Cornerstone Wealth Group LLC Trims Stock Holdings in AT&T Inc. (NYSE:T)

Cornerstone Wealth Group LLC cut its holdings in AT&T Inc. (NYSE:T - Free Report) by 18.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 241,311 shares of the technology company's stock after selling 53,386 shares during the period. Cornerstone Wealth Group LLC's holdings in AT&T were worth $6,824,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Minot DeBlois Advisors LLC acquired a new stake in shares of AT&T in the 4th quarter valued at about $25,000. Capital A Wealth Management LLC bought a new position in AT&T in the fourth quarter worth approximately $25,000. Putney Financial Group LLC acquired a new stake in AT&T in the fourth quarter valued at approximately $27,000. Ball & Co Wealth Management Inc. acquired a new stake in AT&T in the fourth quarter valued at approximately $30,000. Finally, REAP Financial Group LLC increased its holdings in shares of AT&T by 115.2% during the fourth quarter. REAP Financial Group LLC now owns 1,358 shares of the technology company's stock valued at $31,000 after acquiring an additional 727 shares in the last quarter. 57.10% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

T has been the topic of a number of recent research reports. Barclays increased their target price on AT&T from $27.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, April 25th. Cowen reaffirmed a "hold" rating on shares of AT&T in a research note on Thursday, April 24th. Wall Street Zen raised shares of AT&T from a "hold" rating to a "buy" rating in a research report on Friday, April 25th. Wells Fargo & Company upped their target price on shares of AT&T from $27.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, April 24th. Finally, Scotiabank reiterated an "outperform" rating on shares of AT&T in a research note on Thursday, April 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.76.

AT&T Stock Performance

T traded down $0.35 during trading on Wednesday, hitting $27.93. 26,183,730 shares of the company traded hands, compared to its average volume of 36,471,619. AT&T Inc. has a one year low of $18.14 and a one year high of $29.03. The stock's fifty day moving average is $27.57 and its 200 day moving average is $25.86. 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 firm has a market cap of $200.97 billion, a P/E ratio of 17.13, a price-to-earnings-growth ratio of 4.00 and a beta of 0.41.

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

AT&T Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders 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 3.97%. AT&T's payout ratio is presently 68.10%.

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.