Providence Capital Advisors LLC trimmed its stake in shares of AT&T Inc. (NYSE:T) by 62.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 47,986 shares of the technology company’s stock after selling 78,273 shares during the quarter. Providence Capital Advisors LLC’s holdings in AT&T were worth $1,608,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Nordea Investment Management AB raised its stake in AT&T by 16.9% during the fourth quarter. Nordea Investment Management AB now owns 21,383,855 shares of the technology company’s stock worth $610,299,000 after acquiring an additional 3,097,958 shares in the last quarter. Covenant Multifamily Offices LLC bought a new position in shares of AT&T in the second quarter valued at approximately $81,364,000. Bank of New York Mellon Corp raised its stake in shares of AT&T by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 68,529,809 shares of the technology company’s stock valued at $2,296,433,000 after acquiring an additional 2,201,538 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of AT&T by 140.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,387,550 shares of the technology company’s stock valued at $96,681,000 after acquiring an additional 1,978,124 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of AT&T by 24.0% in the 2nd quarter. First Trust Advisors LP now owns 10,154,439 shares of the technology company’s stock worth $340,275,000 after acquiring an additional 1,964,977 shares in the last quarter. Institutional investors own 53.14% of the company’s stock.
In related news, CEO John T. Stankey sold 4,024 shares of AT&T stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $34.15, for a total value of $137,419.60. Following the completion of the sale, the chief executive officer now directly owns 2,366 shares in the company, valued at $80,798.90. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.07% of the stock is owned by company insiders.
A number of research firms recently weighed in on T. Credit Suisse Group raised AT&T from an “underperform” rating to a “neutral” rating and set a $29.00 price target for the company in a report on Thursday, July 25th. Citigroup lifted their price objective on AT&T from $37.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday. Morgan Stanley reissued a “buy” rating and issued a $37.00 price objective on shares of AT&T in a research note on Thursday, August 1st. Raymond James increased their target price on AT&T from $34.00 to $35.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Finally, Cowen set a $40.00 target price on AT&T and gave the company a “buy” rating in a research note on Friday, September 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $37.21.
NYSE:T traded up $1.11 during trading hours on Wednesday, hitting $38.69. 2,351,721 shares of the stock were exchanged, compared to its average volume of 29,080,348. The company’s 50 day moving average is $34.78 and its two-hundred day moving average is $32.53. AT&T Inc. has a twelve month low of $26.80 and a twelve month high of $38.14. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $268.82 billion, a P/E ratio of 11.00, a price-to-earnings-growth ratio of 2.33 and a beta of 0.62.
AT&T (NYSE:T) last released its earnings results on Wednesday, July 24th. The technology company reported $0.89 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.89. The company had revenue of $44.96 billion during the quarter, compared to analysts’ expectations of $44.97 billion. AT&T had a return on equity of 13.38% and a net margin of 9.47%. The business’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period last year, the firm earned $0.91 EPS. On average, equities research analysts expect that AT&T Inc. will post 3.57 EPS for the current year.
AT&T Inc provides telecommunication, media, and technology services worldwide. The company operates through four segments: Communications, WarnerMedia, Latin America, and Xandr. The Communications segment provides wireless and wireline telecom, video, and broadband and Internet services; video entertainment services using satellite, IP-based, and streaming options; and audio programming services under the AT&T, Cricket, AT&T PREPAID, and DIRECTV brands to residential and business customers.
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