Beese Fulmer Investment Management Inc. Sells 2,818 Shares of AT&T Inc. (NYSE:T)

Beese Fulmer Investment Management Inc. reduced its holdings in shares of AT&T Inc. (NYSE:T) by 2.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 99,926 shares of the technology company’s stock after selling 2,818 shares during the quarter. Beese Fulmer Investment Management Inc.’s holdings in AT&T were worth $1,594,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Axiom Financial Strategies LLC grew its stake in shares of AT&T by 12.2% in the first quarter. Axiom Financial Strategies LLC now owns 17,888 shares of the technology company’s stock valued at $342,000 after buying an additional 1,941 shares in the last quarter. Roundview Capital LLC grew its stake in shares of AT&T by 62.3% in the first quarter. Roundview Capital LLC now owns 24,628 shares of the technology company’s stock valued at $582,000 after buying an additional 9,450 shares in the last quarter. Sei Investments Co. grew its stake in shares of AT&T by 23.1% in the first quarter. Sei Investments Co. now owns 1,099,843 shares of the technology company’s stock valued at $25,983,000 after buying an additional 206,434 shares in the last quarter. Candriam Luxembourg S.C.A. grew its stake in shares of AT&T by 5.5% in the first quarter. Candriam Luxembourg S.C.A. now owns 476,601 shares of the technology company’s stock valued at $11,262,000 after buying an additional 25,028 shares in the last quarter. Finally, Loomis Sayles & Co. L P grew its stake in shares of AT&T by 1,191.3% in the first quarter. Loomis Sayles & Co. L P now owns 12,706 shares of the technology company’s stock valued at $300,000 after buying an additional 11,722 shares in the last quarter. 53.65% of the stock is owned by institutional investors.

AT&T Price Performance

AT&T stock traded up $0.17 during midday trading on Friday, reaching $15.23. The company’s stock had a trading volume of 80,594,245 shares, compared to its average volume of 32,218,100. AT&T Inc. has a 52 week low of $13.43 and a 52 week high of $20.50. The company has a current ratio of 0.68, a quick ratio of 0.63 and a debt-to-equity ratio of 1.10. The business has a 50-day moving average price of $14.46 and a 200-day moving average price of $16.35. The stock has a market cap of $108.88 billion, a PE ratio of -12.48, a price-to-earnings-growth ratio of 1.85 and a beta of 0.64.

AT&T (NYSE:T) last released its quarterly earnings results on Wednesday, July 26th. The technology company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.03. The company had revenue of $29.92 billion for the quarter, compared to analysts’ expectations of $30.07 billion. AT&T had a positive return on equity of 15.91% and a negative net margin of 7.22%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.65 earnings per share. On average, sell-side analysts predict that AT&T Inc. will post 2.43 EPS for the current year.

AT&T Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were paid a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a dividend yield of 7.29%. The ex-dividend date of this dividend was Friday, July 7th. AT&T’s dividend payout ratio is currently -90.98%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Morgan Stanley reissued an “equal weight” rating and issued a $20.00 target price on shares of AT&T in a research note on Thursday, August 3rd. StockNews.com assumed coverage on shares of AT&T in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Citigroup raised AT&T from a “neutral” rating to a “buy” rating and set a $17.00 price target for the company in a report on Tuesday, August 29th. Barclays cut their price target on AT&T from $18.00 to $17.00 in a report on Thursday, July 6th. Finally, Royal Bank of Canada cut their price target on AT&T from $19.00 to $14.00 and set a “sector perform” rating for the company in a report on Thursday, August 10th. Nine research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $20.00.

About AT&T

AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The 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.