Worth Asset Management LLC Sells 65,036 Shares of AT&T Inc. $T

Key Points

• Worth Asset Management LLC reduced its holdings in AT&T Inc. by 82.6%, owning 13,700 shares valued at $396,000 after selling 65,036 shares in the second quarter.
• AT&T reported $0.54 earnings per share, surpassing analyst expectations, with a total revenue of $30.85 billion for the quarter, a 3.4% increase year-over-year.
• The company declared a quarterly dividend of $0.2775 per share, yielding approximately 3.8%, with an annual payout ratio of 63.07%.

Worth Asset Management LLC decreased its holdings in AT&T Inc. (NYSE:T - Free Report) by 82.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,700 shares of the technology company's stock after selling 65,036 shares during the period. Worth Asset Management LLC's holdings in AT&T were worth $396,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of T. Stone House Investment Management LLC purchased a new position in AT&T in the first quarter valued at about $25,000. O Brien Wealth Partners LLC acquired a new stake in shares of AT&T during the second quarter valued at about $26,000. Hager Investment Management Services LLC grew its stake in shares of AT&T by 182.1% during the first quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company's stock valued at $28,000 after acquiring an additional 641 shares in the last quarter. IMA Advisory Services Inc. bought a new stake in shares of AT&T in the 1st quarter worth about $29,000. Finally, Core Alternative Capital boosted its holdings in shares of AT&T by 125.4% in the 1st quarter. Core Alternative Capital now owns 1,021 shares of the technology company's stock valued at $29,000 after buying an additional 568 shares during the period. Institutional investors and hedge funds own 57.10% of the company's stock.

AT&T Price Performance

T traded down $0.09 on Monday, hitting $28.92. 25,831,577 shares of the stock were exchanged, compared to its average volume of 29,475,850. AT&T Inc. has a 12 month low of $21.05 and a 12 month high of $29.79. The business has a 50-day moving average of $28.49 and a two-hundred day moving average of $27.84. 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 firm has a market capitalization of $206.79 billion, a price-to-earnings ratio of 16.43, a PEG ratio of 3.59 and a beta of 0.44.

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

AT&T Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were given a $0.2775 dividend. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $1.11 annualized dividend and a yield of 3.8%. AT&T's dividend payout ratio (DPR) is presently 63.07%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on T. Bank of America began coverage on shares of AT&T in a research note on Monday, July 7th. They set a "buy" rating and a $32.00 target price for the company. The Goldman Sachs Group initiated coverage on shares of AT&T in a research report on Tuesday, September 2nd. They issued a "buy" rating and a $32.00 target price for the company. Morgan Stanley upped their price objective on shares of AT&T from $31.00 to $32.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Sanford C. Bernstein increased their price objective on shares of AT&T from $31.00 to $32.00 and gave the company an "outperform" rating in a research note on Thursday, September 4th. Finally, Scotiabank increased their target price on shares of AT&T from $29.50 to $30.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.74.

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.