Harvest Fund Management Co. Ltd Sells 92,214 Shares of AT&T Inc. (NYSE:T)

Key Points

• Harvest Fund Management Co. Ltd significantly reduced its holdings in AT&T Inc. by 59%, selling 92,214 shares and now owning a total of 64,125 shares valued at $1,815,000.
• Several other hedge funds, including UBS AM and Northern Trust Corp, have increased their stakes in AT&T, indicating institutional investor interest with 57.10% of the stock presently owned by institutional investors.
• AT&T recently announced a quarterly dividend of $0.2775 per share, with an anticipated annualized total of $1.11, representing a dividend yield of 4.05%.

Harvest Fund Management Co. Ltd trimmed its holdings in AT&T Inc. (NYSE:T - Free Report) by 59.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 64,125 shares of the technology company's stock after selling 92,214 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in AT&T were worth $1,815,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of AT&T from $30.00 to $31.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Citigroup reaffirmed a "buy" rating on shares of AT&T in a research note on Tuesday, June 17th. Williams Trading set a $30.00 target price on AT&T in a research report on Thursday, April 24th. Scotiabank lifted their target price on shares of AT&T from $29.50 to $30.00 and gave the company a "sector outperform" rating in a research note on Friday, July 11th. Finally, Royal Bank Of Canada raised their price target on shares of AT&T from $28.00 to $30.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, AT&T presently has a consensus rating of "Moderate Buy" and an average target price of $29.66.

AT&T Price Performance

Shares of NYSE:T traded up $0.09 on Wednesday, hitting $27.50. The stock had a trading volume of 30,063,016 shares, compared to its average volume of 31,821,926. The company has a market capitalization of $196.64 billion, a price-to-earnings ratio of 15.63, a price-to-earnings-growth ratio of 3.40 and a beta of 0.42. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.76 and a current ratio of 0.81. The firm's 50 day moving average price is $27.79 and its 200-day moving average price is $26.73. AT&T Inc. has a twelve month low of $18.64 and a twelve month high of $29.19.

AT&T (NYSE:T - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The technology company reported $0.54 earnings per share for the quarter, topping 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 firm had revenue of $30.85 billion for the quarter, compared to analysts' expectations of $30.44 billion. During the same period in the prior year, the firm earned $0.51 earnings per share. The company's quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities research analysts predict that AT&T Inc. will post 2.14 earnings per share 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 paid a $0.2775 dividend. The ex-dividend date is Thursday, July 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.04%. AT&T's dividend payout ratio (DPR) is presently 63.07%.

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.