Westchester Capital Management Inc. Sells 6,090 Shares of AT&T Inc. $T

Westchester Capital Management Inc. decreased its holdings in shares of AT&T Inc. (NYSE:T) by 4.7% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 122,950 shares of the technology company’s stock after selling 6,090 shares during the period. AT&T makes up approximately 0.8% of Westchester Capital Management Inc.’s investment portfolio, making the stock its 26th biggest position. Westchester Capital Management Inc.’s holdings in AT&T were worth $3,558,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in T. Kingstone Capital Partners Texas LLC bought a new stake in shares of AT&T during the 2nd quarter valued at about $5,266,758,000. Nuveen LLC purchased a new stake in AT&T in the first quarter valued at approximately $1,072,128,000. GQG Partners LLC lifted its position in AT&T by 17.7% during the first quarter. GQG Partners LLC now owns 113,957,259 shares of the technology company’s stock valued at $3,222,711,000 after purchasing an additional 17,177,874 shares during the last quarter. Ontario Teachers Pension Plan Board grew its stake in AT&T by 30,527.5% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 11,959,440 shares of the technology company’s stock worth $338,213,000 after buying an additional 11,920,392 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of AT&T by 350.4% in the 1st quarter. Wellington Management Group LLP now owns 11,363,940 shares of the technology company’s stock worth $321,372,000 after buying an additional 8,841,126 shares during the last quarter. 57.10% of the stock is currently owned by institutional investors.

AT&T Stock Down 1.0%

Shares of NYSE:T opened at $25.85 on Monday. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01. The stock has a fifty day simple moving average of $28.45 and a two-hundred day simple moving average of $27.88. AT&T Inc. has a 12-month low of $21.05 and a 12-month high of $29.79. The stock has a market capitalization of $184.82 billion, a price-to-earnings ratio of 14.69, a PEG ratio of 2.10 and a beta of 0.42.

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

AT&T Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be issued a dividend of $0.2775 per share. The ex-dividend date is Friday, October 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.3%. AT&T’s dividend payout ratio is presently 63.07%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Citigroup reiterated a “buy” rating on shares of AT&T in a research report on Tuesday, August 26th. The Goldman Sachs Group assumed coverage on AT&T in a report on Tuesday, September 2nd. They set a “buy” rating and a $32.00 price objective on the stock. JPMorgan Chase & Co. upped their target price on AT&T from $31.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. Barclays reiterated an “equal weight” rating and set a $30.00 price target on shares of AT&T in a research report on Wednesday, October 1st. Finally, Raymond James Financial reissued a “strong-buy” rating and set a $33.00 price objective (up previously from $31.00) on shares of AT&T in a research note on Thursday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $30.75.

About AT&T

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.