Fortitude Family Office LLC Sells 10,132 Shares of AT&T Inc. (NYSE:T)

Fortitude Family Office LLC cut its holdings in AT&T Inc. (NYSE:T - Free Report) by 17.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 47,884 shares of the technology company's stock after selling 10,132 shares during the quarter. Fortitude Family Office LLC's holdings in AT&T were worth $1,354,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Defined Financial Planning LLC acquired a new stake in shares of AT&T in the first quarter worth $229,000. FMB Wealth Management acquired a new stake in shares of AT&T in the first quarter worth $211,000. Kelly Financial Services LLC acquired a new stake in shares of AT&T in the first quarter worth $229,000. Fifth Third Bancorp lifted its stake in shares of AT&T by 1.4% in the first quarter. Fifth Third Bancorp now owns 933,782 shares of the technology company's stock worth $26,407,000 after buying an additional 12,927 shares during the last quarter. Finally, Simon Quick Advisors LLC lifted its stake in shares of AT&T by 23.8% in the first quarter. Simon Quick Advisors LLC now owns 65,045 shares of the technology company's stock worth $1,839,000 after buying an additional 12,525 shares during the last quarter. 57.10% of the stock is currently owned by institutional investors and hedge funds.

AT&T Stock Performance

AT&T stock traded down $0.14 on Friday, hitting $28.13. The company's stock had a trading volume of 22,422,913 shares, compared to its average volume of 36,609,472. The firm has a market cap of $202.43 billion, a P/E ratio of 18.88, a price-to-earnings-growth ratio of 3.00 and a beta of 0.41. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.00. The company has a fifty day moving average price of $27.41 and a 200-day moving average price of $25.63. AT&T Inc. has a one year low of $17.49 and a one year high of $29.03.

AT&T (NYSE:T - Get Free Report) last announced 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). AT&T had a net margin of 8.95% and a return on equity of 13.97%. The business had revenue of $30.63 billion during the quarter, compared to the consensus estimate of $30.39 billion. During the same period last year, the firm earned $0.55 EPS. The company's quarterly revenue was up 2.0% compared to the same quarter last year. On average, equities analysts anticipate 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 Thursday, May 1st. Stockholders of record on Thursday, April 10th were issued a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 3.95%. The ex-dividend date of this dividend was Thursday, April 10th. AT&T's payout ratio is 68.10%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Evercore ISI boosted their price objective on shares of AT&T from $25.00 to $27.00 and gave the stock an "in-line" rating in a research note on Thursday, April 24th. Barclays boosted their price objective on shares of AT&T from $27.00 to $30.00 and gave the stock an "overweight" rating in a research note on Friday, April 25th. Morgan Stanley reiterated an "overweight" rating and set a $31.00 target price (up from $30.00) on shares of AT&T in a research note on Thursday, April 24th. Tigress Financial upped their target price on shares of AT&T from $32.00 to $34.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Finally, JPMorgan Chase & Co. upped their target price on shares of AT&T from $28.00 to $31.00 and gave the company an "overweight" rating in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $28.71.

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.