Brave Asset Management Inc. lifted its stake in shares of AT&T Inc. (NYSE:T – Get Rating) by 43.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,093 shares of the technology company’s stock after buying an additional 5,750 shares during the quarter. Brave Asset Management Inc.’s holdings in AT&T were worth $400,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of T. Norges Bank acquired a new position in shares of AT&T in the 4th quarter valued at $1,740,054,000. Vanguard Group Inc. increased its stake in AT&T by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 585,666,367 shares of the technology company’s stock valued at $13,839,297,000 after buying an additional 13,066,523 shares during the period. State Street Corp increased its stake in AT&T by 3.8% in the 4th quarter. State Street Corp now owns 317,213,113 shares of the technology company’s stock valued at $7,803,443,000 after buying an additional 11,494,986 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its stake in AT&T by 71.8% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 23,743,313 shares of the technology company’s stock valued at $561,054,000 after buying an additional 9,921,029 shares during the period. Finally, Capital World Investors increased its stake in AT&T by 18.5% in the 1st quarter. Capital World Investors now owns 55,989,998 shares of the technology company’s stock valued at $1,323,044,000 after buying an additional 8,729,013 shares during the period. Hedge funds and other institutional investors own 52.88% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities research analysts have commented on the stock. Truist Financial decreased their target price on shares of AT&T to $21.00 in a research report on Friday, July 22nd. Moffett Nathanson reduced their target price on shares of AT&T from $19.00 to $17.00 and set a “market perform” rating on the stock in a report on Thursday, August 18th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of AT&T from $24.00 to $22.00 in a research note on Friday, July 22nd. Raymond James reaffirmed an “outperform” rating and set a $26.00 price objective on shares of AT&T in a research note on Thursday, July 7th. Finally, Cowen dropped their price objective on shares of AT&T from $27.00 to $24.00 and set a “market perform” rating for the company in a research note on Friday, July 22nd. Eleven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $23.41.
AT&T Stock Down 1.8 %
AT&T (NYSE:T – Get Rating) last announced its quarterly earnings data on Thursday, July 21st. The technology company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.04. AT&T had a return on equity of 13.11% and a net margin of 13.41%. The firm had revenue of $29.64 billion during the quarter, compared to analyst estimates of $29.48 billion. During the same period last year, the company posted $0.89 EPS. The business’s quarterly revenue was down 17.1% compared to the same quarter last year. Sell-side analysts predict that AT&T Inc. will post 2.54 EPS for the current year.
AT&T Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Monday, July 11th were issued a dividend of $0.2775 per share. The ex-dividend date was Friday, July 8th. This represents a $1.11 annualized dividend and a dividend yield of 6.96%. AT&T’s dividend payout ratio is 40.81%.
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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