Convergence Investment Partners LLC raised its stake in AT&T Inc. (NYSE:T) by 45.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 216,382 shares of the technology company’s stock after acquiring an additional 67,164 shares during the quarter. AT&T comprises 2.3% of Convergence Investment Partners LLC’s holdings, making the stock its largest position. Convergence Investment Partners LLC’s holdings in AT&T were worth $8,188,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently added to or reduced their stakes in the company. Horan Securities Inc. increased its holdings in shares of AT&T by 439.2% during the second quarter. Horan Securities Inc. now owns 1,019 shares of the technology company’s stock worth $34,000 after purchasing an additional 830 shares during the period. Next Capital Management LLC bought a new position in shares of AT&T during the second quarter worth approximately $39,000. Contravisory Investment Management Inc. increased its holdings in shares of AT&T by 36.0% during the second quarter. Contravisory Investment Management Inc. now owns 1,277 shares of the technology company’s stock worth $43,000 after purchasing an additional 338 shares during the period. Centaurus Financial Inc. increased its holdings in shares of AT&T by 24.4% during the first quarter. Centaurus Financial Inc. now owns 1,700 shares of the technology company’s stock worth $54,000 after purchasing an additional 333 shares during the period. Finally, Clear Investment Research LLC increased its holdings in shares of AT&T by 3,051.9% during the second quarter. Clear Investment Research LLC now owns 1,702 shares of the technology company’s stock worth $57,000 after purchasing an additional 1,648 shares during the period. 53.06% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CEO John T. Stankey sold 4,024 shares of AT&T stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $34.15, for a total value of $137,419.60. Following the transaction, the chief executive officer now directly owns 2,366 shares of the company’s stock, valued at $80,798.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.07% of the company’s stock.
AT&T (NYSE:T) last announced its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.89 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.89. The business had revenue of $44.96 billion for the quarter, compared to analysts’ expectations of $44.97 billion. AT&T had a net margin of 9.47% and a return on equity of 13.38%. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period last year, the firm posted $0.91 earnings per share. As a group, analysts anticipate that AT&T Inc. will post 3.56 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a $0.51 dividend. The ex-dividend date is Wednesday, October 9th. This represents a $2.04 dividend on an annualized basis and a yield of 5.42%. AT&T’s dividend payout ratio (DPR) is 57.95%.
Several research analysts have recently commented on the stock. Citigroup raised their target price on shares of AT&T from $37.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. ValuEngine cut shares of AT&T from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Desjardins reaffirmed an “average” rating and set a $55.50 target price on shares of AT&T in a report on Tuesday, August 6th. Barclays raised their target price on shares of AT&T from $31.00 to $35.00 and gave the stock an “equal weight” rating in a report on Tuesday, September 10th. They noted that the move was a valuation call. Finally, Cowen set a $40.00 target price on shares of AT&T and gave the stock a “buy” rating in a report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $38.28.
AT&T Company Profile
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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