SCS Capital Management LLC Buys New Position in AT&T Inc. $T

Key Points

• SCS Capital Management LLC acquired a new position in AT&T Inc. during the 1st quarter, purchasing 11,419 shares valued at approximately $323,000.
• AT&T's shares saw substantial institutional interest, with notable investments from Nuveen LLC ($1.07 billion stake) and Ontario Teachers Pension Plan Board (30,527.5% increase).
• Analyst ratings for AT&T are mixed, with a consensus rating of "Moderate Buy" and an average target price of $30.60 amidst various upgrades and downgrades from different firms.

SCS Capital Management LLC bought a new stake in AT&T Inc. (NYSE:T - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 11,419 shares of the technology company's stock, valued at approximately $323,000.

Several other institutional investors have also added to or reduced their stakes in T. Nuveen LLC bought a new stake in AT&T in the first quarter valued at approximately $1,072,128,000. GQG Partners LLC boosted its holdings in AT&T by 17.7% in the first 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 last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in AT&T by 31.8% in the fourth 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 acquiring an additional 12,881,578 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its holdings in AT&T by 30,527.5% in the first quarter. Ontario Teachers Pension Plan Board now owns 11,959,440 shares of the technology company's stock valued at $338,213,000 after acquiring an additional 11,920,392 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in AT&T by 350.4% in the first quarter. Wellington Management Group LLP now owns 11,363,940 shares of the technology company's stock valued at $321,372,000 after acquiring an additional 8,841,126 shares during the last quarter. 57.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on T shares. HSBC lowered AT&T from a "buy" rating to a "hold" rating and set a $30.00 price target on the stock. in a research note on Thursday, July 24th. JPMorgan Chase & Co. boosted their price target on AT&T from $31.00 to $33.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. Morgan Stanley boosted their price target on AT&T from $31.00 to $32.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Wells Fargo & Company boosted their price target on AT&T from $30.00 to $31.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Finally, Bank of America started coverage on AT&T in a research note on Monday, July 7th. They issued a "buy" rating and a $32.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, AT&T presently has a consensus rating of "Moderate Buy" and an average target price of $30.60.

AT&T Price Performance

Shares of NYSE:T opened at $29.49 on Friday. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 1.01. AT&T Inc. has a twelve month low of $21.05 and a twelve month high of $29.79. The stock's 50 day moving average is $28.28 and its 200-day moving average is $27.71. The firm has a market capitalization of $210.87 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 3.63 and a beta of 0.44.

AT&T (NYSE:T - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The technology company reported $0.54 earnings per share 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 company had revenue of $30.85 billion for the quarter, compared to analyst estimates of $30.44 billion. During the same period in the prior year, the firm earned $0.51 earnings per share. AT&T's revenue for the quarter was up 3.4% on a year-over-year basis. Sell-side analysts forecast that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Dividend Announcement

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