Cresset Asset Management LLC Sells 41,439 Shares of AT&T Inc. $T

Key Points

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Cresset Asset Management LLC lessened its position in shares of AT&T Inc. (NYSE:T - Free Report) by 19.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 175,788 shares of the technology company's stock after selling 41,439 shares during the period. Cresset Asset Management LLC's holdings in AT&T were worth $4,971,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Nuveen LLC acquired a new stake in AT&T during the first quarter worth approximately $1,072,128,000. GQG Partners LLC grew its holdings in shares of AT&T by 17.7% during the 1st quarter. GQG Partners LLC now owns 113,957,259 shares of the technology company's stock worth $3,222,711,000 after purchasing an additional 17,177,874 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of AT&T by 31.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 53,432,827 shares of the technology company's stock worth $1,216,665,000 after purchasing an additional 12,881,578 shares during the period. Ontario Teachers Pension Plan Board raised its stake in AT&T by 30,527.5% in the first quarter. Ontario Teachers Pension Plan Board now owns 11,959,440 shares of the technology company's stock valued at $338,213,000 after purchasing an additional 11,920,392 shares in the last quarter. Finally, Northern Trust Corp lifted its position in AT&T by 16.3% during the fourth quarter. Northern Trust Corp now owns 78,148,354 shares of the technology company's stock worth $1,779,438,000 after purchasing an additional 10,945,679 shares during the period. Institutional investors own 57.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Bank of America assumed coverage on shares of AT&T in a research note on Monday, July 7th. They set a "buy" rating and a $32.00 price objective on the stock. HSBC lowered shares of AT&T from a "buy" rating to a "hold" rating and set a $30.00 price target on the stock. in a research report on Thursday, July 24th. Tigress Financial boosted their price objective on shares of AT&T from $32.00 to $34.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Cowen reaffirmed a "hold" rating on shares of AT&T in a report on Thursday, April 24th. Finally, TD Securities boosted their price target on AT&T from $29.00 to $30.00 and gave the stock a "hold" rating in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $30.21.

AT&T Trading Up 0.2%

Shares of T stock opened at $28.92 on Tuesday. AT&T Inc. has a 1-year low of $19.34 and a 1-year high of $29.19. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01. The stock has a market cap of $206.79 billion, a price-to-earnings ratio of 16.43, a PEG ratio of 3.57 and a beta of 0.42. The stock has a 50-day moving average of $27.93 and a 200-day moving average of $27.27.

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

AT&T Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were paid a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Thursday, July 10th. AT&T's dividend payout ratio (DPR) 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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