Coastwise Capital Group LLC Sells 15,260 Shares of AT&T Inc. $T

Key Points

• Coastwise Capital Group LLC has reduced its holdings in AT&T Inc. by 21.2%, owning a total of 56,872 shares after selling 15,260 shares in Q2 2023.
• AT&T reported a net income of $0.54 per share for the most recent quarter, exceeding expectations and reflecting a 3.4% year-over-year revenue increase.
• Despite some institutional sell-offs, other investors such as Orrstown Financial Services Inc. and Grant Private Wealth Management Inc. increased their stakes in AT&T during the second quarter.

Coastwise Capital Group LLC reduced its position in shares of AT&T Inc. (NYSE:T - Free Report) by 21.2% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 56,872 shares of the technology company's stock after selling 15,260 shares during the quarter. AT&T comprises 1.3% of Coastwise Capital Group LLC's portfolio, making the stock its 18th largest holding. Coastwise Capital Group LLC's holdings in AT&T were worth $1,646,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in shares of AT&T by 26.5% during the 4th quarter. Brighton Jones LLC now owns 48,579 shares of the technology company's stock worth $1,106,000 after acquiring an additional 10,188 shares in the last quarter. Yoffe Investment Management LLC bought a new stake in shares of AT&T during the 4th quarter worth $213,000. Retirement Planning Group LLC boosted its stake in shares of AT&T by 30.8% during the 4th quarter. Retirement Planning Group LLC now owns 16,259 shares of the technology company's stock worth $370,000 after acquiring an additional 3,831 shares in the last quarter. Fourth Dimension Wealth LLC bought a new stake in shares of AT&T during the 4th quarter worth $160,000. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in shares of AT&T during the 4th quarter worth $262,000. 57.10% of the stock is owned by institutional investors.

AT&T Stock Down 0.6%

Shares of NYSE:T traded down $0.17 during midday trading on Tuesday, hitting $28.76. 13,710,954 shares of the stock were exchanged, compared to its average volume of 36,325,195. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.76 and a current ratio of 0.81. AT&T Inc. has a 52-week low of $21.05 and a 52-week high of $29.79. The business's fifty day simple moving average is $28.49 and its two-hundred day simple moving average is $27.84. The company has a market capitalization of $205.61 billion, a PE ratio of 16.34, a P/E/G ratio of 3.59 and a beta of 0.44.

AT&T (NYSE:T - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $30.44 billion. During the same period last year, the company earned $0.51 earnings per share. AT&T's quarterly revenue was up 3.4% compared to the same quarter last year. As a group, research analysts predict 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. Shareholders of record on Thursday, July 10th were issued a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 3.9%. The ex-dividend date was Thursday, July 10th. AT&T's dividend payout ratio (DPR) is 63.07%.

Analysts Set New Price Targets

T has been the subject of several research reports. Citigroup reissued a "buy" rating on shares of AT&T in a research note on Tuesday, August 26th. Morgan Stanley raised their target price on AT&T from $31.00 to $32.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Wells Fargo & Company raised their target price on AT&T from $30.00 to $31.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Hsbc Global Res cut AT&T from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 24th. Finally, UBS Group set a $33.00 target price on AT&T in a research report on Thursday, September 18th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $30.74.

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.