Private Asset Management Inc. lessened its stake in AT&T Inc. (NYSE:T) by 4.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 349,769 shares of the technology company’s stock after selling 16,615 shares during the quarter. AT&T comprises approximately 1.9% of Private Asset Management Inc.’s holdings, making the stock its 17th biggest holding. Private Asset Management Inc.’s holdings in AT&T were worth $9,982,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the company. Curbstone Financial Management Corp increased its stake in AT&T by 15.7% during the 4th quarter. Curbstone Financial Management Corp now owns 62,740 shares of the technology company’s stock worth $2,015,000 after buying an additional 8,524 shares during the period. Salem Capital Management Inc. increased its stake in AT&T by 3.4% during the 4th quarter. Salem Capital Management Inc. now owns 126,332 shares of the technology company’s stock worth $3,606,000 after buying an additional 4,200 shares during the period. Moody National Bank Trust Division increased its stake in AT&T by 0.9% during the 4th quarter. Moody National Bank Trust Division now owns 492,674 shares of the technology company’s stock worth $14,061,000 after buying an additional 4,494 shares during the period. Advocacy Wealth Management Services LLC increased its stake in AT&T by 10.6% during the 4th quarter. Advocacy Wealth Management Services LLC now owns 5,200 shares of the technology company’s stock worth $148,000 after buying an additional 500 shares during the period. Finally, Clarus Wealth Advisors increased its stake in AT&T by 4.1% during the 4th quarter. Clarus Wealth Advisors now owns 20,187 shares of the technology company’s stock worth $576,000 after buying an additional 795 shares during the period. 64.59% of the stock is currently owned by institutional investors and hedge funds.
In other news, CEO John T. Stankey sold 3,748 shares of the business’s stock in a transaction that occurred on Thursday, January 31st. The shares were sold at an average price of $29.84, for a total transaction of $111,840.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.07% of the stock is owned by insiders.
AT&T (NYSE:T) last released its earnings results on Wednesday, January 30th. The technology company reported $0.86 EPS for the quarter, hitting analysts’ consensus estimates of $0.86. AT&T had a net margin of 11.34% and a return on equity of 13.47%. The business had revenue of $47.99 billion for the quarter, compared to the consensus estimate of $48.50 billion. During the same period in the previous year, the firm earned $0.78 EPS. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. On average, equities research analysts predict that AT&T Inc. will post 3.59 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be issued a $0.51 dividend. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 6.37%. AT&T’s payout ratio is currently 57.95%.
Several brokerages have weighed in on T. ValuEngine lowered shares of AT&T from a “sell” rating to a “strong sell” rating in a report on Tuesday, March 5th. Cowen reissued a “buy” rating and set a $35.00 price objective on shares of AT&T in a report on Thursday, January 31st. Desjardins reaffirmed an “average” rating and issued a $56.50 price target on shares of AT&T in a report on Friday, April 5th. Barclays set a $32.00 price target on shares of AT&T and gave the company a “hold” rating in a report on Friday, January 18th. Finally, Raymond James raised shares of AT&T from a “market perform” rating to an “outperform” rating and set a $34.00 price target for the company in a report on Friday, March 15th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $36.26.
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AT&T Inc provides telecommunication, media, and technology services worldwide. The company operates through four segments: Communications, WarnerMedia, Latin America, and Xandr. The Communications segment provides wireless and wireline telecom, video, and broadband and Internet services; video entertainment services using satellite, IP-based, and streaming options; and audio programming services under the AT&T, Cricket, AT&T PREPAID, and DIRECTV brands to residential and business customers.
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