Coastwise Capital Group LLC Cuts Stock Holdings in AT&T Inc. (NYSE:T)

Coastwise Capital Group LLC trimmed its holdings in shares of AT&T Inc. (NYSE:T) by 6.9% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 72,132 shares of the technology company’s stock after selling 5,358 shares during the period. AT&T comprises about 1.7% of Coastwise Capital Group LLC’s portfolio, making the stock its 12th largest holding. Coastwise Capital Group LLC’s holdings in AT&T were worth $2,040,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Minot DeBlois Advisors LLC bought a new position in AT&T in the fourth quarter worth about $25,000. Capital A Wealth Management LLC bought a new position in shares of AT&T during the fourth quarter valued at approximately $25,000. Putney Financial Group LLC bought a new position in shares of AT&T during the fourth quarter valued at approximately $27,000. Hager Investment Management Services LLC increased its stake in shares of AT&T by 182.1% during the first quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company’s stock valued at $28,000 after purchasing an additional 641 shares in the last quarter. Finally, Core Alternative Capital increased its stake in shares of AT&T by 125.4% during the first quarter. Core Alternative Capital now owns 1,021 shares of the technology company’s stock valued at $29,000 after purchasing an additional 568 shares in the last quarter. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Citigroup restated a “buy” rating on shares of AT&T in a report on Tuesday, June 17th. Royal Bank Of Canada lifted their price target 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. Evercore ISI lifted their price target on shares of AT&T from $25.00 to $27.00 and gave the stock an “in-line” rating in a research note on Thursday, April 24th. UBS Group reiterated a “buy” rating and set a $31.00 price target (up previously from $30.00) on shares of AT&T in a research note on Wednesday, June 18th. Finally, Bank of America started coverage on shares of AT&T in a research report on Monday, July 7th. They set a “buy” rating and a $32.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.17.

AT&T Trading Down 0.3%

NYSE T opened at $26.92 on Friday. AT&T Inc. has a one year low of $18.14 and a one year high of $29.19. The company’s 50 day moving average price is $27.74 and its 200 day moving average price is $26.47. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.65 and a current ratio of 0.70. The firm has a market capitalization of $193.71 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 3.36 and a beta of 0.42.

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

AT&T Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be given a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date is Thursday, July 10th. AT&T’s payout ratio is currently 68.10%.

AT&T 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.