Procyon Private Wealth Partners LLC Trims Position in AT&T Inc. (NYSE:T)

Procyon Private Wealth Partners LLC lessened its holdings in shares of AT&T Inc. (NYSE:T) by 3.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 51,690 shares of the technology company’s stock after selling 2,024 shares during the quarter. Procyon Private Wealth Partners LLC’s holdings in AT&T were worth $1,396,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Boston Common Asset Management LLC lifted its stake in shares of AT&T by 6.9% during the 2nd quarter. Boston Common Asset Management LLC now owns 321,322 shares of the technology company’s stock worth $9,248,000 after purchasing an additional 20,665 shares during the period. Meridian Wealth Management LLC lifted its stake in shares of AT&T by 4.3% during the 2nd quarter. Meridian Wealth Management LLC now owns 166,644 shares of the technology company’s stock worth $4,796,000 after purchasing an additional 6,864 shares during the period. Bank of Montreal Can raised its position in shares of AT&T by 16.5% in the 2nd quarter. Bank of Montreal Can now owns 14,173,739 shares of the technology company’s stock worth $456,111,000 after buying an additional 2,004,083 shares during the period. Gabelli Funds LLC increased its holdings in AT&T by 26.2% in the 2nd quarter. Gabelli Funds LLC now owns 469,300 shares of the technology company’s stock valued at $13,506,000 after purchasing an additional 97,400 shares in the last quarter. Finally, Toroso Investments LLC increased its holdings in AT&T by 220.7% in the 2nd quarter. Toroso Investments LLC now owns 148,978 shares of the technology company’s stock valued at $4,288,000 after purchasing an additional 102,530 shares in the last quarter. 51.42% of the stock is currently owned by institutional investors.

NYSE:T opened at $24.47 on Thursday. The company has a market capitalization of $174.72 billion, a price-to-earnings ratio of 203.93, a price-to-earnings-growth ratio of 2.01 and a beta of 0.70. AT&T Inc. has a one year low of $23.96 and a one year high of $33.88. The stock has a 50-day simple moving average of $25.85 and a 200 day simple moving average of $27.66. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.66 and a current ratio of 0.70.

AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, October 20th. The technology company reported $0.87 EPS for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.09. The business had revenue of $39.90 billion during the quarter, compared to the consensus estimate of $42.37 billion. AT&T had a return on equity of 13.47% and a net margin of 0.67%. The company’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same period last year, the firm earned $0.76 earnings per share. On average, equities research analysts forecast that AT&T Inc. will post 3.37 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, November 1st. Shareholders of record on Monday, October 11th were issued a $0.52 dividend. The ex-dividend date of this dividend was Thursday, October 7th. This represents a $2.08 dividend on an annualized basis and a yield of 8.50%. AT&T’s dividend payout ratio is currently 1,733.48%.

In other AT&T news, Director Stephen J. Luczo bought 100,000 shares of the business’s stock in a transaction on Monday, November 8th. The shares were purchased at an average price of $25.04 per share, with a total value of $2,504,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.08% of the company’s stock.

Several analysts recently issued reports on the company. Moffett Nathanson upgraded AT&T from a “sell” rating to a “neutral” rating and increased their price target for the company from $23.00 to $28.00 in a report on Thursday, October 7th. Barclays lowered their target price on AT&T from $34.00 to $30.00 and set an “equal weight” rating for the company in a research note on Monday, October 11th. Loop Capital initiated coverage on AT&T in a research note on Monday, September 20th. They set a “hold” rating and a $30.00 target price for the company. KeyCorp upgraded AT&T from an “underweight” rating to a “sector weight” rating in a research note on Thursday, October 14th. Finally, Citigroup lowered their target price on AT&T from $32.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, October 19th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $31.13.

AT&T Company Profile

AT&T, Inc is a holding company, which engages in the provision of telecommunications media and technology service. It operates through the following segments: Communications, WarnerMedia, and Latin America. The Communications segment provides services to businesses and consumers located in the U.S., or in U.S.

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Institutional Ownership by Quarter for AT&T (NYSE:T)

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