Jennison Associates LLC Decreases Holdings in AT&T Inc. (NYSE:T)

Jennison Associates LLC reduced its position in AT&T Inc. (NYSE:T) by 2.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,697,672 shares of the technology company’s stock after selling 78,803 shares during the period. Jennison Associates LLC owned approximately 0.05% of AT&T worth $81,349,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Davidson Kempner Capital Management LP bought a new position in AT&T in the second quarter worth approximately $23,888,000. Swiss National Bank increased its stake in shares of AT&T by 0.5% in the 3rd quarter. Swiss National Bank now owns 21,282,584 shares of the technology company’s stock worth $468,217,000 after purchasing an additional 104,700 shares in the last quarter. Talbot Financial LLC bought a new position in AT&T in the 3rd quarter worth $7,438,000. Mackenzie Financial Corp lifted its position in AT&T by 12.2% during the second quarter. Mackenzie Financial Corp now owns 2,641,856 shares of the technology company’s stock valued at $50,486,000 after purchasing an additional 288,093 shares in the last quarter. Finally, Caprock Group LLC grew its holdings in AT&T by 18.3% during the third quarter. Caprock Group LLC now owns 195,991 shares of the technology company’s stock valued at $4,312,000 after purchasing an additional 30,281 shares during the period. Institutional investors own 57.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on T. Citigroup raised their price objective on AT&T from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Evercore ISI raised their target price on shares of AT&T from $19.00 to $21.00 and gave the stock an “in-line” rating in a research note on Thursday, October 24th. Barclays lifted their price target on shares of AT&T from $22.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Hsbc Global Res raised shares of AT&T to a “strong-buy” rating in a research note on Tuesday, October 1st. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $22.00 target price on shares of AT&T in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, AT&T has a consensus rating of “Moderate Buy” and a consensus price target of $23.40.

AT&T Stock Performance

NYSE:T opened at $22.83 on Thursday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.73 and a quick ratio of 0.67. The company has a market cap of $163.81 billion, a price-to-earnings ratio of 18.56, a PEG ratio of 3.41 and a beta of 0.59. AT&T Inc. has a 1 year low of $15.94 and a 1 year high of $23.20. The stock’s 50 day simple moving average is $21.96 and its two-hundred day simple moving average is $19.86.

AT&T (NYSE:T) last released its quarterly earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.03. AT&T had a net margin of 7.42% and a return on equity of 13.97%. The company had revenue of $30.20 billion for the quarter, compared to the consensus estimate of $30.50 billion. During the same quarter in the prior year, the firm earned $0.64 earnings per share. AT&T’s revenue was down .5% on a year-over-year basis. As a group, equities analysts anticipate that AT&T Inc. will post 2.22 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were paid a dividend of $0.2775 per share. The ex-dividend date was Thursday, October 10th. This represents a $1.11 annualized dividend and a yield of 4.86%. AT&T’s payout ratio is currently 90.24%.

AT&T Profile

AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.