Procyon Advisors LLC Decreases Stock Position in AT&T Inc. (NYSE:T)

Procyon Advisors LLC lessened its position in AT&T Inc. (NYSE:T) by 3.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,445 shares of the technology company’s stock after selling 1,103 shares during the quarter. Procyon Advisors LLC’s holdings in AT&T were worth $779,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in T. Mercer Global Advisors Inc. ADV lifted its position in AT&T by 1,379.0% during the second quarter. Mercer Global Advisors Inc. ADV now owns 14,159,133 shares of the technology company’s stock worth $270,581,000 after buying an additional 13,201,774 shares in the last quarter. AQR Capital Management LLC lifted its position in AT&T by 43.3% during the second quarter. AQR Capital Management LLC now owns 21,853,624 shares of the technology company’s stock worth $414,563,000 after buying an additional 6,602,586 shares in the last quarter. Bank of New York Mellon Corp increased its stake in AT&T by 7.4% during the second quarter. Bank of New York Mellon Corp now owns 81,076,641 shares of the technology company’s stock worth $1,549,375,000 after acquiring an additional 5,592,123 shares during the last quarter. Thornburg Investment Management Inc. increased its stake in AT&T by 22.0% during the second quarter. Thornburg Investment Management Inc. now owns 24,988,396 shares of the technology company’s stock worth $477,528,000 after acquiring an additional 4,511,725 shares during the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new stake in AT&T during the second quarter worth $78,570,000. Hedge funds and other institutional investors own 57.10% of the company’s stock.

AT&T Stock Up 1.2 %

Shares of NYSE T opened at $21.53 on Wednesday. The company has a market capitalization of $154.34 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 3.62 and a beta of 0.60. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.70 and a quick ratio of 0.66. The business has a 50-day moving average of $20.81 and a two-hundred day moving average of $18.89. AT&T Inc. has a 1 year low of $14.23 and a 1 year high of $22.34.

AT&T (NYSE:T) last announced its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.57 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.57. The company had revenue of $29.80 billion during the quarter, compared to the consensus estimate of $30.05 billion. AT&T had a return on equity of 14.16% and a net margin of 10.41%. AT&T’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the previous year, the business earned $0.63 EPS. On average, analysts forecast that AT&T Inc. will post 2.22 earnings per share for the current fiscal year.

AT&T Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 5.16%. The ex-dividend date of this dividend is Thursday, October 10th. AT&T’s payout ratio is currently 59.68%.

Analyst Ratings Changes

T has been the subject of several recent analyst reports. Citigroup raised their target price on AT&T from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Royal Bank of Canada raised their target price on AT&T from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. Wells Fargo & Company raised their target price on AT&T from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday. Moffett Nathanson raised their target price on AT&T from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Finally, Scotiabank cut AT&T from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.69.

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.