State of Alaska Department of Revenue Sells 32,835 Shares of AT&T Inc. $T

Key Points

• The State of Alaska Department of Revenue has reduced its stake in AT&T Inc. by 3.4%, selling 32,835 shares, leaving it with a total of 938,524 shares valued at approximately $27.16 million.
• AT&T has recently seen varying price targets from analysts, with UBS setting a target of $33.00 and Goldman Sachs initiating coverage with a "buy" rating at $32.00.
• The company announced a quarterly dividend of $0.2775 to be paid on November 3rd, representing an annualized dividend yield of 3.9% with a payout ratio of 63.07%.

State of Alaska Department of Revenue lowered its stake in AT&T Inc. (NYSE:T - Free Report) by 3.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 938,524 shares of the technology company's stock after selling 32,835 shares during the period. State of Alaska Department of Revenue's holdings in AT&T were worth $27,160,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Brighton Jones LLC boosted its stake in AT&T by 26.5% during the fourth quarter. Brighton Jones LLC now owns 48,579 shares of the technology company's stock worth $1,106,000 after acquiring an additional 10,188 shares in the last quarter. Mascagni Wealth Management Inc. bought a new position in AT&T in the 4th quarter worth about $52,000. Wellington Management Group LLP increased its holdings in AT&T by 161.3% in the 4th quarter. Wellington Management Group LLP now owns 2,522,814 shares of the technology company's stock worth $57,444,000 after acquiring an additional 1,557,431 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in shares of AT&T by 2.5% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 33,791 shares of the technology company's stock valued at $956,000 after acquiring an additional 828 shares during the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of AT&T by 96.9% during the first quarter. Versant Capital Management Inc now owns 17,211 shares of the technology company's stock valued at $487,000 after buying an additional 8,471 shares during the period. 57.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. UBS Group set a $33.00 price target on AT&T in a report on Thursday, September 18th. The Goldman Sachs Group initiated coverage on AT&T in a research note on Tuesday, September 2nd. They set a "buy" rating and a $32.00 price target on the stock. Hsbc Global Res cut AT&T from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 24th. Bank of America started coverage on AT&T in a research report on Monday, July 7th. They set a "buy" rating and a $32.00 price target for the company. Finally, HSBC cut 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. 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 stock presently has an average rating of "Moderate Buy" and a consensus price target of $30.74.

AT&T Price Performance

Shares of NYSE T opened at $28.31 on Friday. The business has a 50-day moving average of $28.61 and a 200-day moving average of $27.87. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.81 and a quick ratio of 0.76. The stock has a market capitalization of $202.43 billion, a price-to-earnings ratio of 16.09, a PEG ratio of 3.62 and a beta of 0.44. AT&T Inc. has a fifty-two week low of $21.05 and a fifty-two week high of $29.79.

AT&T (NYSE:T - Get Free Report) last posted 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. 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 company's revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.51 earnings per share. As a group, sell-side analysts predict that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be issued a $0.2775 dividend. The ex-dividend date of this dividend is Friday, October 10th. This represents a $1.11 annualized dividend and a 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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