Federation des caisses Desjardins du Quebec Sells 538,358 Shares of AT&T Inc. $T

Key Points

• Federation des caisses Desjardins du Quebec reduced its holdings in AT&T by 29.2% during the first quarter, now owning 1,303,513 shares valued at approximately $36.87 million.
• AT&T reported earnings per share (EPS) of $0.54 for the last quarter, exceeding analysts' expectations of $0.53, and showed a 3.4% year-over-year revenue increase to $30.85 billion.
• The company announced a quarterly dividend of $0.2775 per share, equating to an annualized dividend yield of 3.8% and reflecting a dividend payout ratio of 63.07%.

Federation des caisses Desjardins du Quebec lowered its position in AT&T Inc. (NYSE:T - Free Report) by 29.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,303,513 shares of the technology company's stock after selling 538,358 shares during the quarter. Federation des caisses Desjardins du Quebec's holdings in AT&T were worth $36,868,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Stone House Investment Management LLC bought a new position in shares of AT&T during the 1st quarter valued at about $25,000. Hager Investment Management Services LLC raised its position in AT&T by 182.1% in the first quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company's stock valued at $28,000 after purchasing an additional 641 shares during the last quarter. IMA Advisory Services Inc. bought a new position in shares of AT&T during the first quarter worth about $29,000. Core Alternative Capital increased its holdings in AT&T by 125.4% in the first quarter. Core Alternative Capital now owns 1,021 shares of the technology company's stock worth $29,000 after purchasing an additional 568 shares in the last quarter. Finally, Capital A Wealth Management LLC bought a new stake in AT&T in the fourth quarter worth approximately $25,000. Institutional investors and hedge funds own 57.10% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on T. HSBC cut 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. Hsbc Global Res downgraded AT&T from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 24th. Raymond James Financial reissued a "strong-buy" rating and set a $31.00 price objective (up from $30.00) on shares of AT&T in a research note on Thursday, July 24th. JPMorgan Chase & Co. lifted their target price on AT&T from $31.00 to $33.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Finally, Scotiabank raised their target price on AT&T from $29.50 to $30.00 and gave the stock a "sector outperform" rating in a research note on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $30.40.

AT&T Price Performance

Shares of AT&T stock traded down $0.06 during trading on Wednesday, hitting $29.03. 27,239,432 shares of the company were exchanged, compared to its average volume of 27,600,176. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $207.54 billion, a price-to-earnings ratio of 16.49, a P/E/G ratio of 3.62 and a beta of 0.44. The firm has a 50 day moving average price of $28.17 and a 200 day moving average price of $27.58. AT&T Inc. has a fifty-two week low of $20.25 and a fifty-two week high of $29.65.

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

AT&T Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were given a dividend of $0.2775 per share. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 3.8%. AT&T's dividend payout ratio is currently 63.07%.

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.