Modern Wealth Management LLC Purchases 9,316 Shares of AT&T Inc. $T

Key Points

• Modern Wealth Management LLC increased its holdings in AT&T Inc. by 12.5%, acquiring an additional 9,316 shares, bringing its total to 83,683 shares valued at $2,367,000.
• AT&T's stock has received several positive ratings from analysts, with a consensus price target of $30.60 and an average rating of "Moderate Buy".
• The company recently announced a quarterly dividend of $0.2775 per share, reflecting a dividend yield of 3.8%.

Modern Wealth Management LLC grew its position in shares of AT&T Inc. (NYSE:T - Free Report) by 12.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 83,683 shares of the technology company's stock after acquiring an additional 9,316 shares during the quarter. Modern Wealth Management LLC's holdings in AT&T were worth $2,367,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of T. Capital A Wealth Management LLC bought a new stake in AT&T in the fourth quarter worth $25,000. Stone House Investment Management LLC bought a new stake in AT&T in the first quarter worth $25,000. Putney Financial Group LLC bought a new stake in AT&T in the fourth quarter worth $27,000. Hager Investment Management Services LLC lifted 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 worth $28,000 after buying an additional 641 shares during the last quarter. Finally, Core Alternative Capital lifted its position 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 buying an additional 568 shares during the last quarter. 57.10% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Bank of America assumed coverage on AT&T in a research report on Monday, July 7th. They issued a "buy" rating and a $32.00 price target for the company. Wells Fargo & Company lifted their target price on AT&T from $30.00 to $31.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Scotiabank lifted their target price on AT&T from $29.50 to $30.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. Sanford C. Bernstein lifted their target price on AT&T from $31.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday, September 4th. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $31.00 target price (up from $30.00) on shares of AT&T in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $30.60.

AT&T Stock Performance

Shares of AT&T stock opened at $29.59 on Friday. The firm has a market cap of $211.58 billion, a P/E ratio of 16.81, a P/E/G ratio of 3.67 and a beta of 0.44. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01. AT&T Inc. has a 12 month low of $21.05 and a 12 month high of $29.79. The stock's fifty day moving average price is $28.31 and its 200-day moving average price is $27.73.

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

AT&T Announces Dividend

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

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