Gradient Investments LLC Has $1.78 Million Position in AT&T Inc. (NYSE:T)

Gradient Investments LLC lowered its stake in shares of AT&T Inc. (NYSE:TGet Rating) by 4.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 85,104 shares of the technology company’s stock after selling 4,214 shares during the period. Gradient Investments LLC’s holdings in AT&T were worth $1,784,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of AT&T in the 4th quarter valued at $1,740,054,000. Vanguard Group Inc. lifted its stake in shares of AT&T by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 585,666,367 shares of the technology company’s stock valued at $13,839,297,000 after purchasing an additional 13,066,523 shares during the last quarter. State Street Corp lifted its stake in shares of AT&T by 3.8% in the 4th quarter. State Street Corp now owns 317,213,113 shares of the technology company’s stock valued at $7,803,443,000 after purchasing an additional 11,494,986 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of AT&T by 71.8% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 23,743,313 shares of the technology company’s stock valued at $561,054,000 after purchasing an additional 9,921,029 shares during the last quarter. Finally, Capital World Investors lifted its stake in shares of AT&T by 18.5% in the 1st quarter. Capital World Investors now owns 55,989,998 shares of the technology company’s stock valued at $1,323,044,000 after purchasing an additional 8,729,013 shares during the last quarter. Institutional investors and hedge funds own 52.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Barclays lowered shares of AT&T from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $22.00 to $20.00 in a research note on Friday, July 22nd. Wells Fargo & Company dropped their target price on shares of AT&T to $22.00 in a report on Friday, July 22nd. Deutsche Bank Aktiengesellschaft dropped their target price on shares of AT&T from $24.00 to $22.00 in a report on Friday, July 22nd. Wolfe Research dropped their target price on shares of AT&T from $27.00 to $22.00 and set a “peer perform” rating on the stock in a report on Thursday, June 2nd. Finally, Raymond James reiterated an “outperform” rating and issued a $26.00 target price on shares of AT&T in a report on Thursday, July 7th. Twelve research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, AT&T presently has a consensus rating of “Hold” and a consensus target price of $23.78.

AT&T Price Performance

Shares of AT&T stock opened at $16.76 on Tuesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.64 and a current ratio of 0.70. The firm’s 50-day simple moving average is $18.32 and its 200-day simple moving average is $20.18. AT&T Inc. has a twelve month low of $16.55 and a twelve month high of $21.53. The firm has a market cap of $119.43 billion, a P/E ratio of 6.16, a price-to-earnings-growth ratio of 1.97 and a beta of 0.48.

AT&T (NYSE:TGet Rating) last issued its earnings results on Thursday, July 21st. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.04. AT&T had a net margin of 13.41% and a return on equity of 13.11%. The business had revenue of $29.64 billion for the quarter, compared to analyst estimates of $29.48 billion. During the same period in the previous year, the business earned $0.89 EPS. The firm’s revenue was down 17.1% on a year-over-year basis. As a group, research analysts expect that AT&T Inc. will post 2.54 EPS for the current fiscal year.

AT&T Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 1st. Shareholders of record on Monday, July 11th were given a $0.2775 dividend. The ex-dividend date was Friday, July 8th. This represents a $1.11 dividend on an annualized basis and a yield of 6.62%. AT&T’s dividend payout ratio (DPR) is presently 40.81%.

About AT&T

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AT&T Inc provides telecommunications, media, and technology services worldwide. Its Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, and carrying cases and hands-free devices through its own company-owned stores, agents, and third-party retail stores.

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Institutional Ownership by Quarter for AT&T (NYSE:T)

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