Pinnacle Associates Ltd. Sells 15,165 Shares of AT&T Inc. (NYSE:T)

Pinnacle Associates Ltd. decreased its stake in shares of AT&T Inc. (NYSE:T - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 542,347 shares of the technology company's stock after selling 15,165 shares during the period. Pinnacle Associates Ltd.'s holdings in AT&T were worth $15,338,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of T. Minot DeBlois Advisors LLC bought a new stake in shares of AT&T in the fourth quarter valued at $25,000. Capital A Wealth Management LLC purchased a new position in AT&T during the fourth quarter worth about $25,000. Putney Financial Group LLC purchased a new position in AT&T during the fourth quarter worth about $27,000. Hager Investment Management Services LLC grew its position 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. Finally, Core Alternative Capital grew 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 worth $29,000 after buying an additional 568 shares in the last quarter. Hedge funds and other institutional investors own 57.10% of the company's stock.

Wall Street Analysts Forecast Growth

T has been the subject of several recent analyst reports. TD Securities boosted their target price on AT&T from $29.00 to $30.00 and gave the stock a "hold" rating in a research report on Thursday, April 24th. Cowen reiterated a "hold" rating on shares of AT&T in a report on Thursday, April 24th. Tigress Financial upped their price objective on AT&T from $32.00 to $34.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Oppenheimer upped their price objective on AT&T from $27.00 to $32.00 and gave the stock an "outperform" rating in a report on Tuesday, April 1st. Finally, Wells Fargo & Company boosted their price objective on shares of AT&T from $30.00 to $31.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, AT&T has a consensus rating of "Moderate Buy" and a consensus target price of $29.37.

AT&T Trading Up 0.6%

T traded up $0.16 during midday trading on Thursday, reaching $27.91. 47,310,769 shares of the company's stock traded hands, compared to its average volume of 31,138,704. The firm has a fifty day moving average of $27.80 and a two-hundred day moving average of $26.58. The stock has a market capitalization of $200.81 billion, a price-to-earnings ratio of 15.86, a P/E/G ratio of 3.46 and a beta of 0.42. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.81 and a quick ratio of 0.65. 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 released its quarterly earnings results on Wednesday, July 23rd. The technology company reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. The business had revenue of $30.85 billion during 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%. AT&T's quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.51 EPS. On average, equities analysts anticipate that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The company 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 $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 3.98%. The ex-dividend date is Thursday, July 10th. AT&T's dividend payout ratio is currently 68.10%.

AT&T 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.