Third Point LLC Invests $105.64 Million in AT&T Inc. $T

Key Points

• Third Point LLC has made a significant investment in AT&T Inc., acquiring 3,775,000 shares valued at approximately $105.64 million, which now constitutes 1.6% of their portfolio.
• Multiple institutional investors have recently adjusted their stakes in AT&T, with 57.10% of the company's stock currently owned by institutional investors and hedge funds.
• Analysts have set new price targets for AT&T, with recommendations ranging from "buy" to "overweight," and an average price target of $30.55.

Third Point LLC acquired a new stake in AT&T Inc. (NYSE:T - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 3,775,000 shares of the technology company's stock, valued at approximately $105,638,000. AT&T makes up 1.6% of Third Point LLC's portfolio, making the stock its 26th largest holding. Third Point LLC owned 0.05% of AT&T at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Minot DeBlois Advisors LLC acquired a new stake in shares of AT&T in the fourth quarter worth $25,000. Capital A Wealth Management LLC acquired a new stake in AT&T in the 4th quarter valued at approximately $25,000. Stone House Investment Management LLC bought a new position in AT&T in the 1st quarter worth approximately $25,000. Putney Financial Group LLC bought a new position in AT&T during the fourth quarter worth $27,000. Finally, Hager Investment Management Services LLC lifted its stake in shares of AT&T by 182.1% in the first quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company's stock valued at $28,000 after buying an additional 641 shares during the period. 57.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on T shares. 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. Sanford C. Bernstein increased their price target on shares of AT&T from $31.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday. UBS Group restated a "buy" rating and set a $31.00 price target (up previously from $30.00) on shares of AT&T in a research note on Wednesday, June 18th. Hsbc Global Res lowered AT&T from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 24th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, AT&T presently has an average rating of "Moderate Buy" and an average price target of $30.55.

AT&T Price Performance

Shares of T stock opened at $29.57 on Friday. AT&T Inc. has a 1 year low of $20.65 and a 1 year high of $29.79. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01. The firm's 50 day moving average is $28.23 and its 200-day moving average is $27.64. The firm has a market capitalization of $211.40 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 3.66 and a beta of 0.44.

AT&T (NYSE:T - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The technology company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. The business had revenue of $30.85 billion during the quarter, compared to analyst estimates of $30.44 billion. AT&T had a net margin of 10.29% and a return on equity of 13.36%. AT&T's revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.51 earnings per share. Sell-side analysts forecast that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Dividend Announcement

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

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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