AT&T Inc. $T Stock Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund reduced its position in AT&T Inc. (NYSE:T) by 4.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,295,047 shares of the technology company’s stock after selling 62,330 shares during the period. Illinois Municipal Retirement Fund’s holdings in AT&T were worth $31,599,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in T. Sound Income Strategies LLC boosted its stake in AT&T by 19.8% in the third quarter. Sound Income Strategies LLC now owns 754,818 shares of the technology company’s stock valued at $18,772,000 after acquiring an additional 124,997 shares during the last quarter. B.A. Schrock Wealth Management Inc. acquired a new stake in AT&T during the 3rd quarter worth $1,583,000. Orographic Financial Advisors LLC bought a new stake in shares of AT&T during the 1st quarter valued at $3,449,000. Quintet Private Bank Europe S.A. raised its position in shares of AT&T by 44.1% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 2,451,253 shares of the technology company’s stock valued at $59,811,000 after acquiring an additional 750,364 shares during the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. raised its position in shares of AT&T by 34.5% during the 2nd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,075,110 shares of the technology company’s stock valued at $22,255,000 after acquiring an additional 275,985 shares during the last quarter. Institutional investors own 57.10% of the company’s stock.

AT&T Trading Up 0.7%

Shares of NYSE T opened at $21.95 on Wednesday. The company’s fifty day moving average is $23.80 and its 200-day moving average is $24.90. The stock has a market cap of $147.89 billion, a price-to-earnings ratio of 11.87, a P/E/G ratio of 1.08 and a beta of 0.30. AT&T Inc. has a twelve month low of $19.89 and a twelve month high of $29.43. The company has a quick ratio of 0.82, a current ratio of 0.87 and a debt-to-equity ratio of 1.22.

AT&T (NYSE:T) last announced its quarterly earnings results on Wednesday, October 21st. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.05. AT&T had a net margin of 10.19% and a return on equity of 13.41%. The company had revenue of $32.32 billion during the quarter, compared to analyst estimates of $31.69 billion. During the same quarter in the previous year, the business earned $0.54 EPS. The firm’s revenue was up 5.2% on a year-over-year basis. Equities research analysts predict that AT&T Inc. will post 2.40 EPS for the current year.

AT&T Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Shareholders of record on Monday, October 12th were issued a dividend of $0.2775 per share. The ex-dividend date was Friday, October 9th. This represents a $1.11 annualized dividend and a yield of 5.1%. AT&T’s payout ratio is currently 60.00%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on T. Wells Fargo & Company lifted their price objective on AT&T from $18.00 to $20.00 and gave the stock an “underweight” rating in a research note on Thursday, July 23rd. Moffett Nathanson cut their target price on AT&T from $24.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 22nd. Argus restated a “buy” rating and set a $30.00 target price on shares of AT&T in a report on Thursday, October 22nd. Scotiabank reduced their target price on AT&T from $27.50 to $26.50 and set a “sector perform” rating on the stock in a report on Friday, October 9th. Finally, Royal Bank Of Canada decreased their target price on AT&T from $31.00 to $27.00 and set an “outperform” rating for the company in a research report on Monday, July 20th. Twelve investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, AT&T has an average rating of “Moderate Buy” and an average price target of $27.56.

AT&T News Summary

Here are the key news stories impacting AT&T this week:

• Positive Sentiment: AT&T says it plans to maintain its annual dividend at $1.11 per share and repurchase about $10 billion of stock this year. One valuation analysis also suggests the shares could be roughly 34% below fair value, though that estimate depends on the company’s ability to generate cash over time. Article: The 10-Year Treasury Just Hit 5%. AT&T Pays About the Same Article: AT&T Stock May Be 34% Below Fair Value
• Positive Sentiment: A Cullen Capital Management filing disclosed a purchase of about 1.89 million AT&T shares as of September 30. The delayed filing is a modest positive signal, but does not indicate current trading. Article: Fund Update
• Neutral Sentiment: Dividend-focused analysis describes AT&T’s payout as relatively safe but not growing. The 5% 10-year Treasury yield offers investors a competing income option, potentially limiting the appeal of AT&T’s dividend. Article: How Safe Is Each Dividend Check?
• Negative Sentiment: Coverage emphasized AT&T’s substantial debt burden. Separately, Jim Cramer urged investors to sell, citing the prospect of SpaceX’s Starlink Mobile entering wireless through a nationwide 5G network partnership with Qualcomm. That is a competitive concern, not evidence of an immediate impact on AT&T’s results. Article: Should Dividend Stock Investors Buy AT&T Stock? Article: Jim Cramer on SpaceX and AT&T

About AT&T

AT&T Inc. (NYSE: T) is a telecommunications company that provides wireless communications, broadband, and related connectivity services. Its offerings include mobile voice and data plans, internet access, fiber broadband, fixed wireless services, and business communications solutions. The company serves consumers, businesses, government agencies, and other organizations primarily in the United States. AT&T’s business operations include wireless network services, wireline connectivity, fiber-optic internet, voice services, and networking solutions designed to connect locations, devices, and applications.