Bridges Investment Management Inc. Has $890,000 Stock Position in AT&T Inc. (NYSE:T)

Bridges Investment Management Inc. lowered its position in shares of AT&T Inc. (NYSE:T) by 3.1% during the third quarter, Holdings Channel reports. The fund owned 40,462 shares of the technology company’s stock after selling 1,302 shares during the quarter. Bridges Investment Management Inc.’s holdings in AT&T were worth $890,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in T. Vanguard Group Inc. lifted its stake in AT&T by 0.4% in the first quarter. Vanguard Group Inc. now owns 624,994,998 shares of the technology company’s stock valued at $10,999,912,000 after acquiring an additional 2,588,539 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of AT&T by 7.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 81,076,641 shares of the technology company’s stock valued at $1,549,375,000 after purchasing an additional 5,592,123 shares in the last quarter. Legal & General Group Plc boosted its holdings in AT&T by 2.7% in the second quarter. Legal & General Group Plc now owns 60,109,127 shares of the technology company’s stock worth $1,148,689,000 after purchasing an additional 1,569,374 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in AT&T by 2.0% in the second quarter. Ameriprise Financial Inc. now owns 51,558,884 shares of the technology company’s stock worth $985,307,000 after purchasing an additional 1,007,228 shares in the last quarter. Finally, LSV Asset Management raised its holdings in AT&T by 1.1% during the second quarter. LSV Asset Management now owns 30,092,610 shares of the technology company’s stock valued at $575,070,000 after buying an additional 315,580 shares in the last quarter. Hedge funds and other institutional investors own 57.10% of the company’s stock.

Wall Street Analyst Weigh In

T has been the subject of several recent analyst reports. Redburn Atlantic upgraded AT&T to a “strong sell” rating in a research note on Monday, September 16th. Evercore ISI increased their price target on AT&T from $19.00 to $21.00 and gave the company an “in-line” rating in a report on Thursday, October 24th. JPMorgan Chase & Co. boosted their price objective on shares of AT&T from $21.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Wells Fargo & Company decreased their price objective 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. Finally, Barclays lifted their target price on shares of AT&T from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.40.

AT&T Stock Performance

NYSE T opened at $22.34 on Friday. The stock has a market cap of $160.30 billion, a P/E ratio of 18.16, a PEG ratio of 3.35 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. AT&T Inc. has a twelve month low of $15.46 and a twelve month high of $22.73. The company’s 50-day simple moving average is $21.70 and its 200 day simple moving average is $19.52.

AT&T (NYSE:T) last released its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.03. AT&T had a return on equity of 13.97% and a net margin of 7.42%. The firm had revenue of $30.20 billion during the quarter, compared to analyst estimates of $30.50 billion. During the same period in the prior year, the company posted $0.64 earnings per share. The business’s revenue for the quarter was down .5% compared to the same quarter last year. As a group, research analysts forecast that AT&T Inc. will post 2.22 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were issued a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a dividend yield of 4.97%. The ex-dividend date of this dividend was Thursday, October 10th. AT&T’s payout ratio 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.