Castle Rock Wealth Management LLC Purchases New Position in AT&T Inc. (NYSE:T)

Castle Rock Wealth Management LLC bought a new position in shares of AT&T Inc. (NYSE:TGet Rating) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 10,844 shares of the technology company’s stock, valued at approximately $230,000.

Other hedge funds have also added to or reduced their stakes in the company. SWS Partners acquired a new stake in AT&T during the 1st quarter worth approximately $25,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new stake in AT&T during the 1st quarter worth approximately $27,000. Cordant Inc. acquired a new position in shares of AT&T in the 1st quarter worth approximately $31,000. Capital Management Associates NY acquired a new position in shares of AT&T in the 1st quarter worth approximately $34,000. Finally, SBK Financial Inc. acquired a new position in shares of AT&T in the 4th quarter worth approximately $35,000. 52.88% of the stock is currently owned by institutional investors and hedge funds.

AT&T Stock Performance

Shares of T stock opened at $16.25 on Thursday. The firm has a market capitalization of $115.80 billion, a PE ratio of 5.97, a price-to-earnings-growth ratio of 1.94 and a beta of 0.48. The firm has a fifty day simple moving average of $18.08 and a two-hundred day simple moving average of $20.08. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.96. AT&T Inc. has a 12 month low of $16.25 and a 12 month high of $21.53.

AT&T (NYSE:TGet Rating) last announced its quarterly earnings results on Thursday, July 21st. The technology company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.04. The business had revenue of $29.64 billion during the quarter, compared to analyst estimates of $29.48 billion. AT&T had a net margin of 13.41% and a return on equity of 13.11%. AT&T’s quarterly revenue was down 17.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.89 EPS. Analysts forecast that AT&T Inc. will post 2.54 EPS for the current fiscal year.

AT&T Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Monday, July 11th were paid a $0.2775 dividend. The ex-dividend date was Friday, July 8th. This represents a $1.11 annualized dividend and a dividend yield of 6.83%. AT&T’s payout ratio is 40.81%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on T shares. Cowen dropped their price target on shares of AT&T from $27.00 to $24.00 and set a “market perform” rating on the stock in a research report on Friday, July 22nd. Moffett Nathanson dropped their price target on shares of AT&T from $19.00 to $17.00 and set a “market perform” rating on the stock in a research report on Thursday, August 18th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of AT&T from $24.00 to $22.00 in a research report on Friday, July 22nd. Barclays downgraded shares of AT&T from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $22.00 to $20.00 in a research report on Friday, July 22nd. Finally, Truist Financial lowered their price objective on shares of AT&T to $21.00 in a research note on Friday, July 22nd. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $23.41.

AT&T Company Profile

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AT&T Inc provides telecommunications, media, and technology services worldwide. Its Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, and carrying cases and hands-free devices through its own company-owned stores, agents, and third-party retail stores.

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

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