Thornburg Investment Management Inc. Buys 4,978,069 Shares of AT&T Inc. $T

Key Points

• Thornburg Investment Management increased its AT&T stake by 16%, buying 4.98 million shares in the second quarter to hold 36.02 million shares valued at approximately $745.7 million. Institutional investors collectively own 57.1% of AT&T.
• AT&T reported quarterly EPS of $0.65, exceeding analyst expectations of $0.59, while revenue reached $31.56 billion and rose 2.3% year over year. The company maintains 2026 EPS guidance of $2.25–$2.35.
• The company pays a quarterly dividend of $0.2775 per share, equivalent to an annualized $1.11 dividend and a 4.3% yield. Analysts have a consensus “Moderate Buy” rating and an average price target of $29.19.

Thornburg Investment Management Inc. grew its position in AT&T Inc. (NYSE:T - Free Report) by 16.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 36,023,313 shares of the technology company's stock after purchasing an additional 4,978,069 shares during the period. AT&T comprises approximately 7.1% of Thornburg Investment Management Inc.'s holdings, making the stock its 3rd biggest holding. Thornburg Investment Management Inc. owned about 0.53% of AT&T worth $745,683,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. State Street Corp boosted its position in AT&T by 2.6% in the fourth quarter. State Street Corp now owns 332,089,723 shares of the technology company's stock valued at $8,249,109,000 after buying an additional 8,314,678 shares in the last quarter. Bank of America Corp DE raised its stake in shares of AT&T by 4.6% in the first quarter. Bank of America Corp DE now owns 125,191,700 shares of the technology company's stock valued at $3,629,307,000 after acquiring an additional 5,449,222 shares during the last quarter. Norges Bank acquired a new position in shares of AT&T in the 4th quarter worth approximately $2,181,977,000. Bank of New York Mellon Corp boosted its holdings in shares of AT&T by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 75,323,574 shares of the technology company's stock worth $1,559,198,000 after acquiring an additional 2,559,065 shares in the last quarter. Finally, GQG Partners LLC bought a new stake in AT&T during the 2nd quarter worth approximately $1,223,364,000. Institutional investors and hedge funds own 57.10% of the company's stock.

AT&T Trading Up 2.4%

Shares of NYSE T opened at $26.03 on Friday. AT&T Inc. has a fifty-two week low of $19.89 and a fifty-two week high of $29.79. The firm has a market capitalization of $178.37 billion, a P/E ratio of 8.62, a P/E/G ratio of 1.06 and a beta of 0.23. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.97 and a quick ratio of 0.93. The company's 50 day simple moving average is $23.15 and its 200 day simple moving average is $25.23.

AT&T (NYSE:T - Get Free Report) last released its earnings results on Wednesday, July 22nd. The technology company reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. The firm had revenue of $31.56 billion during the quarter, compared to analyst estimates of $31.80 billion. AT&T had a net margin of 16.94% and a return on equity of 12.86%. The business's quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.54 EPS. AT&T has set its FY 2026 guidance at 2.250-2.350 EPS. On average, analysts predict that AT&T Inc. will post 2.34 EPS for the current year.

AT&T Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Friday, July 10th were paid a dividend of $0.2775 per share. The ex-dividend date of this dividend was Friday, July 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.3%. AT&T's payout ratio is 36.75%.

Analyst Upgrades and Downgrades

T has been the subject of a number of recent analyst reports. Argus dropped their price target on AT&T from $33.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, July 23rd. Wolfe Research upgraded AT&T from a "peer perform" rating to an "outperform" rating and set a $29.00 target price on the stock in a report on Thursday, July 23rd. Wells Fargo & Company raised their target price on AT&T from $18.00 to $20.00 and gave the company an "underweight" rating in a research note on Thursday, July 23rd. TD Cowen lifted their price target on AT&T from $32.00 to $33.00 and gave the company a "hold" rating in a report on Thursday, July 23rd. Finally, Weiss Ratings upgraded shares of AT&T from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $29.19.

Key Headlines Impacting AT&T

Here are the key news stories impacting AT&T this week:

• Positive Sentiment: AT&T’s operating margin reportedly reached a multi-year high as the company winds down its copper network. Lower legacy-network costs and operating leverage could improve profitability and support cash generation. AT&T Stock's Margin Hit A Multi-Year Best As Its Copper Network Winds Down
• Positive Sentiment: Recent bullish investment analysis argues that AT&T’s turnaround has further upside, citing its discounted valuation, robust cash flows, fiber expansion, and growth in its Advanced Connectivity segment. Management’s target for 2026 EBITDA growth of 3%–4%, accelerating to more than 5% annually from 2028, strengthens the long-term case. AT&T Doesn't Need Heroic Results To Offer Heroic Upside
• Positive Sentiment: AT&T’s investment and partnership with Hark could position its network as an infrastructure provider for AI-native, always-connected consumer devices. The opportunity is early-stage but offers potential exposure to new connectivity demand beyond smartphones. Investors Reacting to AT&T Backing Hark’s AI-Native Device Ecosystem
• Neutral Sentiment: AT&T, T-Mobile, and Verizon are described as overcoming a shared competitive or regulatory challenge involving satellite-based connectivity. The development may ease concerns about satellite disruption, but the article provides limited detail on its direct financial impact. AT&T, T-Mobile, and Verizon Defeat a Common Foe
• Neutral Sentiment: AT&T will release third-quarter 2026 results before the market opens on October 21 and hold a conference call afterward. The announcement itself does not change fundamentals, but it gives investors a near-term catalyst to assess subscriber trends, fiber growth, margins, and guidance. AT&T to Release Third-Quarter 2026 Earnings on Oct. 21
• Neutral Sentiment: AT&T is promoting free Turbo Live access at select football season openers and selling season passes. The campaign could support brand engagement and customer acquisition, but its immediate financial contribution is likely limited. AT&T Kicks Off Football Season with Free Turbo Live

AT&T Company Profile

AT&T Inc is a global telecommunications company that provides a broad range of communications and digital entertainment services. Its core activities include consumer and business wireless services, broadband and fiber internet, and network infrastructure. The company operates branded wireless services through AT&T Mobility and deploys fixed-line and fiber networks to deliver high-speed internet and related home services.

AT&T's product and service portfolio spans mobile voice and data plans, smartphones and device sales, home internet (including fiber-to-the-home where available), and managed connectivity solutions for enterprise customers.

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