Westchester Capital Management Inc. Sells 6,090 Shares of AT&T Inc. $T

Westchester Capital Management Inc. reduced its stake in shares of AT&T Inc. (NYSE:T) by 4.7% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 122,950 shares of the technology company’s stock after selling 6,090 shares during the period. AT&T comprises approximately 0.8% of Westchester Capital Management Inc.’s portfolio, making the stock its 26th biggest position. Westchester Capital Management Inc.’s holdings in AT&T were worth $3,558,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CHURCHILL MANAGEMENT Corp raised its position in AT&T by 1.5% in the 2nd quarter. CHURCHILL MANAGEMENT Corp now owns 324,104 shares of the technology company’s stock valued at $9,380,000 after buying an additional 4,793 shares during the last quarter. Kickstand Ventures LLC. bought a new position in shares of AT&T during the second quarter valued at about $489,000. ASR Vermogensbeheer N.V. boosted its holdings in AT&T by 1.4% during the second quarter. ASR Vermogensbeheer N.V. now owns 722,568 shares of the technology company’s stock worth $20,910,000 after purchasing an additional 9,970 shares during the last quarter. Simplicity Wealth LLC grew its position in AT&T by 180.5% in the 2nd quarter. Simplicity Wealth LLC now owns 114,091 shares of the technology company’s stock worth $3,302,000 after purchasing an additional 73,417 shares in the last quarter. Finally, Xponance Inc. increased its stake in AT&T by 10.2% in the 1st quarter. Xponance Inc. now owns 1,109,933 shares of the technology company’s stock valued at $31,389,000 after buying an additional 102,419 shares during the last quarter. 57.10% of the stock is owned by hedge funds and other institutional investors.

AT&T Stock Performance

NYSE T opened at $25.85 on Monday. The firm has a market cap of $184.82 billion, a P/E ratio of 14.69, a price-to-earnings-growth ratio of 2.10 and a beta of 0.42. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 1.01. The company’s 50 day moving average is $28.45 and its 200-day moving average is $27.88. AT&T Inc. has a 12-month low of $21.05 and a 12-month high of $29.79.

AT&T (NYSE:T) last released its quarterly earnings data on Wednesday, July 23rd. The technology company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. AT&T had a net margin of 10.29% and a return on equity of 13.36%. The business had revenue of $30.85 billion during the quarter, compared to analyst estimates of $30.44 billion. During the same period in the previous year, the business earned $0.51 EPS. AT&T’s revenue was up 3.4% compared to the same quarter last year. Sell-side analysts predict that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be issued a dividend of $0.2775 per share. The ex-dividend date of this dividend is Friday, October 10th. This represents a $1.11 dividend on an annualized basis and a yield of 4.3%. AT&T’s dividend payout ratio is 63.07%.

Analysts Set New Price Targets

Several research firms have recently issued reports on T. Sanford C. Bernstein upped their target price on AT&T from $31.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, September 4th. Citigroup reissued a “buy” rating on shares of AT&T in a research report on Tuesday, August 26th. Hsbc Global Res lowered AT&T from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 24th. Scotiabank set a $30.25 price target on shares of AT&T and gave the company a “sector perform” rating in a research report on Monday, October 6th. Finally, Raymond James Financial restated a “strong-buy” rating and set a $33.00 price objective (up previously from $31.00) on shares of AT&T in a report on Thursday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $30.75.

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.