DAVENPORT & Co LLC Has $8.14 Million Stock Holdings in AT&T Inc. $T

DAVENPORT & Co LLC trimmed its position in shares of AT&T Inc. (NYSE:T) by 1.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 281,575 shares of the technology company’s stock after selling 2,713 shares during the quarter. DAVENPORT & Co LLC’s holdings in AT&T were worth $8,144,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in T. Stone House Investment Management LLC acquired a new stake in shares of AT&T during the first quarter valued at about $25,000. O Brien Wealth Partners LLC acquired a new position in shares of AT&T in the second quarter worth approximately $26,000. Hager Investment Management Services LLC lifted its stake in shares of AT&T by 182.1% in the first quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company’s stock worth $28,000 after acquiring an additional 641 shares during the period. Kennebec Savings Bank lifted its stake in shares of AT&T by 412.1% in the second quarter. Kennebec Savings Bank now owns 973 shares of the technology company’s stock worth $28,000 after acquiring an additional 783 shares during the period. Finally, Core Alternative Capital lifted its stake in shares of AT&T by 125.4% in the first quarter. Core Alternative Capital now owns 1,021 shares of the technology company’s stock worth $29,000 after acquiring an additional 568 shares during the period. 57.10% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on T shares. Barclays reaffirmed an “equal weight” rating and issued a $30.00 price objective on shares of AT&T in a research note on Wednesday, October 1st. Hsbc Global Res lowered AT&T from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 24th. Citigroup reaffirmed a “buy” rating on shares of AT&T in a research note on Tuesday, August 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of AT&T in a research note on Saturday, September 27th. Finally, Wells Fargo & Company lifted their price objective on AT&T from $30.00 to $31.00 and gave the stock an “overweight” rating in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.75.

AT&T Trading Up 1.0%

Shares of T stock opened at $26.13 on Wednesday. The company has a market cap of $186.85 billion, a P/E ratio of 14.85, a PEG ratio of 3.31 and a beta of 0.42. The stock has a 50 day simple moving average of $28.54 and a two-hundred day simple moving average of $27.91. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.76 and a current ratio of 0.81. AT&T Inc. has a fifty-two week low of $21.05 and a fifty-two week high of $29.79.

AT&T (NYSE:T) last issued its earnings results on Wednesday, July 23rd. The technology company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $30.85 billion during the quarter, compared to the consensus estimate of $30.44 billion. AT&T had a return on equity of 13.36% and a net margin of 10.29%.The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.51 earnings per share. Research analysts forecast that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be issued a dividend of $0.2775 per share. The ex-dividend date is Friday, October 10th. This represents a $1.11 annualized dividend and a dividend yield of 4.2%. AT&T’s payout ratio is currently 63.07%.

About AT&T

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.