Cordasco Financial Network increased its holdings in AT&T Inc. (NYSE:T – Get Rating) by 68.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,116 shares of the technology company’s stock after purchasing an additional 12,209 shares during the period. Cordasco Financial Network’s holdings in AT&T were worth $631,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. SWS Partners bought a new stake in AT&T during the first quarter worth about $25,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. bought a new stake in shares of AT&T during the first quarter valued at approximately $27,000. Cordant Inc. bought a new stake in shares of AT&T during the first quarter valued at approximately $31,000. Capital Management Associates NY bought a new stake in shares of AT&T during the first quarter valued at approximately $34,000. Finally, SBK Financial Inc. bought a new stake in shares of AT&T during the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 52.88% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on T shares. Moffett Nathanson reduced their price objective on shares of AT&T from $19.00 to $17.00 and set a “market perform” rating on the stock in a research note on Thursday, August 18th. Raymond James reaffirmed an “outperform” rating and issued a $26.00 price objective on shares of AT&T in a research note on Thursday, July 7th. Wolfe Research reduced their price objective on shares of AT&T from $27.00 to $22.00 and set a “peer perform” rating on the stock in a research note on Thursday, June 2nd. Tigress Financial cut their target price on shares of AT&T from $31.00 to $28.00 in a report on Thursday, June 16th. Finally, Barclays lowered shares of AT&T from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $22.00 to $20.00 in a report on Friday, July 22nd. Eleven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $23.41.
AT&T Stock Performance
AT&T (NYSE:T – Get Rating) last issued its quarterly earnings data on Thursday, July 21st. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.04. AT&T had a net margin of 13.41% and a return on equity of 13.11%. The business had revenue of $29.64 billion during the quarter, compared to analysts’ expectations of $29.48 billion. During the same quarter in the previous year, the company earned $0.89 EPS. The business’s revenue was down 17.1% on a year-over-year basis. As a group, equities research analysts anticipate that AT&T Inc. will post 2.54 earnings per share for the current year.
AT&T Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Monday, July 11th were given a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 6.83%. The ex-dividend date was Friday, July 8th. AT&T’s payout ratio is presently 40.81%.
AT&T Inc provides telecommunications, media, and technology services worldwide. Its Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, and carrying cases and hands-free devices through its own company-owned stores, agents, and third-party retail stores.
- Get a free copy of the StockNews.com research report on AT&T (T)
- The Institutions Hold On To Darden Restaurants International
- What Steelcase’s Earnings Say About the Return to the Office?
- These 3 Big Dividend Payers Also Boast Strong Price Growth
- Is The Golden Age Of Homebuilding Already Over?
- Natural Gas Prices Continue To Rally, These Stocks Should Benefit
Receive News & Ratings for AT&T Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AT&T and related companies with MarketBeat.com's FREE daily email newsletter.