Meyer Handelman Co. Decreases Stock Position in AT&T Inc. (NYSE:T)

Meyer Handelman Co. reduced its position in AT&T Inc. (NYSE:T) by 17.2% in the first quarter, Holdings Channel.com reports. The fund owned 142,511 shares of the technology company’s stock after selling 29,614 shares during the period. Meyer Handelman Co.’s holdings in AT&T were worth $2,508,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Texas Capital Bank Wealth Management Services Inc lifted its stake in shares of AT&T by 1.7% in the 4th quarter. Texas Capital Bank Wealth Management Services Inc now owns 35,098 shares of the technology company’s stock worth $589,000 after acquiring an additional 598 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA lifted its stake in shares of AT&T by 35.3% in the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 2,322 shares of the technology company’s stock worth $39,000 after acquiring an additional 606 shares during the period. JB Capital LLC lifted its stake in shares of AT&T by 2.4% in the 4th quarter. JB Capital LLC now owns 26,620 shares of the technology company’s stock worth $447,000 after acquiring an additional 614 shares during the period. Connecticut Wealth Management LLC lifted its stake in shares of AT&T by 3.0% in the 4th quarter. Connecticut Wealth Management LLC now owns 21,601 shares of the technology company’s stock worth $362,000 after acquiring an additional 620 shares during the period. Finally, AMG National Trust Bank lifted its stake in shares of AT&T by 1.0% in the 4th quarter. AMG National Trust Bank now owns 60,064 shares of the technology company’s stock worth $1,008,000 after acquiring an additional 620 shares during the period. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

T has been the subject of several recent analyst reports. BNP Paribas upgraded shares of AT&T from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 11th. Scotiabank raised their target price on shares of AT&T from $22.00 to $22.50 and gave the stock a “sector outperform” rating in a research note on Thursday, April 25th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $17.00 price objective on shares of AT&T in a research note on Thursday, April 11th. Wolfe Research upgraded shares of AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 target price for the company in a report on Tuesday, March 5th. Finally, UBS Group reiterated a “buy” rating and set a $24.00 price target on shares of AT&T in a report on Tuesday, June 18th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.54.

AT&T Trading Up 1.6 %

Shares of NYSE:T opened at $18.40 on Friday. The company has a market cap of $131.93 billion, a PE ratio of 9.89, a P/E/G ratio of 3.56 and a beta of 0.60. The company’s 50-day moving average price is $17.32 and its 200 day moving average price is $17.11. AT&T Inc. has a fifty-two week low of $13.43 and a fifty-two week high of $18.45. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 1.06.

AT&T (NYSE:T) last issued its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.02. The firm had revenue of $30.03 billion for the quarter, compared to the consensus estimate of $30.62 billion. AT&T had a net margin of 11.13% and a return on equity of 14.63%. AT&T’s quarterly revenue was down .4% compared to the same quarter last year. During the same period last year, the firm posted $0.60 EPS. Sell-side analysts anticipate that AT&T Inc. will post 2.24 earnings per share for the current year.

AT&T Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th were given a dividend of $0.2775 per share. The ex-dividend date was Tuesday, April 9th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 6.03%. AT&T’s dividend payout ratio (DPR) is 59.68%.

About AT&T

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.