AT&T Inc. (T) Shares Sold by Founders Capital Management LLC
Founders Capital Management LLC reduced its stake in shares of AT&T Inc. (NYSE:T) by 95.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,360 shares of the technology company’s stock after selling 240,752 shares during the quarter. Founders Capital Management LLC’s holdings in AT&T were worth $365,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in T. Earnest Partners LLC acquired a new position in shares of AT&T in the 4th quarter valued at $113,000. Braun Bostich & Associates Inc. acquired a new position in shares of AT&T in the 1st quarter valued at $137,000. Taylor Hoffman Wealth Management acquired a new position in shares of AT&T in the 4th quarter valued at $189,000. Elmwood Wealth Management Inc. acquired a new position in shares of AT&T in the 1st quarter valued at $178,000. Finally, Kendall Capital Management acquired a new position in shares of AT&T in the 4th quarter valued at $203,000. Hedge funds and other institutional investors own 64.70% of the company’s stock.
A number of brokerages recently issued reports on T. Raymond James cut shares of AT&T from an “outperform” rating to a “market perform” rating and set a $31.75 target price for the company. in a research report on Friday, July 13th. SunTrust Banks dropped their target price on shares of AT&T to $35.00 and set a “hold” rating for the company in a research report on Thursday, May 3rd. Zacks Investment Research upgraded shares of AT&T from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a research report on Tuesday, July 17th. JPMorgan Chase & Co. began coverage on shares of AT&T in a research report on Tuesday, June 19th. They set a “neutral” rating and a $36.00 target price for the company. Finally, Wells Fargo & Co cut shares of AT&T from an “outperform” rating to a “market perform” rating and set a $40.00 target price for the company. in a research report on Wednesday, August 22nd. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $38.21.
AT&T (NYSE:T) last issued its quarterly earnings data on Tuesday, July 24th. The technology company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. AT&T had a net margin of 20.12% and a return on equity of 13.64%. The firm had revenue of $38.99 billion for the quarter, compared to analyst estimates of $38.45 billion. During the same quarter in the prior year, the firm earned $0.79 EPS. The company’s revenue was down 2.1% on a year-over-year basis. analysts expect that AT&T Inc. will post 3.54 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 1st. Shareholders of record on Tuesday, July 10th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 6.12%. The ex-dividend date was Monday, July 9th. AT&T’s dividend payout ratio is currently 65.57%.
In other AT&T news, Director Matthew K. Rose bought 65,500 shares of AT&T stock in a transaction dated Thursday, July 26th. The shares were bought at an average price of $30.51 per share, with a total value of $1,998,405.00. Following the purchase, the director now owns 81,319 shares of the company’s stock, valued at $2,481,042.69. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Piazza Samuel A. Jr. Di bought 7,690 shares of AT&T stock in a transaction dated Wednesday, August 8th. The stock was acquired at an average cost of $32.48 per share, for a total transaction of $249,771.20. Following the purchase, the director now directly owns 31,405 shares in the company, valued at approximately $1,020,034.40. The disclosure for this purchase can be found here. 0.09% of the stock is owned by corporate insiders.
AT&T Inc provides communications and digital entertainment services. The company operates through four segments: Business Solutions, Entertainment Group, Consumer Mobility, and International. The Business Solutions segment offers wireless services, strategic services, legacy voice, data services, wireless equipment, and other services to multinational companies, governmental and wholesale customers, and individual subscribers.
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