abrdn plc Raises Stock Position in AT&T Inc. (NYSE:T)

abrdn plc boosted its position in shares of AT&T Inc. (NYSE:T) by 28.7% in the 2nd quarter, Holdings Channel.com reports. The fund owned 5,006,571 shares of the technology company’s stock after purchasing an additional 1,117,153 shares during the period. abrdn plc’s holdings in AT&T were worth $144,088,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the stock. OLD Mission Capital LLC bought a new stake in AT&T during the third quarter valued at approximately $453,000. Camden National Bank bought a new stake in AT&T during the fourth quarter valued at approximately $278,000. Destination Wealth Management lifted its position in AT&T by 7.5% during the first quarter. Destination Wealth Management now owns 16,847 shares of the technology company’s stock valued at $510,000 after purchasing an additional 1,176 shares during the last quarter. Slow Capital Inc. lifted its position in AT&T by 35.4% during the first quarter. Slow Capital Inc. now owns 11,080 shares of the technology company’s stock valued at $335,000 after purchasing an additional 2,898 shares during the last quarter. Finally, Cadence Bank NA lifted its position in AT&T by 13.9% during the first quarter. Cadence Bank NA now owns 50,813 shares of the technology company’s stock valued at $1,538,000 after purchasing an additional 6,194 shares during the last quarter. 51.61% of the stock is owned by institutional investors.

Shares of NYSE T traded up $0.25 during mid-day trading on Wednesday, hitting $27.58. The stock had a trading volume of 1,053,636 shares, compared to its average volume of 40,756,586. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.73 and a current ratio of 0.77. The business has a 50 day moving average price of $27.86 and a two-hundred day moving average price of $29.23. The firm has a market cap of $196.92 billion, a P/E ratio of -88.16, a price-to-earnings-growth ratio of 2.11 and a beta of 0.78. AT&T Inc. has a 1 year low of $26.35 and a 1 year high of $33.88.

AT&T (NYSE:T) last issued its quarterly earnings data on Wednesday, July 21st. The technology company reported $0.89 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.79 by $0.10. The business had revenue of $44.05 billion for the quarter, compared to the consensus estimate of $42.39 billion. AT&T had a negative net margin of 1.11% and a positive return on equity of 12.78%. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.83 EPS. Equities research analysts predict that AT&T Inc. will post 3.33 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 2nd. Shareholders of record on Friday, July 9th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 7.54%. The ex-dividend date of this dividend was Thursday, July 8th. AT&T’s payout ratio is currently 65.41%.

Several brokerages have issued reports on T. Royal Bank of Canada began coverage on shares of AT&T in a research report on Thursday, July 22nd. They set a “hold” rating and a $30.00 target price for the company. Tigress Financial restated a “buy” rating and issued a $36.00 price objective on shares of AT&T in a report on Friday, July 9th. Scotiabank upgraded shares of AT&T from a “sector underperform” rating to a “sector perform” rating and boosted their price objective for the stock from $28.00 to $31.00 in a report on Wednesday, June 16th. UBS Group upgraded shares of AT&T from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $32.00 to $35.00 in a report on Friday, May 21st. Finally, Citigroup lowered their price objective on shares of AT&T from $34.00 to $32.00 and set a “buy” rating for the company in a report on Tuesday, August 31st. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $31.16.

AT&T Profile

AT&T, Inc is a holding company, which engages in the provision of telecommunications media and technology service. It operates through the following segments: Communications, WarnerMedia, and Latin America. The Communications segment provides services to businesses and consumers located in the U.S., or in U.S.

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Institutional Ownership by Quarter for AT&T (NYSE:T)

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