Retirement Systems of Alabama trimmed its stake in AT&T Inc. (NYSE:T - Free Report) by 3.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,311,350 shares of the technology company's stock after selling 93,786 shares during the quarter. Retirement Systems of Alabama's holdings in AT&T were worth $50,850,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Inspire Trust Co. N.A. grew its position in AT&T by 19.7% in the 3rd quarter. Inspire Trust Co. N.A. now owns 140,000 shares of the technology company's stock worth $3,080,000 after purchasing an additional 23,000 shares during the period. Franklin Resources Inc. grew its holdings in shares of AT&T by 41.4% in the third quarter. Franklin Resources Inc. now owns 7,947,913 shares of the technology company's stock worth $168,969,000 after acquiring an additional 2,326,904 shares during the period. Tidal Investments LLC grew its holdings in shares of AT&T by 1.7% in the third quarter. Tidal Investments LLC now owns 640,725 shares of the technology company's stock worth $14,096,000 after acquiring an additional 10,954 shares during the period. Destination Wealth Management purchased a new stake in AT&T during the third quarter valued at $240,000. Finally, Wilmington Savings Fund Society FSB lifted its holdings in AT&T by 386.1% in the third quarter. Wilmington Savings Fund Society FSB now owns 266,565 shares of the technology company's stock valued at $5,864,000 after acquiring an additional 211,723 shares during the period. 57.10% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research firms recently commented on T. Wells Fargo & Company lowered their price target on AT&T from $25.00 to $24.00 and set an "overweight" rating on the stock in a report on Thursday, October 24th. Redburn Atlantic raised shares of AT&T to a "strong sell" rating in a report on Monday, September 16th. The Goldman Sachs Group raised their target price on shares of AT&T from $25.00 to $28.00 and gave the company a "buy" rating in a research note on Thursday, December 5th. Hsbc Global Res raised shares of AT&T to a "strong-buy" rating in a report on Tuesday, October 1st. Finally, Barclays raised their price objective on AT&T from $24.00 to $27.00 and gave the company an "overweight" rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $25.00.
Read Our Latest Research Report on T
AT&T Stock Up 1.2 %
Shares of T traded up $0.27 during midday trading on Friday, hitting $23.63. 33,672,094 shares of the company's stock traded hands, compared to its average volume of 35,519,809. The firm's fifty day moving average is $22.47 and its 200-day moving average is $20.51. AT&T Inc. has a 1 year low of $15.94 and a 1 year high of $24.03. The stock has a market capitalization of $169.55 billion, a price-to-earnings ratio of 19.18, a price-to-earnings-growth ratio of 3.57 and a beta of 0.59. The company has a current ratio of 0.73, a quick ratio of 0.67 and a debt-to-equity ratio of 1.09.
AT&T (NYSE:T - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.03. AT&T had a net margin of 7.42% and a return on equity of 13.97%. The firm had revenue of $30.20 billion for the quarter, compared to the consensus estimate of $30.50 billion. During the same quarter in the prior year, the company posted $0.64 earnings per share. The company's revenue for the quarter was down .5% compared to the same quarter last year. As a group, sell-side analysts anticipate that AT&T Inc. will post 2.19 earnings per share for the current year.
AT&T Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 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 4.70%. The ex-dividend date is Friday, January 10th. AT&T's dividend payout ratio (DPR) is presently 90.24%.
About AT&T
(
Free Report)
AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.
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