Fragasso Financial Advisors Inc Sells 5,063 Shares of AT&T Inc. (NYSE:T)

Fragasso Financial Advisors Inc lowered its holdings in AT&T Inc. (NYSE:T) by 30.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,469 shares of the technology company’s stock after selling 5,063 shares during the period. Fragasso Financial Advisors Inc’s holdings in AT&T were worth $219,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in T. Norges Bank bought a new position in AT&T in the 4th quarter valued at about $1,118,288,000. Thornburg Investment Management Inc. acquired a new position in shares of AT&T during the 4th quarter valued at $316,472,000. Kodai Capital Management LP bought a new stake in AT&T during the 4th quarter valued at $152,109,000. Point72 Asset Management L.P. increased its stake in AT&T by 120.8% during the 4th quarter. Point72 Asset Management L.P. now owns 9,086,854 shares of the technology company’s stock valued at $152,477,000 after purchasing an additional 4,970,954 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of AT&T by 5.6% in the 1st quarter. Bank of New York Mellon Corp now owns 75,484,518 shares of the technology company’s stock worth $1,328,528,000 after acquiring an additional 4,014,873 shares in the last quarter. Institutional investors own 57.10% of the company’s stock.

Wall Street Analyst Weigh In

T has been the topic of a number of research analyst reports. BNP Paribas raised shares of AT&T from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 11th. Oppenheimer raised their target price on shares of AT&T from $21.00 to $23.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. The Goldman Sachs Group initiated coverage on AT&T in a research note on Monday, July 1st. They issued a “buy” rating and a $22.00 price target for the company. Barclays raised their price target on AT&T from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Finally, UBS Group reissued a “buy” rating and set a $24.00 price objective on shares of AT&T in a research report on Tuesday, June 18th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $22.33.

AT&T Stock Performance

T traded up $0.27 during midday trading on Tuesday, hitting $19.18. 33,770,712 shares of the company were exchanged, compared to its average volume of 36,924,227. The company’s 50 day simple moving average is $18.52 and its 200 day simple moving average is $17.59. The firm has a market capitalization of $137.53 billion, a price-to-earnings ratio of 10.31, a price-to-earnings-growth ratio of 3.26 and a beta of 0.58. The company has a current ratio of 0.70, a quick ratio of 0.66 and a debt-to-equity ratio of 1.05. AT&T Inc. has a 1-year low of $13.89 and a 1-year high of $19.99.

AT&T (NYSE:T) last posted its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.57 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.57. AT&T had a return on equity of 14.16% and a net margin of 10.41%. The company had revenue of $29.80 billion for the quarter, compared to analysts’ expectations of $30.05 billion. During the same period in the previous year, the firm posted $0.63 EPS. AT&T’s revenue was down .3% compared to the same quarter last year. As a group, sell-side analysts predict that AT&T Inc. will post 2.22 earnings per share for the current year.

AT&T Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were given a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a dividend yield of 5.79%. The ex-dividend date was Wednesday, July 10th. AT&T’s payout ratio is presently 59.68%.

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.