AT&T Inc. (NYSE:T) Stake Decreased by Equity Investment Corp

Equity Investment Corp cut its stake in AT&T Inc. (NYSE:T - Free Report) by 33.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,727,249 shares of the technology company's stock after selling 2,923,346 shares during the period. AT&T comprises approximately 3.6% of Equity Investment Corp's portfolio, making the stock its 3rd largest position. Equity Investment Corp owned approximately 0.08% of AT&T worth $161,967,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of AT&T during the fourth quarter worth approximately $1,858,418,000. GQG Partners LLC increased its stake in AT&T by 37.3% in the 4th quarter. GQG Partners LLC now owns 96,779,385 shares of the technology company's stock valued at $2,203,667,000 after buying an additional 26,280,866 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in AT&T by 31.8% during the 4th 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 buying an additional 12,881,578 shares during the last quarter. Northern Trust Corp raised its position in AT&T by 16.3% during the 4th quarter. Northern Trust Corp now owns 78,148,354 shares of the technology company's stock worth $1,779,438,000 after buying an additional 10,945,679 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of AT&T by 18.2% in the 4th quarter. Invesco Ltd. now owns 47,651,898 shares of the technology company's stock worth $1,085,034,000 after acquiring an additional 7,347,354 shares during the period. Institutional investors and hedge funds own 57.10% of the company's stock.

Analysts Set New Price Targets

T has been the subject of several analyst reports. Oppenheimer increased their price target on shares of AT&T from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Tuesday, April 1st. Citigroup reissued a "buy" rating on shares of AT&T in a research note on Tuesday, June 17th. Wall Street Zen raised AT&T from a "hold" rating to a "buy" rating in a report on Friday, April 25th. UBS Group reaffirmed a "buy" rating and set a $31.00 price objective (up previously from $30.00) on shares of AT&T in a report on Wednesday, June 18th. Finally, TD Securities increased their price objective on AT&T from $29.00 to $30.00 and gave the stock a "hold" rating in a research report on Thursday, April 24th. One equities research 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 stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $29.17.

AT&T Price Performance

Shares of T traded down $0.07 during trading hours on Wednesday, reaching $26.95. 21,921,026 shares of the company traded hands, compared to its average volume of 36,473,600. The stock has a market capitalization of $193.89 billion, a PE ratio of 16.53, a price-to-earnings-growth ratio of 3.37 and a beta of 0.42. The stock has a fifty day simple moving average of $27.79 and a 200 day simple moving average of $26.38. AT&T Inc. has a fifty-two week low of $18.14 and a fifty-two week high of $29.19. The company has a quick ratio of 0.65, a current ratio of 0.70 and a debt-to-equity ratio of 0.98.

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

AT&T Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be paid a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date is Thursday, July 10th. AT&T's dividend payout ratio is presently 68.10%.

AT&T Company 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.