Great Valley Advisor Group Inc. Sells 7,608 Shares of AT&T Inc. (NYSE:T)

Great Valley Advisor Group Inc. cut its position in AT&T Inc. (NYSE:T) by 12.0% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 56,029 shares of the technology company’s stock after selling 7,608 shares during the quarter. Great Valley Advisor Group Inc.’s holdings in AT&T were worth $1,071,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Norges Bank purchased a new stake in AT&T in the fourth quarter valued at approximately $1,118,288,000. Thornburg Investment Management Inc. purchased a new stake in AT&T in the fourth quarter valued at approximately $316,472,000. Kodai Capital Management LP purchased a new stake in AT&T in the fourth quarter valued at approximately $152,109,000. Point72 Asset Management L.P. boosted its position in AT&T by 120.8% in the fourth quarter. Point72 Asset Management L.P. now owns 9,086,854 shares of the technology company’s stock valued at $152,477,000 after buying an additional 4,970,954 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in AT&T by 5.6% in the first quarter. Bank of New York Mellon Corp now owns 75,484,518 shares of the technology company’s stock valued at $1,328,528,000 after buying an additional 4,014,873 shares during the last quarter. Hedge funds and other institutional investors own 57.10% of the company’s stock.

AT&T Trading Up 0.4 %

Shares of NYSE T traded up $0.07 during mid-day trading on Wednesday, reaching $19.59. 8,588,226 shares of the company’s stock were exchanged, compared to its average volume of 36,351,129. The company’s 50-day moving average is $18.71 and its 200-day moving average is $17.69. AT&T Inc. has a 52-week low of $13.92 and a 52-week high of $19.99. The firm has a market capitalization of $140.47 billion, a price-to-earnings ratio of 10.53, a PEG ratio of 3.28 and a beta of 0.58. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.66 and a current ratio of 0.70.

AT&T (NYSE:T) last announced its earnings results on Wednesday, July 24th. The technology company reported $0.57 EPS for the quarter, meeting analysts’ consensus estimates of $0.57. The company had revenue of $29.80 billion during the quarter, compared to analysts’ expectations of $30.05 billion. AT&T had a return on equity of 14.16% and a net margin of 10.41%. AT&T’s revenue for the quarter was down .3% on a year-over-year basis. During the same period last year, the business posted $0.63 EPS. Analysts expect that AT&T Inc. will post 2.22 EPS for the current fiscal year.

AT&T Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were paid a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 5.67%. The ex-dividend date was Wednesday, July 10th. AT&T’s payout ratio is 59.68%.

Analysts Set New Price Targets

A number of brokerages have issued reports on T. JPMorgan Chase & Co. boosted their price target on AT&T from $21.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. BNP Paribas raised AT&T from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 11th. Oppenheimer boosted their price target on AT&T from $21.00 to $23.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Evercore ISI boosted their price target on AT&T from $18.00 to $19.00 and gave the company an “in-line” rating in a report on Thursday, July 25th. Finally, UBS Group reaffirmed a “buy” rating and set a $24.00 target price on shares of AT&T in a research note on Tuesday, June 18th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, AT&T currently has a consensus rating of “Moderate Buy” and an average target price of $22.33.

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.