Summit Asset Management LLC Has $1.27 Million Stake in AT&T Inc. (NYSE:T)

Summit Asset Management LLC lifted its holdings in AT&T Inc. (NYSE:T) by 15.9% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 44,855 shares of the technology company’s stock after buying an additional 6,139 shares during the period. Summit Asset Management LLC’s holdings in AT&T were worth $1,268,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of T. Norges Bank bought a new stake in AT&T during the 4th quarter valued at $1,858,418,000. GQG Partners LLC raised its holdings in AT&T by 37.3% during the 4th quarter. GQG Partners LLC now owns 96,779,385 shares of the technology company’s stock valued at $2,203,667,000 after acquiring an additional 26,280,866 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in AT&T by 31.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 53,432,827 shares of the technology company’s stock valued at $1,216,665,000 after acquiring an additional 12,881,578 shares during the period. Northern Trust Corp raised its holdings in AT&T by 16.3% during the 4th quarter. Northern Trust Corp now owns 78,148,354 shares of the technology company’s stock valued at $1,779,438,000 after acquiring an additional 10,945,679 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of AT&T by 18.2% in the fourth quarter. Invesco Ltd. now owns 47,651,898 shares of the technology company’s stock worth $1,085,034,000 after purchasing an additional 7,347,354 shares during the period. Hedge funds and other institutional investors own 57.10% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of AT&T from $28.00 to $31.00 and gave the stock an “overweight” rating in a research report on Thursday, April 24th. Scotiabank increased their target price on shares of AT&T from $29.50 to $30.00 and gave the stock a “sector outperform” rating in a report on Friday, July 11th. Royal Bank Of Canada increased their target price on shares of AT&T from $28.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Williams Trading set a $30.00 target price on shares of AT&T in a report on Thursday, April 24th. Finally, UBS Group reiterated a “buy” rating and set a $31.00 target price (up from $30.00) on shares of AT&T in a report on Wednesday, June 18th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, AT&T currently has a consensus rating of “Moderate Buy” and an average price target of $29.17.

AT&T Trading Down 0.3%

T stock traded down $0.08 during mid-day trading on Tuesday, reaching $27.31. The company had a trading volume of 9,859,483 shares, compared to its average volume of 36,306,799. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.70 and a quick ratio of 0.65. The company has a market capitalization of $196.48 billion, a PE ratio of 16.73, a price-to-earnings-growth ratio of 3.36 and a beta of 0.42. The firm has a 50 day moving average of $27.74 and a 200 day moving average of $26.49. AT&T Inc. has a 12 month low of $18.14 and a 12 month high of $29.19.

AT&T (NYSE:T) last announced its quarterly earnings results 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). AT&T had a return on equity of 13.63% and a net margin of 9.64%. The business had revenue of $30.63 billion during the quarter, compared to analysts’ expectations of $30.39 billion. During the same period in the previous year, the company posted $0.55 EPS. AT&T’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, equities analysts predict that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be issued a $0.2775 dividend. The ex-dividend date is Thursday, July 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.07%. AT&T’s dividend payout ratio is currently 68.10%.

About AT&T

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.