MBE Wealth Management LLC Boosts Stake in AT&T Inc. (NYSE:T)
MBE Wealth Management LLC lifted its holdings in shares of AT&T Inc. (NYSE:T) by 11.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,925 shares of the technology company’s stock after purchasing an additional 1,042 shares during the quarter. AT&T comprises approximately 0.3% of MBE Wealth Management LLC’s investment portfolio, making the stock its 25th biggest position. MBE Wealth Management LLC’s holdings in AT&T were worth $289,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of the stock. Geode Capital Management LLC increased its holdings in AT&T by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 109,540,861 shares of the technology company’s stock valued at $4,272,292,000 after purchasing an additional 4,091,166 shares during the last quarter. Norges Bank purchased a new position in shares of AT&T during the fourth quarter worth $2,928,300,000. Nuveen Asset Management LLC grew its stake in shares of AT&T by 18.4% in the fourth quarter. Nuveen Asset Management LLC now owns 53,216,205 shares of the technology company’s stock valued at $2,079,689,000 after buying an additional 8,261,619 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of AT&T by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 35,878,744 shares of the technology company’s stock valued at $1,402,142,000 after buying an additional 324,493 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in AT&T by 7.1% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 30,960,127 shares of the technology company’s stock worth $886,887,000 after acquiring an additional 2,046,164 shares in the last quarter. 56.12% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Geoffrey Y. Yang acquired 6,754 shares of AT&T stock in a transaction on Friday, April 24th. The stock was purchased at an average cost of $29.39 per share, with a total value of $198,500.06. Following the purchase, the director now directly owns 9,398 shares in the company, valued at $276,207.22. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen J. Luczo acquired 36,000 shares of AT&T stock in a transaction on Wednesday, April 22nd. The shares were bought at an average cost of $29.38 per share, with a total value of $1,057,680.00. The disclosure for this purchase can be found here. Company insiders own 0.07% of the company’s stock.
AT&T (NYSE:T) last announced its earnings results on Wednesday, April 22nd. The technology company reported $0.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.01). The firm had revenue of $42.78 billion during the quarter, compared to analyst estimates of $44.75 billion. AT&T had a net margin of 8.05% and a return on equity of 13.27%. The firm’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same period last year, the company earned $0.86 earnings per share. On average, research analysts expect that AT&T Inc. will post 3.29 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Thursday, April 9th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 7.35%. The ex-dividend date of this dividend was Wednesday, April 8th. AT&T’s payout ratio is currently 58.26%.
T has been the subject of several research reports. Guggenheim dropped their target price on AT&T from $39.00 to $38.00 and set a “buy” rating for the company in a research report on Thursday, April 23rd. JPMorgan Chase & Co. cut shares of AT&T from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $38.00 to $35.00 in a report on Wednesday, April 1st. SunTrust Banks reduced their target price on shares of AT&T from $36.00 to $30.00 and set a “hold” rating on the stock in a report on Friday, April 3rd. Citigroup dropped their price target on shares of AT&T from $42.00 to $31.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Finally, Nomura cut their price objective on AT&T from $39.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, April 22nd. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have assigned a buy rating to the company’s stock. AT&T presently has an average rating of “Hold” and an average price target of $36.15.
AT&T Inc provides telecommunication, media, and technology services worldwide. The company operates through four segments: Communications, WarnerMedia, Latin America, and Xandr. The Communications segment provides wireless and wireline telecom, video, and broadband and Internet services; video entertainment services using satellite, IP-based, and streaming options; and audio programming services under the AT&T, Cricket, AT&T PREPAID, and DIRECTV brands to residential and business customers.
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