Geneos Wealth Management Inc. Cuts Stock Position in AT&T Inc. (NYSE:T)

Key Points

• Geneos Wealth Management Inc. decreased its holdings in AT&T by 12.8%, selling 14,525 shares in the first quarter, leaving them with 99,123 shares valued at approximately $2.8 million.
• AT&T's recent earnings report showed a 3.4% increase in revenue year-over-year, with earnings per share of $0.54, surpassing analysts' expectations.
• The company declared a quarterly dividend of $0.2775 per share, reflecting an annualized dividend yield of 4.04%, with the ex-dividend date set for July 10th.

Geneos Wealth Management Inc. cut its stake in shares of AT&T Inc. (NYSE:T - Free Report) by 12.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 99,123 shares of the technology company's stock after selling 14,525 shares during the quarter. Geneos Wealth Management Inc.'s holdings in AT&T were worth $2,803,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in T. Hager Investment Management Services LLC boosted its holdings in AT&T by 182.1% during the first quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company's stock worth $28,000 after buying an additional 641 shares in the last quarter. IMA Advisory Services Inc. purchased a new stake in shares of AT&T during the 1st quarter worth about $29,000. Core Alternative Capital grew its position in shares of AT&T by 125.4% during the 1st quarter. Core Alternative Capital now owns 1,021 shares of the technology company's stock valued at $29,000 after acquiring an additional 568 shares during the period. Capital A Wealth Management LLC purchased a new position in shares of AT&T in the 4th quarter valued at about $25,000. Finally, Minot DeBlois Advisors LLC acquired a new position in AT&T in the 4th quarter worth about $25,000. 57.10% of the stock is owned by institutional investors and hedge funds.

AT&T Stock Up 1.3%

T stock traded up $0.35 during trading on Friday, hitting $27.76. 38,807,241 shares of the company's stock were exchanged, compared to its average volume of 31,627,860. The business has a 50-day moving average price of $27.80 and a two-hundred day moving average price of $26.77. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $198.49 billion, a price-to-earnings ratio of 15.77, a PEG ratio of 3.40 and a beta of 0.42. AT&T Inc. has a 52-week low of $18.64 and a 52-week high of $29.19.

AT&T (NYSE:T - Get Free Report) last issued its 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 net margin of 10.29% and a return on equity of 13.36%. The business had revenue of $30.85 billion during the quarter, compared to analysts' expectations of $30.44 billion. During the same quarter in the prior year, the business posted $0.51 EPS. The company's revenue for the quarter was up 3.4% on a year-over-year basis. As a group, equities research analysts expect that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be given a dividend of $0.2775 per share. The ex-dividend date is Thursday, July 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.0%. AT&T's dividend payout ratio (DPR) is 63.07%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on T. TD Securities upped their target price on AT&T from $29.00 to $30.00 and gave the stock a "hold" rating in a research note on Thursday, April 24th. Evercore ISI boosted their target price 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. JPMorgan Chase & Co. raised their price target on shares of AT&T from $31.00 to $33.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Barclays lifted their price target on AT&T from $27.00 to $30.00 and gave the stock an "overweight" rating in a research note on Friday, April 25th. Finally, Tigress Financial lifted their target price on shares of AT&T from $32.00 to $34.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $29.66.

About AT&T

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.