Summit Financial Strategies Inc. Purchases New Shares in AT&T Inc. $T

Summit Financial Strategies Inc. purchased a new stake in AT&T Inc. (NYSE:T) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 8,701 shares of the technology company’s stock, valued at approximately $252,000.

A number of other hedge funds and other institutional investors have also modified their holdings of T. Stone House Investment Management LLC acquired a new position in shares of AT&T in the 1st quarter valued at $25,000. O Brien Wealth Partners LLC acquired a new stake in AT&T during the 2nd quarter worth about $26,000. Hager Investment Management Services LLC boosted its position in AT&T by 182.1% during the 1st quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company’s stock worth $28,000 after acquiring an additional 641 shares during the period. Core Alternative Capital boosted its position in AT&T by 125.4% during the 1st quarter. Core Alternative Capital now owns 1,021 shares of the technology company’s stock worth $29,000 after acquiring an additional 568 shares during the period. Finally, IMA Advisory Services Inc. acquired a new stake in AT&T during the 1st quarter worth about $29,000. Institutional investors and hedge funds own 57.10% of the company’s stock.

AT&T Stock Down 0.8%

Shares of T stock opened at $28.07 on Tuesday. The stock’s 50 day simple moving average is $28.62 and its 200 day simple moving average is $27.91. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.76 and a current ratio of 0.81. AT&T Inc. has a twelve month low of $21.05 and a twelve month high of $29.79. The company has a market capitalization of $200.71 billion, a price-to-earnings ratio of 15.95, a PEG ratio of 3.62 and a beta of 0.44.

AT&T (NYSE:T) last issued its quarterly earnings data on Wednesday, July 23rd. The technology company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. AT&T had a return on equity of 13.36% and a net margin of 10.29%.The business had revenue of $30.85 billion for the quarter, compared to the consensus estimate of $30.44 billion. During the same period last year, the business earned $0.51 EPS. The firm’s revenue was up 3.4% compared to the same quarter last year. As a group, research analysts predict that AT&T Inc. will post 2.14 EPS for the current year.

AT&T Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be given a $0.2775 dividend. This represents a $1.11 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Friday, October 10th. AT&T’s payout ratio is currently 63.07%.

Analysts Set New Price Targets

T has been the subject of a number of research reports. Wells Fargo & Company raised their price objective on AT&T from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Thursday, July 10th. JPMorgan Chase & Co. raised their price objective on AT&T from $31.00 to $33.00 and gave the stock an “overweight” rating in a research report on Thursday, July 24th. The Goldman Sachs Group assumed coverage on AT&T in a research report on Tuesday, September 2nd. They set a “buy” rating and a $32.00 price objective for the company. UBS Group set a $33.00 price target on AT&T in a research note on Thursday, September 18th. Finally, HSBC downgraded AT&T from a “buy” rating to a “hold” rating and set a $30.00 price target for the company. in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.74.

AT&T Profile

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.