Cabot Wealth Management Inc. Purchases 986 Shares of American Tower Corporation (NYSE:AMT)

Cabot Wealth Management Inc. increased its stake in shares of American Tower Corporation (NYSE:AMT) by 2.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 48,912 shares of the real estate investment trust’s stock after purchasing an additional 986 shares during the period. Cabot Wealth Management Inc.’s holdings in American Tower were worth $10,643,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Segment Wealth Management LLC purchased a new position in shares of American Tower during the first quarter valued at approximately $227,000. Meriwether Wealth & Planning LLC purchased a new position in shares of American Tower during the first quarter valued at approximately $259,000. Good Steward Wealth Advisors LLC purchased a new position in shares of American Tower during the first quarter valued at approximately $309,000. Alta Capital Management LLC raised its holdings in shares of American Tower by 9.5% during the first quarter. Alta Capital Management LLC now owns 22,379 shares of the real estate investment trust’s stock valued at $4,870,000 after purchasing an additional 1,941 shares during the last quarter. Finally, Vanderbilt University raised its holdings in shares of American Tower by 2.0% during the first quarter. Vanderbilt University now owns 41,255 shares of the real estate investment trust’s stock valued at $8,977,000 after purchasing an additional 821 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Performance

Shares of NYSE AMT opened at $217.23 on Friday. The firm has a fifty day moving average price of $215.65 and a 200-day moving average price of $203.37. The company has a debt-to-equity ratio of 3.43, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $101.70 billion, a PE ratio of 55.84, a price-to-earnings-growth ratio of 1.60 and a beta of 0.81. American Tower Corporation has a 1 year low of $172.51 and a 1 year high of $243.56.

American Tower (NYSE:AMT) last announced its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $2.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.41 by $0.34. American Tower had a net margin of 17.34% and a return on equity of 30.20%. The firm had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the prior year, the company posted $2.79 earnings per share. The company’s revenue for the quarter was down 9.6% compared to the same quarter last year. Equities analysts anticipate that American Tower Corporation will post 10.14 earnings per share for the current fiscal year.

American Tower Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 13th will be given a dividend of $1.70 per share. The ex-dividend date is Friday, June 13th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.13%. American Tower’s dividend payout ratio is 174.81%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Morgan Stanley assumed coverage on shares of American Tower in a report on Tuesday, April 1st. They set an “overweight” rating and a $250.00 price objective for the company. Hsbc Global Res raised shares of American Tower to a “strong-buy” rating in a report on Thursday, February 27th. Barclays upped their target price on shares of American Tower from $214.00 to $223.00 and gave the company an “overweight” rating in a report on Friday, March 21st. Royal Bank Of Canada upped their target price on shares of American Tower from $240.00 to $250.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Finally, Wells Fargo & Company upped their target price on shares of American Tower from $230.00 to $240.00 and gave the company an “overweight” rating in a report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $240.25.

American Tower Company Profile

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.