Nicholas Hoffman & Company LLC. Reduces Holdings in AT&T Inc. (NYSE:T)

by · The Markets Daily

Nicholas Hoffman & Company LLC. cut its position in shares of AT&T Inc. (NYSE:T – Free Report) by 0.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 152,440 shares of the technology company’s stock after selling 603 shares during the period. Nicholas Hoffman & Company LLC.’s holdings in AT&T were worth $3,354,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mercer Global Advisors Inc. ADV boosted its holdings in shares of AT&T by 1,379.0% in the second quarter. Mercer Global Advisors Inc. ADV now owns 14,159,133 shares of the technology company’s stock valued at $270,581,000 after purchasing an additional 13,201,774 shares during the period. AQR Capital Management LLC increased its position in AT&T by 43.3% during the 2nd quarter. AQR Capital Management LLC now owns 21,853,624 shares of the technology company’s stock valued at $414,563,000 after purchasing an additional 6,602,586 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of AT&T by 7.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 81,076,641 shares of the technology company’s stock valued at $1,549,375,000 after purchasing an additional 5,592,123 shares in the last quarter. Thornburg Investment Management Inc. lifted its position in shares of AT&T by 22.0% in the 2nd quarter. Thornburg Investment Management Inc. now owns 24,988,396 shares of the technology company’s stock worth $477,528,000 after purchasing an additional 4,511,725 shares during the period. Finally, Jupiter Asset Management Ltd. purchased a new stake in shares of AT&T in the 2nd quarter worth approximately $78,570,000. 57.10% of the stock is owned by hedge funds and other institutional investors.

AT&T Price Performance

T stock opened at $22.18 on Wednesday. AT&T Inc. has a 1 year low of $14.91 and a 1 year high of $22.58. The firm has a market capitalization of $159.04 billion, a PE ratio of 18.03, a price-to-earnings-growth ratio of 3.74 and a beta of 0.60. 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 business has a 50 day simple moving average of $21.31 and a 200-day simple moving average of $19.23.

AT&T (NYSE:T – Get Free Report) last posted its earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $30.50 billion. During the same period in the previous year, the business posted $0.64 EPS. AT&T’s revenue was down .5% on a year-over-year basis. Equities research analysts anticipate that AT&T Inc. will post 2.21 earnings per share for the current fiscal year.

AT&T Announces Dividend

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 (DPR) is presently 90.24%.

Analysts Set New Price Targets

Several research firms have commented on T. TD Cowen increased their price target on shares of AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Scotiabank downgraded AT&T from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Daiwa America raised AT&T to a “hold” rating in a research report on Friday, July 26th. Citigroup upped their target price on AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Finally, Oppenheimer raised their price target on AT&T from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, AT&T currently has an average rating of “Moderate Buy” and an average price target of $23.40.

View Our Latest Analysis on T

AT&T Profile

(Free Report)

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.

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