Shulman DeMeo Asset Management LLC grew its stake in AT&T Inc. (NYSE:T) by 9.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 82,037 shares of the technology company’s stock after acquiring an additional 6,767 shares during the quarter. AT&T accounts for 1.0% of Shulman DeMeo Asset Management LLC’s portfolio, making the stock its 12th biggest holding. Shulman DeMeo Asset Management LLC’s holdings in AT&T were worth $2,749,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also made changes to their positions in the company. NuWave Investment Management LLC purchased a new stake in AT&T during the fourth quarter valued at $40,000. Contravisory Investment Management Inc. increased its position in AT&T by 36.0% during the second quarter. Contravisory Investment Management Inc. now owns 1,277 shares of the technology company’s stock valued at $43,000 after acquiring an additional 338 shares during the last quarter. Smart Portfolios LLC increased its position in AT&T by 44.8% during the fourth quarter. Smart Portfolios LLC now owns 1,615 shares of the technology company’s stock valued at $46,000 after acquiring an additional 500 shares during the last quarter. Centaurus Financial Inc. increased its position in AT&T by 24.4% during the first quarter. Centaurus Financial Inc. now owns 1,700 shares of the technology company’s stock valued at $54,000 after acquiring an additional 333 shares during the last quarter. Finally, Interactive Financial Advisors purchased a new stake in AT&T during the first quarter valued at $56,000. 52.91% of the stock is currently owned by hedge funds and other institutional investors.
T traded up $0.07 during midday trading on Friday, reaching $34.19. The company had a trading volume of 15,779,487 shares, compared to its average volume of 28,677,940. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.81. The company’s 50-day moving average price is $33.26. The firm has a market capitalization of $249.45 billion, a P/E ratio of 9.71, a P/E/G ratio of 2.14 and a beta of 0.61. AT&T Inc. has a 1 year low of $26.80 and a 1 year high of $34.64.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 5.97%. The ex-dividend date was Tuesday, July 9th. AT&T’s dividend payout ratio is currently 57.95%.
In related news, CEO John T. Stankey sold 4,024 shares of the stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $34.15, for a total transaction of $137,419.60. Following the completion of the sale, the chief executive officer now owns 2,366 shares in the company, valued at $80,798.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.07% of the company’s stock.
A number of analysts recently commented on T shares. Raymond James upped their price objective on AT&T from $34.00 to $35.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. ValuEngine cut AT&T from a “hold” rating to a “sell” rating in a research report on Thursday. Bank of America reiterated a “buy” rating and set a $37.00 price objective on shares of AT&T in a research report on Monday, June 24th. Desjardins reiterated an “average” rating and set a $56.50 price objective on shares of AT&T in a research report on Friday, April 5th. Finally, Credit Suisse Group upgraded AT&T from an “underperform” rating to a “neutral” rating and set a $29.00 price target for the company in a research report on Thursday, July 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have issued a buy rating to the stock. AT&T presently has a consensus rating of “Buy” and a consensus target price of $36.78.
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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