Transcend Wealth Collective LLC reduced its position in shares of AT&T Inc. (NYSE:T) by 4.8% in the second quarter, according to its most recent filing with the SEC. The fund owned 40,455 shares of the technology company’s stock after selling 2,035 shares during the quarter. Transcend Wealth Collective LLC’s holdings in AT&T were worth $1,223,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of T. Lion Street Advisors LLC bought a new stake in AT&T in the first quarter worth $27,000. Horan Securities Inc. bought a new stake in AT&T in the first quarter worth $28,000. CBIZ Investment Advisory Services LLC lifted its position in AT&T by 186.0% in the first quarter. CBIZ Investment Advisory Services LLC now owns 958 shares of the technology company’s stock worth $28,000 after buying an additional 623 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new stake in AT&T in the first quarter worth $34,000. Finally, Brooktree Capital Management purchased a new stake in AT&T in the first quarter worth $36,000. Hedge funds and other institutional investors own 53.74% of the company’s stock.
T has been the topic of a number of recent analyst reports. ValuEngine lowered AT&T from a “sell” rating to a “strong sell” rating in a research note on Friday, May 1st. UBS Group reduced their target price on AT&T from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Monday, April 20th. Guggenheim cut their price target on AT&T from $39.00 to $38.00 and set a “buy” rating on the stock in a research note on Thursday, April 23rd. Oppenheimer cut their price target on AT&T from $47.00 to $38.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 15th. Finally, Deutsche Bank cut their price target on AT&T from $38.00 to $37.00 and set a “buy” rating on the stock in a research note on Tuesday, August 4th. Four investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $34.16.
AT&T (NYSE:T) last issued its quarterly earnings results on Thursday, July 23rd. The technology company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. The business had revenue of $40.95 billion during the quarter, compared to the consensus estimate of $40.87 billion. AT&T had a return on equity of 13.03% and a net margin of 6.84%. The company’s quarterly revenue was down 8.9% on a year-over-year basis. During the same quarter last year, the company earned $0.89 earnings per share. Analysts forecast that AT&T Inc. will post 3.21 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Friday, July 10th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 6.89%. The ex-dividend date was Thursday, July 9th. AT&T’s dividend payout ratio is presently 58.26%.
In other AT&T news, Director Stephen J. Luczo purchased 100,000 shares of the stock in a transaction on Thursday, July 23rd. The stock was acquired at an average price of $29.69 per share, with a total value of $2,969,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.07% of the stock is currently owned by company insiders.
AT&T Inc provides telecommunication, media, and technology services worldwide. The company operates through four segments: Communications, WarnerMedia, Latin America, and Xandr. The Communications segment provides wireless and wireline telecom, video, and broadband and Internet services; video entertainment services using satellite, IP-based, and streaming options; and audio programming services under the AT&T, Cricket, AT&T PREPAID, and DIRECTV brands to residential and business customers.
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