Zacks Investment Research lowered shares of AT&T Inc. (NYSE:T) from a hold rating to a sell rating in a research report sent to investors on Thursday, July 13th.

According to Zacks, “Over the past three months, shares of AT&T fell 9.20% while the Zacks Wireless National industry lost 8.93%. Notably, AT&T operates in a highly competitive and saturated wireless U.S. market. Moreover, losses in access lines, operating expenses, marketing costs associated with attractive discounts, regulatory norms and union issues act as major headwinds. However, AT&T’s plans to deploy both fixed and wireless 5G network in late 2018 or early 2019 using virtualized Radio Access Networks core in its trials, launch 3GPP Mobile 5G Services in 2018 and deploy 28GHz and 39GHz spectrum bands complements its 5G strategy. AT&T’s DirecTV Now is offering free Roku Premiere set-top box to lure in more customers. The AT&T-Time Warner deal gained European Union’s approval but awaits U.S. Justice Department’s nod. AT&T’s Unlimited data plans have heated up the wireless industry.”

Several other equities research analysts also recently commented on the stock. Vetr upgraded shares of AT&T from a buy rating to a strong-buy rating and set a $41.56 target price on the stock in a research note on Monday, July 10th. Royal Bank Of Canada restated a hold rating and issued a $42.00 target price on shares of AT&T in a research note on Sunday, July 9th. Wells Fargo & Company restated an outperform rating on shares of AT&T in a research note on Wednesday, June 28th. Goldman Sachs Group, Inc. (The) restated a neutral rating on shares of AT&T in a research note on Wednesday, June 28th. Finally, ValuEngine downgraded shares of AT&T from a buy rating to a hold rating in a research note on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating and eleven have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $43.40.

Shares of AT&T (T) opened at 38.36 on Thursday. The stock’s 50 day moving average is $37.65 and its 200 day moving average is $39.78. The stock has a market capitalization of $235.53 billion, a price-to-earnings ratio of 18.10 and a beta of 0.47. AT&T has a 1-year low of $35.81 and a 1-year high of $43.48.

AT&T (NYSE:T) last announced its quarterly earnings results on Tuesday, July 25th. The technology company reported $0.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.05. AT&T had a net margin of 8.12% and a return on equity of 14.53%. The firm had revenue of $39.84 billion for the quarter, compared to analyst estimates of $39.84 billion. During the same quarter in the previous year, the firm posted $0.72 EPS. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, equities analysts forecast that AT&T will post $2.95 EPS for the current year.

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The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th were issued a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a yield of 5.11%. The ex-dividend date was Thursday, July 6th. AT&T’s dividend payout ratio is 92.45%.

Large investors have recently made changes to their positions in the stock. New Capital Management LP purchased a new position in AT&T during the fourth quarter valued at $176,000. Private Advisor Group LLC boosted its position in AT&T by 5.1% in the fourth quarter. Private Advisor Group LLC now owns 570,386 shares of the technology company’s stock valued at $23,196,000 after buying an additional 27,716 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in AT&T by 4.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 59,285,390 shares of the technology company’s stock valued at $2,521,483,000 after buying an additional 2,770,539 shares during the last quarter. Tredje AP fonden boosted its position in AT&T by 22.0% in the fourth quarter. Tredje AP fonden now owns 562,651 shares of the technology company’s stock valued at $23,930,000 after buying an additional 101,420 shares during the last quarter. Finally, Haverford Trust Co. boosted its position in AT&T by 2.8% in the fourth quarter. Haverford Trust Co. now owns 174,021 shares of the technology company’s stock valued at $7,401,000 after buying an additional 4,720 shares during the last quarter. 55.28% of the stock is owned by institutional investors and hedge funds.

About AT&T

AT&T Inc is a holding company. The Company is a provider of communications and digital entertainment services in the United States and the world. The Company operates through four segments: Business Solutions, Entertainment Group, Consumer Mobility and International. The Company offers its services and products to consumers in the United States, Mexico and Latin America and to businesses and other providers of telecommunications services worldwide.

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