State of Michigan Retirement System Raises Stock Holdings in AT&T Inc. (NYSE:T)

State of Michigan Retirement System grew its position in AT&T Inc. (NYSE:T) by 0.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,410,513 shares of the technology company’s stock after buying an additional 1,500 shares during the quarter. AT&T accounts for about 1.7% of State of Michigan Retirement System’s portfolio, making the stock its 8th largest holding. State of Michigan Retirement System owned about 0.26% of AT&T worth $324,025,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in T. Cantor Fitzgerald Investment Advisors L.P. bought a new stake in shares of AT&T during the 4th quarter valued at approximately $11,554,000. Provence Wealth Management Group increased its holdings in shares of AT&T by 55.8% during the fourth quarter. Provence Wealth Management Group now owns 16,217 shares of the technology company’s stock worth $272,000 after buying an additional 5,807 shares in the last quarter. Clearbridge Investments LLC lifted its stake in shares of AT&T by 250.3% in the 4th quarter. Clearbridge Investments LLC now owns 67,303 shares of the technology company’s stock valued at $1,129,000 after acquiring an additional 48,091 shares during the last quarter. Retireful LLC acquired a new stake in shares of AT&T during the 4th quarter valued at $1,163,000. Finally, Brighton Jones LLC grew its position in AT&T by 12.6% during the 4th quarter. Brighton Jones LLC now owns 46,265 shares of the technology company’s stock worth $776,000 after acquiring an additional 5,161 shares during the last quarter. Institutional investors and hedge funds own 57.10% of the company’s stock.

AT&T Trading Down 0.8 %

T traded down $0.16 during trading on Tuesday, hitting $18.82. The company’s stock had a trading volume of 31,602,084 shares, compared to its average volume of 36,840,770. The firm has a market capitalization of $134.94 billion, a P/E ratio of 10.10, a PEG ratio of 4.34 and a beta of 0.58. AT&T Inc. has a twelve month low of $13.43 and a twelve month high of $19.32. The stock’s fifty day moving average price is $17.63 and its 200-day moving average price is $17.20. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 1.06.

AT&T (NYSE:T) last released its earnings results on Wednesday, April 24th. The technology company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.02. The company had revenue of $30.03 billion for the quarter, compared to the consensus estimate of $30.62 billion. AT&T had a net margin of 11.13% and a return on equity of 14.63%. AT&T’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.60 EPS. Analysts anticipate that AT&T Inc. will post 2.24 EPS for the current year.

AT&T Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be paid a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a yield of 5.90%. The ex-dividend date is Wednesday, July 10th. AT&T’s dividend payout ratio (DPR) is currently 59.68%.

Analyst Upgrades and Downgrades

T has been the subject of several research reports. BNP Paribas upgraded AT&T from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 11th. The Goldman Sachs Group began coverage on shares of AT&T in a report on Monday. They set a “buy” rating and a $22.00 target price on the stock. Wolfe Research upgraded shares of AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 price target for the company in a research report on Tuesday, March 5th. UBS Group reiterated a “buy” rating and set a $24.00 price target on shares of AT&T in a report on Tuesday, June 18th. Finally, Oppenheimer restated an “outperform” rating and issued a $21.00 price objective on shares of AT&T in a report on Tuesday, June 25th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, AT&T has an average rating of “Moderate Buy” and a consensus target price of $21.73.

AT&T Company 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.