Patton Fund Management Inc. Sells 65,979 Shares of AT&T Inc. $T

Key Points

• Patton Fund Management Inc. reduced its stake in AT&T Inc. by 42.2%, selling 65,979 shares during the 2nd quarter, leaving it with a total of 90,284 shares valued at approximately $2.61 million.
• AT&T announced a quarterly dividend of $0.2775 per share, with the ex-dividend date set for October 10th, representing an annualized yield of 3.9%.
• Analyst ratings for AT&T vary, with one Strong Buy, 17 Buy, and five Hold ratings; the average price target stands at $30.74.

Patton Fund Management Inc. trimmed its stake in AT&T Inc. (NYSE:T - Free Report) by 42.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 90,284 shares of the technology company's stock after selling 65,979 shares during the quarter. Patton Fund Management Inc.'s holdings in AT&T were worth $2,613,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in T. Stone House Investment Management LLC bought a new position in shares of AT&T during the first quarter valued at $25,000. O Brien Wealth Partners LLC bought a new position in shares of AT&T during the second quarter valued at $26,000. Hager Investment Management Services LLC lifted its holdings in shares of AT&T by 182.1% during the first quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company's stock valued at $28,000 after purchasing an additional 641 shares in the last quarter. IMA Advisory Services Inc. bought a new position in shares of AT&T during the first quarter valued at $29,000. Finally, Core Alternative Capital lifted its holdings in shares of 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 purchasing an additional 568 shares in the last quarter. 57.10% of the stock is owned by institutional investors.

Analyst Ratings Changes

T has been the topic of a number of research analyst reports. Morgan Stanley upped their price target on AT&T from $31.00 to $32.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. HSBC downgraded AT&T from a "buy" rating to a "hold" rating and set a $30.00 price target on the stock. in a report on Thursday, July 24th. Bank of America began coverage on AT&T in a report on Monday, July 7th. They issued a "buy" rating and a $32.00 target price on the stock. Citigroup reissued a "buy" rating on shares of AT&T in a report on Tuesday, August 26th. Finally, Wells Fargo & Company increased their target price on AT&T from $30.00 to $31.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $30.74.

AT&T Stock Up 0.0%

T stock opened at $28.31 on Friday. AT&T Inc. has a fifty-two week low of $21.05 and a fifty-two week high of $29.79. The business's 50-day moving average is $28.61 and its two-hundred day moving average is $27.87. 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 company has a market cap of $202.43 billion, a price-to-earnings ratio of 16.09, a P/E/G ratio of 3.62 and a beta of 0.44.

AT&T (NYSE:T - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The technology company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.01. AT&T had a return on equity of 13.36% and a net margin of 10.29%.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 earnings per share. The business's quarterly revenue was up 3.4% on a year-over-year basis. As a group, analysts forecast that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be paid a dividend of $0.2775 per share. The ex-dividend date is Friday, October 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 3.9%. AT&T's payout ratio is 63.07%.

AT&T Company 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.

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