Drive Wealth Management LLC Increases Position in AT&T Inc. $T

Drive Wealth Management LLC boosted its holdings in shares of AT&T Inc. (NYSE:T) by 60.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,959 shares of the technology company’s stock after acquiring an additional 16,871 shares during the period. Drive Wealth Management LLC’s holdings in AT&T were worth $1,301,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. David J Yvars Group grew its stake in shares of AT&T by 2.8% in the 2nd quarter. David J Yvars Group now owns 13,884 shares of the technology company’s stock valued at $402,000 after buying an additional 372 shares during the period. AllSquare Wealth Management LLC grew its stake in shares of AT&T by 7.1% in the 1st quarter. AllSquare Wealth Management LLC now owns 5,704 shares of the technology company’s stock valued at $161,000 after buying an additional 378 shares during the period. Barnes Wealth Management Group Inc grew its stake in shares of AT&T by 2.6% in the 1st quarter. Barnes Wealth Management Group Inc now owns 15,027 shares of the technology company’s stock valued at $425,000 after buying an additional 380 shares during the period. Kathmere Capital Management LLC lifted its holdings in shares of AT&T by 0.8% in the 2nd quarter. Kathmere Capital Management LLC now owns 50,802 shares of the technology company’s stock worth $1,470,000 after acquiring an additional 381 shares during the last quarter. Finally, James J. Burns & Company LLC lifted its holdings in shares of AT&T by 1.0% in the 2nd quarter. James J. Burns & Company LLC now owns 40,362 shares of the technology company’s stock worth $1,168,000 after acquiring an additional 383 shares during the last quarter. Hedge funds and other institutional investors own 57.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of AT&T from $31.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, July 24th. Wells Fargo & Company decreased their price objective on shares of AT&T from $31.00 to $29.00 and set an “overweight” rating on the stock in a report on Thursday. Bank of America assumed coverage on shares of AT&T in a report on Monday, July 7th. They issued a “buy” rating and a $32.00 price objective on the stock. The Goldman Sachs Group assumed coverage on shares of AT&T in a report on Tuesday, September 2nd. They issued a “buy” rating and a $32.00 price objective on the stock. Finally, Weiss Ratings restated a “buy (b)” rating on shares of AT&T in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $30.65.

AT&T Price Performance

AT&T stock opened at $26.33 on Monday. The firm has a market cap of $188.24 billion, a PE ratio of 14.96, a price-to-earnings-growth ratio of 2.13 and a beta of 0.42. AT&T Inc. has a 52-week low of $21.05 and a 52-week high of $29.79. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 1.01. The company’s 50 day moving average is $28.27 and its two-hundred day moving average is $27.80.

AT&T (NYSE:T) last released its earnings results on Wednesday, July 23rd. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The company had revenue of $30.85 billion for the quarter, compared to analyst estimates of $30.44 billion. AT&T had a net margin of 10.29% and a return on equity of 13.36%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.51 EPS. On average, research analysts expect that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be issued a dividend of $0.2775 per share. The ex-dividend date is Friday, October 10th. This represents a $1.11 dividend on an annualized basis and a yield of 4.2%. AT&T’s dividend payout ratio is 63.07%.

About AT&T

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.