DAVENPORT & Co LLC trimmed its position in AT&T Inc. (NYSE:T) by 8.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 695,578 shares of the technology company’s stock after selling 60,364 shares during the quarter. DAVENPORT & Co LLC’s holdings in AT&T were worth $19,831,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Heron Financial Group LLC raised its stake in shares of AT&T by 45.6% in the third quarter. Heron Financial Group LLC now owns 30,369 shares of the technology company’s stock valued at $871,000 after purchasing an additional 9,513 shares in the last quarter. Bennicas & Associates Inc. raised its stake in shares of AT&T by 2.1% in the third quarter. Bennicas & Associates Inc. now owns 60,769 shares of the technology company’s stock valued at $1,733,000 after purchasing an additional 1,225 shares in the last quarter. Raymond James Trust N.A. grew its position in AT&T by 2.5% in the third quarter. Raymond James Trust N.A. now owns 567,743 shares of the technology company’s stock valued at $16,186,000 after acquiring an additional 13,680 shares during the period. Sterneck Capital Management LLC grew its position in AT&T by 33.8% in the third quarter. Sterneck Capital Management LLC now owns 11,115 shares of the technology company’s stock valued at $317,000 after acquiring an additional 2,810 shares during the period. Finally, Norway Savings Bank grew its position in AT&T by 9.7% in the third quarter. Norway Savings Bank now owns 47,036 shares of the technology company’s stock valued at $1,341,000 after acquiring an additional 4,149 shares during the period. Institutional investors and hedge funds own 52.29% of the company’s stock.
A number of brokerages have weighed in on T. Barclays began coverage on AT&T in a research report on Friday, October 2nd. They issued an “overweight” rating on the stock. Morgan Stanley lowered their price target on AT&T from $38.00 to $36.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. Oppenheimer reiterated a “buy” rating and issued a $38.00 price target on shares of AT&T in a research report on Thursday, October 1st. Scotiabank cut AT&T from a “sector perform” rating to a “sector underperform” rating and lowered their price target for the company from $34.00 to $30.00 in a research report on Monday, August 31st. Finally, KeyCorp cut AT&T from a “sector weight” rating to an “underweight” rating and set a $25.00 price target on the stock. in a research report on Monday, October 5th. Six analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $33.56.
AT&T (NYSE:T) last released its earnings results on Thursday, July 23rd. The technology company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.04. AT&T had a return on equity of 13.03% and a net margin of 6.84%. The firm had revenue of $40.95 billion for the quarter, compared to analyst estimates of $40.87 billion. During the same quarter in the prior year, the firm posted $0.89 earnings per share. The company’s quarterly revenue was down 8.9% on a year-over-year basis. Sell-side analysts predict that AT&T Inc. will post 3.21 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Monday, October 12th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 7.61%. The ex-dividend date of this dividend is Thursday, October 8th. AT&T’s payout ratio is 58.26%.
In other AT&T news, Director Stephen J. Luczo purchased 100,000 shares of the company’s stock in a transaction dated Thursday, July 23rd. The shares were bought at an average price of $29.69 per share, with a total value of $2,969,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.07% of the company’s stock.
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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