Novem Group Sells 12,841 Shares of AT&T Inc. $T

Key Points

• Novem Group has reduced its stake in AT&T Inc. by 38.8%, selling 12,841 shares during the second quarter, leaving them with 20,265 shares valued at $586,000.
• Vanguard Group increased its holdings in AT&T by 1.3% during the first quarter, bringing its total to over 651 million shares worth approximately $18.4 billion.
• AT&T recently announced a quarterly dividend of $0.2775 per share, representing an annualized dividend yield of 3.9%, with an ex-dividend date set for October 10th.

Novem Group decreased its position in AT&T Inc. (NYSE:T - Free Report) by 38.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,265 shares of the technology company's stock after selling 12,841 shares during the period. Novem Group's holdings in AT&T were worth $586,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of T. Vanguard Group Inc. lifted its stake in AT&T by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 651,044,650 shares of the technology company's stock valued at $18,411,543,000 after acquiring an additional 8,185,006 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in AT&T during the 2nd quarter valued at about $5,266,758,000. GQG Partners LLC lifted its stake in AT&T by 17.7% during the 1st quarter. GQG Partners LLC now owns 113,957,259 shares of the technology company's stock valued at $3,222,711,000 after acquiring an additional 17,177,874 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in AT&T by 3.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 55,216,190 shares of the technology company's stock valued at $1,561,514,000 after acquiring an additional 1,783,363 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in AT&T by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 53,339,376 shares of the technology company's stock valued at $1,508,411,000 after acquiring an additional 1,307,009 shares during the period. Institutional investors own 57.10% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Hsbc Global Res cut shares of AT&T from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 24th. The Goldman Sachs Group assumed coverage on shares of AT&T in a research note on Tuesday, September 2nd. They set a "buy" rating and a $32.00 target price on the stock. Sanford C. Bernstein upped their target price on shares of AT&T from $31.00 to $32.00 and gave the company an "outperform" rating in a research note on Thursday, September 4th. Morgan Stanley upped their target price on shares of AT&T from $31.00 to $32.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Finally, HSBC cut shares of AT&T from a "buy" rating to a "hold" rating and set a $30.00 price objective on the stock. in a research note on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $30.74.

AT&T Price Performance

Shares of NYSE:T opened at $28.31 on Friday. The firm's 50 day moving average price is $28.61 and its 200-day moving average price is $27.87. AT&T Inc. has a twelve month low of $21.05 and a twelve month high of $29.79. 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 $202.43 billion, a PE ratio of 16.09, a price-to-earnings-growth ratio of 3.62 and a beta of 0.44.

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. The firm had revenue of $30.85 billion for the quarter, compared to analysts' expectations of $30.44 billion. AT&T had a net margin of 10.29% and a return on equity of 13.36%. The business's quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.51 EPS. Equities research analysts expect that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be issued a $0.2775 dividend. This represents a $1.11 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, October 10th. AT&T's dividend payout ratio 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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