DAVENPORT & Co LLC Decreases Stock Position in AT&T Inc. $T

DAVENPORT & Co LLC trimmed its holdings in AT&T Inc. (NYSE:T) by 26.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 206,559 shares of the technology company’s stock after selling 75,016 shares during the period. DAVENPORT & Co LLC’s holdings in AT&T were worth $5,833,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of AT&T by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 661,355,210 shares of the technology company’s stock worth $19,139,620,000 after purchasing an additional 10,310,560 shares in the last quarter. State Street Corp grew its holdings in AT&T by 2.4% during the 2nd quarter. State Street Corp now owns 321,070,509 shares of the technology company’s stock valued at $9,291,781,000 after buying an additional 7,404,376 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in AT&T during the 2nd quarter valued at $5,266,758,000. Geode Capital Management LLC increased its position in AT&T by 1.2% during the second quarter. Geode Capital Management LLC now owns 172,039,872 shares of the technology company’s stock worth $4,958,066,000 after buying an additional 2,066,026 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of AT&T in the second quarter worth $2,228,655,000. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

AT&T Stock Up 0.6%

Shares of NYSE:T opened at $24.60 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.96 and a debt-to-equity ratio of 1.01. The firm has a market cap of $174.40 billion, a price-to-earnings ratio of 7.99, a PEG ratio of 1.44 and a beta of 0.38. The stock’s 50-day moving average price is $25.10 and its two-hundred day moving average price is $27.05. AT&T Inc. has a 12-month low of $21.38 and a 12-month high of $29.79.

AT&T (NYSE:T) last posted its quarterly earnings data on Wednesday, October 22nd. The technology company reported $0.54 EPS for the quarter, meeting analysts’ consensus estimates of $0.54. AT&T had a net margin of 17.87% and a return on equity of 12.72%. The company had revenue of $30.71 billion during the quarter, compared to the consensus estimate of $30.85 billion. During the same quarter in the prior year, the company posted $0.60 EPS. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, research analysts forecast that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Monday, January 12th will be issued a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Monday, January 12th. AT&T’s dividend payout ratio (DPR) is 36.04%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Loop Capital set a $29.00 price objective on AT&T in a research note on Friday, December 19th. Wolfe Research downgraded shares of AT&T from an “outperform” rating to a “peer perform” rating in a research note on Monday, December 15th. TD Cowen upped their target price on shares of AT&T from $32.00 to $33.00 and gave the company a “hold” rating in a report on Thursday, October 23rd. Wells Fargo & Company decreased their price target on shares of AT&T from $31.00 to $29.00 and set an “overweight” rating on the stock in a research note on Thursday, October 16th. Finally, Scotiabank set a $30.25 price objective on shares of AT&T and gave the company a “sector perform” rating in a research report on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $30.24.

AT&T Company Profile

AT&T Inc is a global telecommunications company that provides a broad range of communications and digital entertainment services. Its core activities include consumer and business wireless services, broadband and fiber internet, and network infrastructure. The company operates branded wireless services through AT&T Mobility and deploys fixed-line and fiber networks to deliver high-speed internet and related home services.

AT&T’s product and service portfolio spans mobile voice and data plans, smartphones and device sales, home internet (including fiber-to-the-home where available), and managed connectivity solutions for enterprise customers.