King Wealth Management Group Reduces Holdings in AT&T Inc. (NYSE:T)

King Wealth Management Group lowered its position in AT&T Inc. (NYSE:T) by 42.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 17,300 shares of the technology company’s stock after selling 12,913 shares during the quarter. King Wealth Management Group’s holdings in AT&T were worth $381,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of T. Socha Financial Group LLC grew its stake in AT&T by 2.5% during the 3rd quarter. Socha Financial Group LLC now owns 18,847 shares of the technology company’s stock worth $415,000 after buying an additional 461 shares during the last quarter. Essex Savings Bank lifted its position in AT&T by 2.3% during the 3rd quarter. Essex Savings Bank now owns 21,636 shares of the technology company’s stock worth $476,000 after acquiring an additional 480 shares during the period. Hayek Kallen Investment Management grew its stake in AT&T by 0.8% during the 3rd quarter. Hayek Kallen Investment Management now owns 60,271 shares of the technology company’s stock valued at $1,326,000 after purchasing an additional 500 shares during the last quarter. Lake Street Advisors Group LLC increased its holdings in shares of AT&T by 0.7% in the third quarter. Lake Street Advisors Group LLC now owns 73,562 shares of the technology company’s stock valued at $1,618,000 after purchasing an additional 513 shares during the period. Finally, Spinnaker Trust raised its stake in shares of AT&T by 0.4% in the third quarter. Spinnaker Trust now owns 124,593 shares of the technology company’s stock worth $2,741,000 after purchasing an additional 515 shares during the last quarter. 57.10% of the stock is currently owned by institutional investors.

AT&T Trading Down 0.2 %

Shares of AT&T stock opened at $22.25 on Friday. The company has a current ratio of 0.73, a quick ratio of 0.67 and a debt-to-equity ratio of 1.09. AT&T Inc. has a twelve month low of $15.64 and a twelve month high of $22.73. The firm has a market capitalization of $159.61 billion, a PE ratio of 18.09, a P/E/G ratio of 3.35 and a beta of 0.59. The firm’s 50-day moving average price is $21.82 and its 200 day moving average price is $19.65.

AT&T (NYSE:T) last issued its quarterly earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. AT&T had a return on equity of 13.97% and a net margin of 7.42%. The firm had revenue of $30.20 billion for the quarter, compared to analyst estimates of $30.50 billion. During the same period in the previous year, the company posted $0.64 earnings per share. The business’s revenue was down .5% on a year-over-year basis. On average, sell-side analysts predict that AT&T Inc. will post 2.22 EPS for the current fiscal year.

AT&T Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were paid a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 4.99%. The ex-dividend date of this dividend was Thursday, October 10th. AT&T’s dividend payout ratio is currently 90.24%.

Wall Street Analysts Forecast Growth

T has been the subject of a number of recent research reports. Barclays raised their price target on shares of AT&T from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Wells Fargo & Company cut their price target on AT&T from $25.00 to $24.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Tigress Financial upped their target price on AT&T from $29.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, September 27th. Moffett Nathanson raised their target price on AT&T from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Finally, Scotiabank downgraded AT&T from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.40.

About AT&T

AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.