WFA Asset Management Corp Sells 7,100 Shares of AT&T Inc. (NYSE:T)

WFA Asset Management Corp decreased its holdings in shares of AT&T Inc. (NYSE:T) by 4.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 146,117 shares of the technology company’s stock after selling 7,100 shares during the period. AT&T comprises 1.7% of WFA Asset Management Corp’s portfolio, making the stock its 14th biggest holding. WFA Asset Management Corp’s holdings in AT&T were worth $3,215,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in T. Davidson Kempner Capital Management LP bought a new position in shares of AT&T in the second quarter valued at approximately $23,888,000. Talbot Financial LLC bought a new position in shares of AT&T in the third quarter valued at approximately $7,438,000. Mackenzie Financial Corp raised its stake in shares of AT&T by 12.2% in the second quarter. Mackenzie Financial Corp now owns 2,641,856 shares of the technology company’s stock valued at $50,486,000 after acquiring an additional 288,093 shares during the last quarter. DRW Securities LLC raised its stake in shares of AT&T by 642.2% in the second quarter. DRW Securities LLC now owns 104,309 shares of the technology company’s stock valued at $1,997,000 after acquiring an additional 90,255 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in shares of AT&T by 4.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 1,037,529 shares of the technology company’s stock valued at $19,827,000 after purchasing an additional 43,062 shares in the last quarter. Institutional investors own 57.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Oppenheimer raised their price target on shares of AT&T from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Citigroup raised their price target on shares of AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Wells Fargo & Company lowered their price target on shares of AT&T from $25.00 to $24.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. JPMorgan Chase & Co. raised their price target on shares of AT&T from $21.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Finally, TD Cowen raised their price target on shares of AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.40.

AT&T Price Performance

Shares of T stock opened at $22.12 on Monday. AT&T Inc. has a 12-month low of $15.46 and a 12-month high of $22.73. The firm has a market capitalization of $158.72 billion, a price-to-earnings ratio of 17.98, a price-to-earnings-growth ratio of 3.38 and a beta of 0.59. The company has a quick ratio of 0.67, a current ratio of 0.73 and a debt-to-equity ratio of 1.09. The firm has a fifty day moving average of $21.47 and a 200-day moving average of $19.36.

AT&T (NYSE:T) last announced its quarterly earnings results 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 company had revenue of $30.20 billion during the quarter, compared to analyst estimates of $30.50 billion. During the same quarter in the previous year, the business earned $0.64 EPS. The firm’s revenue was down .5% on a year-over-year basis. On average, equities research analysts forecast that AT&T Inc. will post 2.22 earnings per share for the current year.

AT&T Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were issued a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 5.02%. The ex-dividend date was Thursday, October 10th. AT&T’s dividend payout ratio (DPR) is 90.24%.

About AT&T

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.