Gifford Fong Associates boosted its holdings in AT&T Inc. (NYSE:T) by 53.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 143,689 shares of the technology company’s stock after buying an additional 50,000 shares during the period. Gifford Fong Associates’ holdings in AT&T were worth $4,349,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. increased its position in shares of AT&T by 1.3% during the first quarter. BlackRock Inc. now owns 492,116,917 shares of the technology company’s stock valued at $14,896,379,000 after purchasing an additional 6,548,263 shares during the period. Morgan Stanley increased its position in shares of AT&T by 4.9% during the fourth quarter. Morgan Stanley now owns 78,703,060 shares of the technology company’s stock valued at $2,263,501,000 after purchasing an additional 3,680,978 shares during the period. Norges Bank bought a new stake in shares of AT&T during the fourth quarter valued at approximately $2,019,873,000. Bank of New York Mellon Corp increased its position in shares of AT&T by 2.3% during the fourth quarter. Bank of New York Mellon Corp now owns 61,404,948 shares of the technology company’s stock valued at $1,766,006,000 after purchasing an additional 1,360,766 shares during the period. Finally, Nuveen Asset Management LLC increased its position in shares of AT&T by 5.3% during the fourth quarter. Nuveen Asset Management LLC now owns 37,240,494 shares of the technology company’s stock valued at $1,071,036,000 after purchasing an additional 1,870,844 shares during the period. 50.48% of the stock is currently owned by institutional investors.
A number of analysts have recently issued reports on the company. New Street Research upgraded AT&T from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a research report on Friday, May 21st. Deutsche Bank Aktiengesellschaft boosted their price target on AT&T from $31.00 to $34.00 in a research note on Wednesday, April 28th. UBS Group raised AT&T from a “neutral” rating to a “buy” rating and boosted their price target for the company from $32.00 to $35.00 in a research note on Friday, May 21st. Raymond James boosted their price target on AT&T from $32.00 to $33.00 and gave the company an “outperform” rating in a research note on Friday, April 23rd. Finally, Oppenheimer reaffirmed a “hold” rating on shares of AT&T in a research note on Monday, April 26th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $31.75.
AT&T (NYSE:T) last issued its quarterly earnings results on Wednesday, April 21st. The technology company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.08. AT&T had a positive return on equity of 12.33% and a negative net margin of 1.29%. The business had revenue of $43.90 billion for the quarter, compared to analyst estimates of $42.69 billion. During the same quarter in the prior year, the firm posted $0.84 earnings per share. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities research analysts forecast that AT&T Inc. will post 3.16 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, May 3rd. Stockholders of record on Friday, April 9th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 7.12%. The ex-dividend date was Thursday, April 8th. AT&T’s dividend payout ratio (DPR) is presently 65.41%.
In related news, CFO Pascal Desroches acquired 3,056 shares of the company’s stock in a transaction that occurred on Wednesday, May 19th. The stock was acquired at an average price of $29.06 per share, for a total transaction of $88,807.36. Following the completion of the acquisition, the chief financial officer now owns 173,871 shares of the company’s stock, valued at approximately $5,052,691.26. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John T. Stankey acquired 34,614 shares of the company’s stock in a transaction that occurred on Wednesday, May 19th. The stock was bought at an average price of $28.81 per share, with a total value of $997,229.34. The disclosure for this purchase can be found here. Corporate insiders own 0.08% of the company’s stock.
AT&T Inc provides telecommunication, media, and technology services worldwide. The company operates through Communications, WarnerMedia, and Latin America segments. The Communications segment offers wireless voice and data communications services; video and targeted advertising services; broadband, including fiber, and legacy telephony internet and voice communication; and wireline telecom services.
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