in shares of AT&T Inc. (NYSE:T - Free Report) by 9.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 103,942 shares of the technology company's stock after selling 10,660 shares during the quarter. Cidel Asset Management Inc.'s holdings in AT&T were worth $3,008,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Brighton Jones LLC raised its holdings in shares of AT&T by 26.5% during the fourth quarter. Brighton Jones LLC now owns 48,579 shares of the technology company's stock valued at $1,106,000 after purchasing an additional 10,188 shares during the last quarter. GAMMA Investing LLC raised its stake in AT&T by 15.5% during the 1st quarter. GAMMA Investing LLC now owns 165,258 shares of the technology company's stock valued at $4,673,000 after buying an additional 22,195 shares during the last quarter. Means Investment CO. Inc. lifted its holdings in shares of AT&T by 8.4% during the 1st quarter. Means Investment CO. Inc. now owns 12,498 shares of the technology company's stock valued at $353,000 after buying an additional 973 shares during the period. Avior Wealth Management LLC boosted its stake in shares of AT&T by 1.8% in the 1st quarter. Avior Wealth Management LLC now owns 74,413 shares of the technology company's stock worth $2,104,000 after buying an additional 1,300 shares during the last quarter. Finally, Osborne Partners Capital Management LLC bought a new stake in shares of AT&T in the first quarter worth $216,000. 57.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on T. Bank of America started coverage on AT&T in a report on Monday, July 7th. They issued a "buy" rating and a $32.00 target price on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of AT&T in a report on Wednesday, October 8th. Sanford C. Bernstein lifted their price target on shares of AT&T from $31.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, September 4th. 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, JPMorgan Chase & Co. raised their target price on AT&T from $31.00 to $33.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $30.65.

AT&T Stock Up 0.5%

T opened at $26.33 on Friday. The stock has a market cap of $188.24 billion, a price-to-earnings ratio of 14.96, a price-to-earnings-growth ratio of 2.13 and a beta of 0.42. 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 firm's fifty day moving average is $28.27 and its 200 day moving average is $27.81. AT&T Inc. has a fifty-two week low of $21.05 and a fifty-two week high of $29.79.

AT&T (NYSE:T - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The technology company reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. AT&T had a return on equity of 13.36% and a net margin of 10.29%.The business had revenue of $30.85 billion for the quarter, compared to analysts' expectations of $30.44 billion. During the same period last year, the firm earned $0.51 earnings per share. The business's quarterly revenue was up 3.4% on a year-over-year basis. On average, sell-side analysts forecast that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be issued 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 4.2%. 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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