Intech Investment Management LLC Sells 111,329 Shares of AT&T Inc. (NYSE:T)

Intech Investment Management LLC trimmed its holdings in shares of AT&T Inc. (NYSE:T) by 28.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 285,203 shares of the technology company’s stock after selling 111,329 shares during the quarter. Intech Investment Management LLC’s holdings in AT&T were worth $5,450,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in T. Mercer Global Advisors Inc. ADV boosted its stake in shares of AT&T by 1,379.0% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 14,159,133 shares of the technology company’s stock valued at $270,581,000 after purchasing an additional 13,201,774 shares during the last quarter. Kodai Capital Management LP bought a new stake in shares of AT&T in the 4th quarter valued at $152,109,000. Bank of New York Mellon Corp boosted its stake in shares of AT&T by 7.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 81,076,641 shares of the technology company’s stock valued at $1,549,375,000 after purchasing an additional 5,592,123 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in shares of AT&T by 120.8% in the 4th quarter. Point72 Asset Management L.P. now owns 9,086,854 shares of the technology company’s stock valued at $152,477,000 after purchasing an additional 4,970,954 shares during the last quarter. Finally, Thornburg Investment Management Inc. boosted its stake in shares of AT&T by 22.0% in the 2nd quarter. Thornburg Investment Management Inc. now owns 24,988,396 shares of the technology company’s stock valued at $477,528,000 after purchasing an additional 4,511,725 shares during the last quarter. 57.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

T has been the topic of a number of analyst reports. The Goldman Sachs Group initiated coverage on shares of AT&T in a research note on Monday, July 1st. They issued a “buy” rating and a $22.00 price objective on the stock. Oppenheimer upped their price objective on shares of AT&T from $21.00 to $23.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. TD Cowen boosted their target price on shares of AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Evercore ISI boosted their target price on shares of AT&T from $18.00 to $19.00 and gave the company an “in-line” rating in a research report on Thursday, July 25th. Finally, Citigroup boosted their target price on shares of AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $22.31.

AT&T Stock Performance

T opened at $21.54 on Friday. The company has a current ratio of 0.70, a quick ratio of 0.66 and a debt-to-equity ratio of 1.05. The company’s fifty day moving average price is $19.88 and its two-hundred day moving average price is $18.34. AT&T Inc. has a 1-year low of $14.12 and a 1-year high of $22.34. The company has a market cap of $154.45 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 3.79 and a beta of 0.59.

AT&T (NYSE:T) last announced its earnings results on Wednesday, July 24th. The technology company reported $0.57 EPS for the quarter, meeting the consensus estimate 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 net margin of 10.41% and a return on equity of 14.16%. The firm’s revenue for the quarter was down .3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.63 earnings per share. On average, analysts expect that AT&T Inc. will post 2.2 EPS for the current fiscal year.

AT&T Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were issued a $0.2775 dividend. The ex-dividend date was Wednesday, July 10th. This represents a $1.11 annualized dividend and a dividend yield of 5.15%. AT&T’s dividend payout ratio is currently 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.