Element Wealth LLC Lowers Stake in AT&T Inc. (NYSE:T)

Element Wealth LLC cut its stake in AT&T Inc. (NYSE:T) by 16.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,129 shares of the technology company’s stock after selling 1,927 shares during the quarter. Element Wealth LLC’s holdings in AT&T were worth $223,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Wealthcare Advisory Partners LLC raised its stake in AT&T by 9.0% in the first quarter. Wealthcare Advisory Partners LLC now owns 73,404 shares of the technology company’s stock valued at $1,292,000 after buying an additional 6,064 shares during the last quarter. 180 Wealth Advisors LLC boosted its stake in AT&T by 1.9% in the 1st quarter. 180 Wealth Advisors LLC now owns 63,605 shares of the technology company’s stock worth $1,119,000 after purchasing an additional 1,171 shares in the last quarter. Cypress Wealth Services LLC grew its position in AT&T by 11.0% during the 1st quarter. Cypress Wealth Services LLC now owns 12,276 shares of the technology company’s stock worth $216,000 after purchasing an additional 1,220 shares during the last quarter. Hennessy Advisors Inc. raised its holdings in shares of AT&T by 24.2% in the first quarter. Hennessy Advisors Inc. now owns 321,660 shares of the technology company’s stock worth $5,661,000 after buying an additional 62,700 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC acquired a new stake in shares of AT&T during the first quarter worth $782,000. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

AT&T Stock Performance

T opened at $22.19 on Friday. The company has a market cap of $159.11 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 3.67 and a beta of 0.60. The firm’s fifty day simple moving average is $21.09 and its two-hundred day simple moving average is $19.06. The company has a quick ratio of 0.66, a current ratio of 0.70 and a debt-to-equity ratio of 1.05. AT&T Inc. has a 52-week low of $14.74 and a 52-week high of $22.58.

AT&T (NYSE:T) last posted its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. The company had revenue of $30.20 billion during the quarter, compared to analyst estimates of $30.50 billion. AT&T had a return on equity of 14.16% and a net margin of 10.41%. AT&T’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the previous year, the business earned $0.64 EPS. Equities analysts anticipate that AT&T Inc. will post 2.22 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 5.00%. The ex-dividend date is Thursday, October 10th. AT&T’s dividend payout ratio is currently 63.79%.

Wall Street Analyst Weigh In

A number of analysts have commented on T shares. Deutsche Bank Aktiengesellschaft lifted their price target on AT&T from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. TD Cowen upped their target price on AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. The Goldman Sachs Group assumed coverage on shares of AT&T in a research report on Monday, July 1st. They set a “buy” rating and a $22.00 price target for the company. Scotiabank downgraded shares of AT&T from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. raised their target price on shares of AT&T from $21.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $23.40.

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.