Destination Wealth Management Sells 8,438 Shares of American Tower Corporation $AMT

Destination Wealth Management cut its position in American Tower Corporation (NYSE:AMT) by 7.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 98,065 shares of the real estate investment trust’s stock after selling 8,438 shares during the period. Destination Wealth Management’s holdings in American Tower were worth $17,217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in American Tower by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 63,640,168 shares of the real estate investment trust’s stock valued at $12,239,277,000 after purchasing an additional 611,801 shares during the period. State Street Corp lifted its position in shares of American Tower by 0.3% during the 4th quarter. State Street Corp now owns 20,987,534 shares of the real estate investment trust’s stock valued at $3,719,634,000 after acquiring an additional 71,605 shares during the period. Geode Capital Management LLC lifted its position in shares of American Tower by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,499,035 shares of the real estate investment trust’s stock valued at $2,361,675,000 after acquiring an additional 227,361 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of American Tower by 20,721.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 9,712,672 shares of the real estate investment trust’s stock valued at $1,705,254,000 after acquiring an additional 9,666,025 shares during the period. Finally, Invesco Ltd. lifted its position in shares of American Tower by 3.1% during the 3rd quarter. Invesco Ltd. now owns 6,888,633 shares of the real estate investment trust’s stock valued at $1,324,822,000 after acquiring an additional 208,109 shares during the period. 92.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Ruth T. Dowling sold 416 shares of the firm’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $177.54, for a total transaction of $73,856.64. Following the completion of the sale, the executive vice president owned 29,461 shares of the company’s stock, valued at $5,230,505.94. This trade represents a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is owned by corporate insiders.

American Tower Price Performance

Shares of AMT stock opened at $187.20 on Friday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 3.07. The company has a market cap of $87.22 billion, a P/E ratio of 30.24, a P/E/G ratio of 0.78 and a beta of 0.90. American Tower Corporation has a twelve month low of $165.08 and a twelve month high of $234.33. The business has a fifty day simple moving average of $181.01 and a 200 day simple moving average of $179.92.

American Tower (NYSE:AMT) last posted its earnings results on Tuesday, April 28th. The real estate investment trust reported $2.84 EPS for the quarter, beating the consensus estimate of $1.60 by $1.24. The firm had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.66 billion. American Tower had a return on equity of 27.79% and a net margin of 26.81%.The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period last year, the company earned $2.75 earnings per share. American Tower has set its FY 2026 guidance at 10.900-11.07 EPS. On average, sell-side analysts forecast that American Tower Corporation will post 10.67 EPS for the current fiscal year.

American Tower Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Friday, June 12th will be given a dividend of $1.79 per share. This represents a $7.16 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Friday, June 12th. American Tower’s dividend payout ratio (DPR) is 115.67%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Scotiabank upped their target price on American Tower from $214.00 to $218.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $195.00 target price on shares of American Tower in a research report on Thursday, April 30th. UBS Group cut their target price on American Tower from $254.00 to $248.00 and set a “buy” rating for the company in a research report on Wednesday, February 25th. Sanford C. Bernstein upgraded shares of American Tower from a “market perform” rating to an “outperform” rating and set a $207.00 price objective for the company in a research report on Tuesday, May 19th. Finally, Weiss Ratings raised American Tower from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $216.20.

American Tower Profile

American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.

Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.