Axxcess Wealth Management LLC Buys 36,066 Shares of AT&T Inc. (NYSE:T)

Axxcess Wealth Management LLC lifted its stake in shares of AT&T Inc. (NYSE:T) by 13.1% during the second quarter, HoldingsChannel.com reports. The fund owned 310,461 shares of the technology company’s stock after buying an additional 36,066 shares during the quarter. Axxcess Wealth Management LLC’s holdings in AT&T were worth $5,933,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of T. Frank Rimerman Advisors LLC bought a new position in shares of AT&T during the 4th quarter worth $25,000. Pineridge Advisors LLC bought a new position in AT&T during the 4th quarter worth about $25,000. Strategic Financial Concepts LLC grew its holdings in AT&T by 227.6% during the 2nd quarter. Strategic Financial Concepts LLC now owns 131,813 shares of the technology company’s stock worth $25,000 after acquiring an additional 91,578 shares in the last quarter. Riggs Asset Managment Co. Inc. raised its holdings in shares of AT&T by 356.5% in the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,429 shares of the technology company’s stock valued at $27,000 after purchasing an additional 1,116 shares in the last quarter. Finally, American Capital Advisory LLC boosted its stake in shares of AT&T by 107.5% during the second quarter. American Capital Advisory LLC now owns 1,558 shares of the technology company’s stock valued at $30,000 after purchasing an additional 807 shares in the last quarter. Institutional investors own 57.10% of the company’s stock.

AT&T Stock Up 2.9 %

AT&T stock opened at $22.28 on Tuesday. AT&T Inc. has a 12 month low of $14.12 and a 12 month high of $22.34. The stock has a market capitalization of $159.72 billion, a PE ratio of 11.98, a price-to-earnings-growth ratio of 3.68 and a beta of 0.59. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.70 and a quick ratio of 0.66. The business has a 50 day simple moving average of $19.66 and a 200-day simple moving average of $18.22.

AT&T (NYSE:T) last announced its earnings results on Wednesday, July 24th. The technology company reported $0.57 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.57. AT&T had a net margin of 10.41% and a return on equity of 14.16%. The business had revenue of $29.80 billion for the quarter, compared to analyst estimates of $30.05 billion. During the same quarter last year, the business earned $0.63 earnings per share. The company’s revenue for the quarter was down .3% compared to the same quarter last year. On average, analysts anticipate that AT&T Inc. will post 2.2 EPS for the current fiscal year.

AT&T Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were paid a $0.2775 dividend. This represents a $1.11 annualized dividend and a yield of 4.98%. The ex-dividend date of this dividend was Wednesday, July 10th. AT&T’s dividend payout ratio is currently 59.68%.

Analysts Set New Price Targets

T has been the subject of a number of analyst reports. Oppenheimer upped their target price on AT&T from $21.00 to $23.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. JPMorgan Chase & Co. increased their price objective on AT&T from $21.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. UBS Group reaffirmed a “buy” rating and set a $24.00 target price on shares of AT&T in a research report on Tuesday, June 18th. Scotiabank downgraded AT&T from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 6th. Finally, BNP Paribas upgraded shares of AT&T from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 11th. Nine investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.31.

AT&T Profile

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.