Procyon Advisors LLC Has $1.82 Million Stock Position in AT&T Inc. $T

Key Points

• Procyon Advisors LLC reduced its stake in AT&T Inc. by 16.4%, now holding 62,864 shares valued at approximately $1.82 million.
• AT&T's stock price opened at $29.37, with a market cap of $210.01 billion, and it recently reported earnings of $0.54 per share, exceeding estimates.
• The company announced a quarterly dividend of $0.2775 per share, representing an annualized dividend of $1.11 and a yield of 3.8%.

Procyon Advisors LLC lowered its stake in AT&T Inc. (NYSE:T - Free Report) by 16.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 62,864 shares of the technology company's stock after selling 12,323 shares during the quarter. Procyon Advisors LLC's holdings in AT&T were worth $1,819,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of AT&T by 1.3% in 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 purchasing an additional 8,185,006 shares during the period. GQG Partners LLC lifted its stake in shares of AT&T by 17.7% in 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 purchasing 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 shares of AT&T by 3.3% in 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 purchasing an additional 1,783,363 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of AT&T by 31.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 53,432,827 shares of the technology company's stock valued at $1,216,665,000 after purchasing an additional 12,881,578 shares during the period. Finally, Dimensional Fund Advisors LP raised 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 worth $1,508,411,000 after buying an additional 1,307,009 shares during the period. Institutional investors and hedge funds own 57.10% of the company's stock.

AT&T Stock Down 0.8%

Shares of AT&T stock opened at $29.37 on Wednesday. The business's 50 day simple moving average is $28.35 and its 200 day simple moving average is $27.77. AT&T Inc. has a 52-week low of $21.05 and a 52-week high of $29.79. The firm has a market cap of $210.01 billion, a PE ratio of 16.69, a P/E/G ratio of 3.68 and a beta of 0.44. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.76 and a current ratio of 0.81.

AT&T (NYSE:T - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The technology company reported $0.54 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $30.44 billion. During the same quarter last year, the firm earned $0.51 EPS. AT&T's revenue for the quarter was up 3.4% compared to the same quarter last year. On average, analysts predict that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were given a $0.2775 dividend. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 3.8%. AT&T's payout ratio is currently 63.07%.

Analyst Ratings Changes

Several analysts recently commented on T shares. Morgan Stanley raised their price objective on AT&T from $31.00 to $32.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Hsbc Global Res downgraded AT&T from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 24th. Sanford C. Bernstein raised their price objective on AT&T from $31.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, September 4th. The Goldman Sachs Group started coverage on AT&T in a research note on Tuesday, September 2nd. They set a "buy" rating and a $32.00 price objective on the stock. Finally, Wells Fargo & Company raised their price objective on AT&T from $30.00 to $31.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, AT&T presently has a consensus rating of "Moderate Buy" and an average price target of $30.60.

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.

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