State of Michigan Retirement System reduced its holdings in AT&T Inc. (NYSE:T - Free Report) by 72.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,365,113 shares of the technology company's stock after selling 6,100,200 shares during the period. State of Michigan Retirement System's holdings in AT&T were worth $66,885,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Next Level Private LLC boosted its holdings in AT&T by 0.3% during the first quarter. Next Level Private LLC now owns 113,379 shares of the technology company's stock worth $3,206,000 after buying an additional 379 shares in the last quarter. Carolinas Wealth Consulting LLC increased its holdings in AT&T by 1.6% in the fourth quarter. Carolinas Wealth Consulting LLC now owns 24,161 shares of the technology company's stock valued at $550,000 after buying an additional 384 shares in the last quarter. Kozak & Associates Inc. raised its position in shares of AT&T by 9.4% in the first quarter. Kozak & Associates Inc. now owns 4,617 shares of the technology company's stock worth $126,000 after acquiring an additional 398 shares during the period. Silver Oak Securities Incorporated boosted its stake in shares of AT&T by 0.3% during the 1st quarter. Silver Oak Securities Incorporated now owns 114,324 shares of the technology company's stock worth $3,222,000 after acquiring an additional 398 shares in the last quarter. Finally, Firethorn Wealth Partners LLC grew its position in shares of AT&T by 4.1% during the 1st quarter. Firethorn Wealth Partners LLC now owns 10,114 shares of the technology company's stock valued at $286,000 after acquiring an additional 399 shares during the period. 57.10% of the stock is owned by hedge funds and other institutional investors.
AT&T Price Performance
Shares of T stock traded down $0.65 during trading hours on Friday, reaching $26.97. The company had a trading volume of 42,637,282 shares, compared to its average volume of 36,516,853. AT&T Inc. has a 12-month low of $18.14 and a 12-month high of $29.19. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.65 and a current ratio of 0.70. The company has a market capitalization of $194.07 billion, a price-to-earnings ratio of 16.55, a PEG ratio of 3.45 and a beta of 0.42. The stock has a fifty day moving average of $27.84 and a 200-day moving average of $26.27.
AT&T (NYSE:T - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The technology company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.01). AT&T had a net margin of 9.64% and a return on equity of 13.63%. The company had revenue of $30.63 billion during the quarter, compared to analysts' expectations of $30.39 billion. During the same quarter in the previous year, the company earned $0.55 earnings per share. The firm's quarterly revenue was up 2.0% compared to the same quarter last year. On average, equities analysts anticipate that AT&T Inc. will post 2.14 earnings per share for the current year.
AT&T Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be issued a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date is Thursday, July 10th. AT&T's dividend payout ratio is currently 68.10%.
Wall Street Analyst Weigh In
T has been the subject of a number of analyst reports. JPMorgan Chase & Co. upped their price target on AT&T from $28.00 to $31.00 and gave the stock an "overweight" rating in a report on Thursday, April 24th. Citigroup reissued a "buy" rating on shares of AT&T in a report on Tuesday, June 17th. Oppenheimer upped their target price on AT&T from $27.00 to $32.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 1st. Williams Trading set a $30.00 target price on AT&T in a research report on Thursday, April 24th. Finally, UBS Group reissued a "buy" rating and issued a $31.00 price target (up previously from $30.00) on shares of AT&T in a report on Wednesday, June 18th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $29.12.
View Our Latest Analysis on T
About AT&T
(
Free Report)
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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