AT&T Inc. (NYSE:T) Shares Sold by Drexel Morgan & Co.

Key Points

• Drexel Morgan & Co. sold 1,000,000 shares of AT&T Inc., reducing its holdings by 19.5%, although AT&T remains the firm's biggest holding at 24.5% of its portfolio.
• AT&T reported earnings of $0.54 per share for the latest quarter, surpassing estimates, with quarterly revenue up 3.4% year-over-year.
• A quarterly dividend of $0.2775 per share has been announced with a yield of 4.1%, set to be paid on August 1st to stockholders of record on July 10th.

Drexel Morgan & Co. lessened its holdings in shares of AT&T Inc. (NYSE:T - Free Report) by 19.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,123,320 shares of the technology company's stock after selling 1,000,000 shares during the quarter. AT&T makes up 24.5% of Drexel Morgan & Co.'s investment portfolio, making the stock its largest holding. Drexel Morgan & Co. owned 0.06% of AT&T worth $116,607,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. AllSquare Wealth Management LLC grew its stake in shares of AT&T by 7.1% in the 1st quarter. AllSquare Wealth Management LLC now owns 5,704 shares of the technology company's stock valued at $161,000 after buying an additional 378 shares in the last quarter. Next Level Private LLC grew its stake in shares of AT&T by 0.3% in the 1st quarter. Next Level Private LLC now owns 113,379 shares of the technology company's stock valued at $3,206,000 after buying an additional 379 shares in the last quarter. Carolinas Wealth Consulting LLC grew its stake in shares of AT&T by 1.6% in the 4th quarter. Carolinas Wealth Consulting LLC now owns 24,161 shares of the technology company's stock valued at $550,000 after buying an additional 384 shares in the last quarter. Kozak & Associates Inc. grew its stake in shares of AT&T by 9.4% in the 1st quarter. Kozak & Associates Inc. now owns 4,617 shares of the technology company's stock valued at $126,000 after buying an additional 398 shares in the last quarter. Finally, Silver Oak Securities Incorporated grew its stake in shares of AT&T by 0.3% in the 1st quarter. Silver Oak Securities Incorporated now owns 114,324 shares of the technology company's stock valued at $3,222,000 after buying an additional 398 shares in the last quarter. Hedge funds and other institutional investors own 57.10% of the company's stock.

AT&T Stock Performance

Shares of T stock traded up $0.35 during trading hours on Friday, reaching $27.76. 38,807,241 shares of the company's stock were exchanged, compared to its average volume of 31,627,860. AT&T Inc. has a fifty-two week low of $18.64 and a fifty-two week high of $29.19. The stock has a market capitalization of $198.49 billion, a P/E ratio of 15.77, a P/E/G ratio of 3.40 and a beta of 0.42. The business has a fifty day moving average price of $27.80 and a 200-day moving average price of $26.81. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 1.01.

AT&T (NYSE:T - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The technology company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.01. AT&T had a return on equity of 13.36% and a net margin of 10.29%. The company had revenue of $30.85 billion during the quarter, compared to analyst estimates of $30.44 billion. During the same period in the previous year, the company earned $0.51 earnings per share. The company's quarterly revenue was up 3.4% compared to the same quarter last year. 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. Investors of record on Thursday, July 10th will be paid a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Thursday, July 10th. AT&T's dividend payout ratio is presently 63.07%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. TD Securities boosted their price target on AT&T from $29.00 to $30.00 and gave the company a "hold" rating in a research note on Thursday, April 24th. Scotiabank boosted their price target on AT&T from $29.50 to $30.00 and gave the company a "sector outperform" rating in a research note on Friday, July 11th. Hsbc Global Res cut AT&T from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 24th. Raymond James Financial reissued a "strong-buy" rating and issued a $31.00 price target (up previously from $30.00) on shares of AT&T in a research note on Thursday, July 24th. Finally, Tigress Financial boosted their target price on AT&T from $32.00 to $34.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $29.66.

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.