Cyndeo Wealth Partners LLC Sells 6,547 Shares of American Tower Corporation (NYSE:AMT)

Cyndeo Wealth Partners LLC cut its stake in shares of American Tower Corporation (NYSE:AMT - Free Report) by 35.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,869 shares of the real estate investment trust's stock after selling 6,547 shares during the period. Cyndeo Wealth Partners LLC's holdings in American Tower were worth $2,583,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Minot DeBlois Advisors LLC acquired a new stake in American Tower during the fourth quarter worth approximately $29,000. Graney & King LLC acquired a new stake in American Tower during the fourth quarter worth approximately $32,000. Lowe Wealth Advisors LLC lifted its position in American Tower by 218.0% during the first quarter. Lowe Wealth Advisors LLC now owns 159 shares of the real estate investment trust's stock worth $35,000 after acquiring an additional 109 shares during the last quarter. Crowley Wealth Management Inc. bought a new position in shares of American Tower during the fourth quarter worth approximately $37,000. Finally, City Holding Co. bought a new position in shares of American Tower during the first quarter worth approximately $39,000. 92.69% of the stock is currently owned by institutional investors and hedge funds.

American Tower Stock Up 0.2%

Shares of NYSE:AMT traded up $0.36 during midday trading on Thursday, hitting $215.50. 1,665,651 shares of the company's stock were exchanged, compared to its average volume of 2,486,491. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a 50 day moving average price of $215.57 and a 200-day moving average price of $203.31. The company has a market cap of $100.88 billion, a PE ratio of 55.40, a price-to-earnings-growth ratio of 1.60 and a beta of 0.81. American Tower Corporation has a 12 month low of $172.51 and a 12 month high of $243.56.

American Tower (NYSE:AMT - Get Free Report) last posted its earnings results on Tuesday, April 29th. The real estate investment trust reported $2.75 EPS for the quarter, topping the consensus estimate of $2.41 by $0.34. The company had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.54 billion. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The firm's revenue for the quarter was down 9.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.79 earnings per share. On average, sell-side analysts anticipate that American Tower Corporation will post 10.14 EPS for the current fiscal year.

American Tower Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 13th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Friday, June 13th. American Tower's payout ratio is presently 174.81%.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Royal Bank Of Canada raised their target price on shares of American Tower from $240.00 to $250.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Morgan Stanley assumed coverage on shares of American Tower in a research report on Tuesday, April 1st. They issued an "overweight" rating and a $250.00 target price on the stock. Wells Fargo & Company raised their target price on shares of American Tower from $230.00 to $240.00 and gave the company an "overweight" rating in a research report on Wednesday, April 30th. UBS Group lifted their price target on shares of American Tower from $245.00 to $250.00 and gave the stock a "buy" rating in a report on Wednesday, April 30th. Finally, Raymond James Financial upped their price target on shares of American Tower from $231.00 to $251.00 and gave the company a "strong-buy" rating in a research report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $240.25.

American Tower Profile

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.