Cornerstone Enterprises LLC Buys Shares of 156,183 AT&T Inc. $T

Key Points

• Cornerstone Enterprises LLC has acquired 156,183 shares of AT&T Inc., valued at approximately $4.52 million, making it the 12th largest position in their portfolio.
• AT&T recently reported a quarterly earnings of $0.54 EPS, slightly surpassing analysts' estimates, alongside a revenue of $30.85 billion, marking a year-over-year increase of 3.4%.
• The company will pay a quarterly dividend of $0.2775 on November 3rd, representing a 4.2% dividend yield and a payout ratio of 63.07%.

Cornerstone Enterprises LLC bought a new stake in AT&T Inc. (NYSE:T - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 156,183 shares of the technology company's stock, valued at approximately $4,520,000. AT&T comprises 2.4% of Cornerstone Enterprises LLC's portfolio, making the stock its 12th largest position.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vontobel Holding Ltd. grew its position in AT&T by 111.0% in the second quarter. Vontobel Holding Ltd. now owns 1,321,266 shares of the technology company's stock valued at $38,237,000 after acquiring an additional 695,061 shares during the last quarter. Maryland State Retirement & Pension System grew its position in AT&T by 1.6% in the second quarter. Maryland State Retirement & Pension System now owns 340,952 shares of the technology company's stock valued at $9,867,000 after acquiring an additional 5,238 shares during the last quarter. Bar Harbor Wealth Management grew its position in AT&T by 9.4% in the second quarter. Bar Harbor Wealth Management now owns 36,193 shares of the technology company's stock valued at $1,047,000 after acquiring an additional 3,118 shares during the last quarter. Valmark Advisers Inc. grew its position in AT&T by 37.8% in the second quarter. Valmark Advisers Inc. now owns 27,141 shares of the technology company's stock valued at $785,000 after acquiring an additional 7,445 shares during the last quarter. Finally, WESPAC Advisors LLC grew its position in AT&T by 46.8% in the second quarter. WESPAC Advisors LLC now owns 96,206 shares of the technology company's stock valued at $2,784,000 after acquiring an additional 30,685 shares during the last quarter. Institutional investors own 57.10% of the company's stock.

AT&T Price Performance

AT&T stock opened at $26.24 on Thursday. The stock's 50 day moving average is $28.51 and its 200 day moving average is $27.90. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.81 and a quick ratio of 0.76. The firm has a market cap of $187.63 billion, a P/E ratio of 14.91, a P/E/G ratio of 3.35 and a beta of 0.42. AT&T Inc. has a one year low of $21.05 and a one year high of $29.79.

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

AT&T Dividend Announcement

The business also recently disclosed 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. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, October 10th. AT&T's payout ratio is currently 63.07%.

Analyst Ratings Changes

Several research firms have recently weighed in on T. Morgan Stanley boosted their price target on AT&T from $31.00 to $32.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. JPMorgan Chase & Co. boosted their price target on AT&T from $31.00 to $33.00 and gave the stock an "overweight" rating in a report on Thursday, July 24th. HSBC cut AT&T from a "buy" rating to a "hold" rating and set a $30.00 price target on the stock. in a report on Thursday, July 24th. The Goldman Sachs Group began coverage on AT&T in a report on Tuesday, September 2nd. They set a "buy" rating and a $32.00 price target on the stock. Finally, Bank of America began coverage on AT&T in a report on Monday, July 7th. They set a "buy" rating and a $32.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $30.75.

AT&T 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.

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