Ridgecrest Wealth Partners LLC Buys 1,420 Shares of AT&T Inc. (NYSE:T)

Ridgecrest Wealth Partners LLC grew its stake in AT&T Inc. (NYSE:T) by 7.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,808 shares of the technology company’s stock after acquiring an additional 1,420 shares during the quarter. Ridgecrest Wealth Partners LLC’s holdings in AT&T were worth $560,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Keystone Financial Group grew its stake in AT&T by 196.3% in the fourth quarter. Keystone Financial Group now owns 216,980 shares of the technology company’s stock valued at $5,322,000 after acquiring an additional 143,744 shares during the period. Capstone Wealth Management LLC bought a new position in shares of AT&T during the 1st quarter valued at about $201,000. World Investment Advisors grew its position in shares of AT&T by 36.4% in the 4th quarter. World Investment Advisors now owns 237,477 shares of the technology company’s stock valued at $5,407,000 after purchasing an additional 63,359 shares during the period. DigitalBridge Group Inc. increased its stake in AT&T by 14.6% during the 4th quarter. DigitalBridge Group Inc. now owns 2,865,814 shares of the technology company’s stock worth $65,255,000 after purchasing an additional 365,776 shares in the last quarter. Finally, West Family Investments Inc. increased its stake in AT&T by 70.4% during the 4th quarter. West Family Investments Inc. now owns 37,961 shares of the technology company’s stock worth $864,000 after purchasing an additional 15,680 shares in the last quarter. 57.10% of the stock is currently owned by institutional investors and hedge funds.

AT&T Stock Performance

NYSE T opened at $27.79 on Monday. The firm has a market capitalization of $199.96 billion, a P/E ratio of 17.05, a price-to-earnings-growth ratio of 3.87 and a beta of 0.41. The company has a current ratio of 0.70, a quick ratio of 0.65 and a debt-to-equity ratio of 0.98. The firm’s fifty day moving average price is $27.53 and its two-hundred day moving average price is $25.81. AT&T Inc. has a 1 year low of $18.14 and a 1 year high of $29.03.

AT&T (NYSE:T) last released its quarterly earnings data on Wednesday, April 23rd. The technology company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). The firm had revenue of $30.63 billion for the quarter, compared to analyst estimates of $30.39 billion. AT&T had a return on equity of 13.63% and a net margin of 9.64%. The firm’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.55 earnings per share. As a group, research analysts anticipate that AT&T Inc. will post 2.14 EPS for the current year.

Wall Street Analyst Weigh In

T has been the topic of a number of research reports. JPMorgan Chase & Co. lifted their price target on shares of AT&T from $28.00 to $31.00 and gave the company an “overweight” rating in a research note on Thursday, April 24th. Citigroup reaffirmed a “buy” rating on shares of AT&T in a research report on Tuesday, June 17th. Royal Bank Of Canada upped their target price on shares of AT&T from $28.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. Williams Trading set a $30.00 price target on AT&T in a research note on Thursday, April 24th. Finally, Wells Fargo & Company upped their price objective on AT&T from $27.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $28.76.

AT&T Company Profile

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.