Summit Asset Management LLC Sells 4,295 Shares of AT&T Inc. (NYSE:T)

Summit Asset Management LLC reduced its stake in shares of AT&T Inc. (NYSE:T) by 10.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,716 shares of the technology company’s stock after selling 4,295 shares during the quarter. Summit Asset Management LLC’s holdings in AT&T were worth $882,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of T. Geode Capital Management LLC increased its stake in shares of AT&T by 2.3% in the third quarter. Geode Capital Management LLC now owns 161,120,657 shares of the technology company’s stock valued at $3,532,684,000 after buying an additional 3,630,972 shares in the last quarter. FMR LLC increased its stake in shares of AT&T by 1.9% in the third quarter. FMR LLC now owns 60,986,064 shares of the technology company’s stock valued at $1,341,693,000 after buying an additional 1,149,688 shares in the last quarter. Swiss National Bank increased its stake in shares of AT&T by 0.5% in the third quarter. Swiss National Bank now owns 21,282,584 shares of the technology company’s stock valued at $468,217,000 after buying an additional 104,700 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of AT&T by 1.9% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 17,543,563 shares of the technology company’s stock valued at $399,467,000 after buying an additional 325,073 shares in the last quarter. Finally, National Pension Service increased its stake in shares of AT&T by 15.8% in the third quarter. National Pension Service now owns 15,769,707 shares of the technology company’s stock valued at $346,934,000 after buying an additional 2,152,016 shares in the last quarter. 57.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Sanford C. Bernstein raised their target price on AT&T from $28.00 to $29.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. New Street Research upgraded AT&T from a “neutral” rating to a “buy” rating in a research report on Tuesday, December 3rd. Royal Bank of Canada lifted their price objective on AT&T from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 28th. Scotiabank lifted their price objective on AT&T from $24.00 to $26.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, January 28th. Finally, The Goldman Sachs Group lifted their price objective on AT&T from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $26.33.

AT&T Trading Up 1.9 %

NYSE:T opened at $26.64 on Friday. AT&T Inc. has a fifty-two week low of $15.94 and a fifty-two week high of $26.72. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.66 and a quick ratio of 0.62. The stock has a market capitalization of $191.19 billion, a PE ratio of 17.88, a price-to-earnings-growth ratio of 3.00 and a beta of 0.59. The business’s 50-day simple moving average is $23.50 and its 200-day simple moving average is $22.30.

AT&T (NYSE:T) last released its quarterly earnings data on Monday, January 27th. The technology company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.06. AT&T had a return on equity of 13.97% and a net margin of 8.95%. Sell-side analysts expect that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, January 10th were paid a $0.2775 dividend. This represents a $1.11 annualized dividend and a yield of 4.17%. The ex-dividend date was Friday, January 10th. AT&T’s payout ratio is 74.50%.

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.