RNC Capital Management LLC Sells 704,029 Shares of AT&T Inc. $T

RNC Capital Management LLC lessened its holdings in AT&T Inc. (NYSE:T) by 24.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,199,167 shares of the technology company’s stock after selling 704,029 shares during the period. AT&T comprises 3.1% of RNC Capital Management LLC’s investment portfolio, making the stock its 7th biggest holding. RNC Capital Management LLC’s holdings in AT&T were worth $63,644,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of AT&T by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 651,044,650 shares of the technology company’s stock worth $18,411,543,000 after acquiring an additional 8,185,006 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in shares of AT&T in the 2nd quarter worth about $5,266,758,000. GQG Partners LLC grew its position in AT&T by 17.7% in the 1st quarter. GQG Partners LLC now owns 113,957,259 shares of the technology company’s stock worth $3,222,711,000 after purchasing an additional 17,177,874 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in AT&T by 3.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 55,216,190 shares of the technology company’s stock worth $1,561,514,000 after purchasing an additional 1,783,363 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in AT&T by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 53,339,376 shares of the technology company’s stock worth $1,508,411,000 after purchasing an additional 1,307,009 shares in the last quarter. Institutional investors and hedge funds own 57.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on T shares. Bank of America started coverage on shares of AT&T in a research report on Monday, July 7th. They issued a “buy” rating and a $32.00 price objective for the company. UBS Group set a $33.00 price objective on shares of AT&T in a research report on Thursday, September 18th. The Goldman Sachs Group began coverage on shares of AT&T in a research note on Tuesday, September 2nd. They issued a “buy” rating and a $32.00 target price on the stock. Hsbc Global Res cut shares of AT&T from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 24th. Finally, JPMorgan Chase & Co. boosted their target price on shares of AT&T from $31.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, AT&T presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.65.

AT&T Stock Down 2.0%

T opened at $25.52 on Thursday. The stock has a market cap of $182.49 billion, a price-to-earnings ratio of 14.50, a PEG ratio of 2.11 and a beta of 0.42. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 1.01. The company’s 50-day moving average price is $28.12 and its two-hundred day moving average price is $27.77. AT&T Inc. has a twelve month low of $21.05 and a twelve month high of $29.79.

AT&T (NYSE:T) last announced its quarterly earnings results on Wednesday, October 22nd. The technology company reported $0.54 EPS for the quarter, meeting analysts’ consensus estimates of $0.54. The company had revenue of $30.71 billion for the quarter, compared to analysts’ expectations of $30.85 billion. AT&T had a net margin of 10.29% and a return on equity of 13.36%. AT&T’s revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.60 EPS. As a group, equities analysts expect that AT&T Inc. will post 2.14 earnings per share for the current year.

AT&T Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be paid a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Friday, October 10th. AT&T’s dividend payout ratio is presently 63.07%.

AT&T Profile

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.