Invesco Ltd. Sells 4,671,692 Shares of AT&T Inc. (NYSE:T)

Invesco Ltd. trimmed its holdings in AT&T Inc. (NYSE:TGet Rating) by 12.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,213,833 shares of the technology company’s stock after selling 4,671,692 shares during the period. Invesco Ltd. owned about 0.48% of AT&T worth $808,473,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Barber Financial Group Inc. grew its position in shares of AT&T by 1.1% during the first quarter. Barber Financial Group Inc. now owns 39,438 shares of the technology company’s stock valued at $932,000 after purchasing an additional 424 shares in the last quarter. Vectors Research Management LLC increased its stake in AT&T by 2.0% in the 4th quarter. Vectors Research Management LLC now owns 24,123 shares of the technology company’s stock worth $593,000 after acquiring an additional 474 shares during the last quarter. Somerset Trust Co raised its holdings in shares of AT&T by 1.2% during the 1st quarter. Somerset Trust Co now owns 41,360 shares of the technology company’s stock worth $977,000 after acquiring an additional 474 shares in the last quarter. Meridian Wealth Partners LLC boosted its position in shares of AT&T by 5.3% during the 4th quarter. Meridian Wealth Partners LLC now owns 10,550 shares of the technology company’s stock valued at $259,000 after acquiring an additional 528 shares during the last quarter. Finally, Zhang Financial LLC grew its holdings in shares of AT&T by 3.5% in the fourth quarter. Zhang Financial LLC now owns 15,615 shares of the technology company’s stock valued at $384,000 after purchasing an additional 529 shares in the last quarter. Institutional investors own 52.88% of the company’s stock.

AT&T Stock Up 1.6 %

Shares of T opened at $17.03 on Friday. The firm has a fifty day moving average price of $18.74 and a 200-day moving average price of $20.45. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $121.36 billion, a P/E ratio of 6.26, a P/E/G ratio of 1.81 and a beta of 0.48. AT&T Inc. has a 12-month low of $16.62 and a 12-month high of $21.53.

AT&T (NYSE:TGet Rating) last released its quarterly earnings data on Thursday, July 21st. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.04. The company had revenue of $29.64 billion during the quarter, compared to analysts’ expectations of $29.48 billion. AT&T had a net margin of 13.41% and a return on equity of 13.11%. The firm’s quarterly revenue was down 17.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.89 EPS. Equities research analysts expect that AT&T Inc. will post 2.53 earnings per share for the current year.

AT&T Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 1st. Shareholders of record on Monday, July 11th were issued a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 6.52%. The ex-dividend date of this dividend was Friday, July 8th. AT&T’s dividend payout ratio is 40.81%.

Analyst Upgrades and Downgrades

T has been the topic of a number of recent research reports. Cowen decreased their price target on shares of AT&T from $27.00 to $24.00 and set a “market perform” rating on the stock in a research note on Friday, July 22nd. Moffett Nathanson lowered their price target on shares of AT&T from $19.00 to $17.00 and set a “market perform” rating for the company in a report on Thursday, August 18th. Truist Financial dropped their price target on AT&T to $21.00 in a research report on Friday, July 22nd. StockNews.com upgraded AT&T from a “hold” rating to a “buy” rating in a research report on Friday, September 2nd. Finally, Tigress Financial dropped their target price on AT&T from $31.00 to $28.00 in a report on Thursday, June 16th. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $23.78.

About AT&T

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AT&T Inc provides telecommunications, media, and technology services worldwide. Its Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, and carrying cases and hands-free devices through its own company-owned stores, agents, and third-party retail stores.

Further Reading

Institutional Ownership by Quarter for AT&T (NYSE:T)

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