CX Institutional Sells 236,486 Shares of AT&T Inc. (NYSE:T)

CX Institutional trimmed its stake in AT&T Inc. (NYSE:T) by 71.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 96,478 shares of the technology company’s stock after selling 236,486 shares during the period. CX Institutional’s holdings in AT&T were worth $2,728,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in AT&T by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 642,859,644 shares of the technology company’s stock valued at $14,637,914,000 after acquiring an additional 6,220,442 shares during the last quarter. Geode Capital Management LLC grew its position in AT&T by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 163,761,301 shares of the technology company’s stock valued at $3,719,723,000 after acquiring an additional 2,640,644 shares during the last quarter. GQG Partners LLC grew its position in AT&T by 37.3% during the fourth quarter. GQG Partners LLC now owns 96,779,385 shares of the technology company’s stock valued at $2,203,667,000 after acquiring an additional 26,280,866 shares during the last quarter. Bank of New York Mellon Corp grew its position in AT&T by 7.1% during the fourth quarter. Bank of New York Mellon Corp now owns 85,592,594 shares of the technology company’s stock valued at $1,948,943,000 after acquiring an additional 5,649,277 shares during the last quarter. Finally, Norges Bank bought a new position in AT&T during the fourth quarter valued at approximately $1,858,418,000. 57.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. JPMorgan Chase & Co. increased their price target on shares of AT&T from $28.00 to $31.00 and gave the company an “overweight” rating in a research report on Thursday, April 24th. TD Securities increased their price objective on AT&T from $29.00 to $30.00 and gave the company a “hold” rating in a research note on Thursday, April 24th. Tigress Financial increased their price objective on AT&T from $32.00 to $34.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Oppenheimer increased their price objective on AT&T from $27.00 to $32.00 and gave the company an “outperform” rating in a research note on Tuesday, April 1st. Finally, BNP Paribas raised AT&T from a “neutral” rating to an “outperform” rating and set a $28.50 price objective for the company in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.71.

AT&T Price Performance

T opened at $28.32 on Thursday. The stock has a 50-day moving average price of $27.35 and a 200-day moving average price of $25.56. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.66 and a quick ratio of 0.62. The firm has a market cap of $203.74 billion, a PE ratio of 19.00, a P/E/G ratio of 3.00 and a beta of 0.41. AT&T Inc. has a 1 year low of $17.42 and a 1 year high of $29.03.

AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, April 23rd. The technology company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.01). The company had revenue of $30.63 billion during the quarter, compared to analysts’ expectations of $30.39 billion. AT&T had a return on equity of 13.97% and a net margin of 8.95%. AT&T’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.55 EPS. Sell-side analysts predict that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Thursday, April 10th were issued a $0.2775 dividend. The ex-dividend date was Thursday, April 10th. This represents a $1.11 annualized dividend and a yield of 3.92%. AT&T’s payout ratio is 68.10%.

AT&T Profile

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.