LGT Financial Advisors LLC Sells 7,124 Shares of AT&T Inc. (NYSE:T)

LGT Financial Advisors LLC lessened its stake in shares of AT&T Inc. (NYSE:T) by 53.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 6,324 shares of the technology company’s stock after selling 7,124 shares during the period. LGT Financial Advisors LLC’s holdings in AT&T were worth $121,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Octavia Wealth Advisors LLC boosted its position in shares of AT&T by 2.1% during the 2nd quarter. Octavia Wealth Advisors LLC now owns 25,313 shares of the technology company’s stock worth $484,000 after purchasing an additional 519 shares during the period. WealthCare Investment Partners LLC boosted its stake in AT&T by 2.2% in the second quarter. WealthCare Investment Partners LLC now owns 24,138 shares of the technology company’s stock valued at $461,000 after acquiring an additional 525 shares in the last quarter. Integral Investment Advisors Inc. boosted its position in shares of AT&T by 3.2% in the 2nd quarter. Integral Investment Advisors Inc. now owns 17,177 shares of the technology company’s stock valued at $322,000 after purchasing an additional 538 shares during the period. Financial Counselors Inc. boosted its holdings in shares of AT&T by 0.6% in the second quarter. Financial Counselors Inc. now owns 92,450 shares of the technology company’s stock valued at $1,767,000 after acquiring an additional 539 shares during the period. Finally, Fortitude Family Office LLC grew its position in AT&T by 1.3% during the 2nd quarter. Fortitude Family Office LLC now owns 42,154 shares of the technology company’s stock worth $806,000 after purchasing an additional 559 shares during the last quarter. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

AT&T Trading Up 0.4 %

T opened at $20.66 on Friday. The firm has a market capitalization of $148.10 billion, a P/E ratio of 11.10, a P/E/G ratio of 3.36 and a beta of 0.59. The firm’s 50 day moving average is $19.27 and its 200-day moving average is $17.97. The company has a quick ratio of 0.66, a current ratio of 0.70 and a debt-to-equity ratio of 1.05. AT&T Inc. has a 52-week low of $14.12 and a 52-week high of $20.87.

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

AT&T Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were paid a dividend of $0.2775 per share. The ex-dividend date of this dividend was Wednesday, July 10th. This represents a $1.11 dividend on an annualized basis and a yield of 5.37%. AT&T’s dividend payout ratio (DPR) is presently 59.68%.

Wall Street Analyst Weigh In

T has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft lifted their target price on AT&T from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, June 28th. JPMorgan Chase & Co. upped their target price on AT&T from $21.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. TD Cowen lifted their price objective on AT&T from $21.00 to $23.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Daiwa America raised shares of AT&T to a “hold” rating in a research note on Friday, July 26th. Finally, BNP Paribas raised AT&T from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 11th. Nine analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.06.

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.