State of Michigan Retirement System Lowers Stake in AT&T Inc. (NYSE:T)

State of Michigan Retirement System lowered its stake in shares of AT&T Inc. (NYSE:T - Free Report) by 72.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,365,113 shares of the technology company's stock after selling 6,100,200 shares during the quarter. State of Michigan Retirement System's holdings in AT&T were worth $66,885,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Next Level Private LLC grew its holdings in AT&T by 0.3% in the 1st quarter. Next Level Private LLC now owns 113,379 shares of the technology company's stock worth $3,206,000 after acquiring an additional 379 shares during the last quarter. Carolinas Wealth Consulting LLC grew its holdings in AT&T by 1.6% in the 4th quarter. Carolinas Wealth Consulting LLC now owns 24,161 shares of the technology company's stock worth $550,000 after acquiring an additional 384 shares during the last quarter. Kozak & Associates Inc. grew its holdings in AT&T by 9.4% in the 1st 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 last quarter. Silver Oak Securities Incorporated grew its holdings in AT&T by 0.3% in 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 during the last quarter. Finally, Firethorn Wealth Partners LLC grew its holdings in AT&T by 4.1% in the 1st quarter. Firethorn Wealth Partners LLC now owns 10,114 shares of the technology company's stock worth $286,000 after acquiring an additional 399 shares during the last quarter. Hedge funds and other institutional investors own 57.10% of the company's stock.

AT&T Price Performance

Shares of NYSE T opened at $27.61 on Friday. The stock has a market capitalization of $198.63 billion, a price-to-earnings ratio of 16.94, a PEG ratio of 3.51 and a beta of 0.42. AT&T Inc. has a 12 month low of $18.14 and a 12 month high of $29.19. The firm's 50 day simple moving average is $27.84 and its 200-day simple moving average is $26.27. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.70 and a quick ratio of 0.65.

AT&T (NYSE:T - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The technology company reported $0.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). AT&T had a net margin of 9.64% and a return on equity of 13.63%. The business had revenue of $30.63 billion for the quarter, compared to analysts' expectations of $30.39 billion. During the same quarter last year, the business earned $0.55 EPS. The company's quarterly revenue was up 2.0% on a year-over-year basis. Analysts expect that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be issued a $0.2775 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $1.11 dividend on an annualized basis and a yield of 4.02%. AT&T's payout ratio is currently 68.10%.

Wall Street Analyst Weigh In

T has been the topic of several recent research reports. Bank of America started coverage on AT&T in a research note on Monday. They issued a "buy" rating and a $32.00 price target on the stock. Williams Trading set a $30.00 target price on shares of AT&T in a report on Thursday, April 24th. Tigress Financial boosted their price objective on shares of AT&T from $32.00 to $34.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Royal Bank Of Canada upped their target price on shares of AT&T from $28.00 to $30.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Finally, UBS Group reaffirmed a "buy" rating and set a $31.00 price objective (up from $30.00) on shares of AT&T in a research report on Wednesday, June 18th. One analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, AT&T presently has a consensus rating of "Moderate Buy" and an average price target of $29.10.

About AT&T

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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