Sumitomo Life Insurance Co. Reduces Stake in AT&T Inc. $T

Sumitomo Life Insurance Co. reduced its position in AT&T Inc. (NYSE:T) by 5.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,402 shares of the technology company’s stock after selling 2,870 shares during the period. Sumitomo Life Insurance Co.’s holdings in AT&T were worth $1,430,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of T. Stone House Investment Management LLC purchased a new position in AT&T during the first quarter valued at $25,000. O Brien Wealth Partners LLC purchased a new position in AT&T during the second quarter valued at $26,000. Hager Investment Management Services LLC lifted its position in AT&T by 182.1% during the first quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company’s stock valued at $28,000 after purchasing an additional 641 shares in the last quarter. Kennebec Savings Bank lifted its position in AT&T by 412.1% during the second quarter. Kennebec Savings Bank now owns 973 shares of the technology company’s stock valued at $28,000 after purchasing an additional 783 shares in the last quarter. Finally, Solstein Capital LLC lifted its position in AT&T by 217.3% during the second quarter. Solstein Capital LLC now owns 952 shares of the technology company’s stock valued at $28,000 after purchasing an additional 652 shares in the last quarter. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

AT&T Price Performance

NYSE:T opened at $24.76 on Monday. The company has a quick ratio of 0.96, a current ratio of 1.01 and a debt-to-equity ratio of 1.01. The business’s 50-day simple moving average is $27.57 and its two-hundred day simple moving average is $27.71. The stock has a market cap of $177.01 billion, a PE ratio of 8.04, a P/E/G ratio of 2.16 and a beta of 0.42. AT&T Inc. has a 52 week low of $21.38 and a 52 week high of $29.79.

AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, October 22nd. The technology company reported $0.54 EPS for the quarter, meeting analysts’ consensus estimates of $0.54. The business had revenue of $30.71 billion for the quarter, compared to analysts’ expectations of $30.85 billion. AT&T had a return on equity of 12.72% and a net margin of 17.87%.The business’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period last year, the firm earned $0.60 earnings per share. As a group, analysts forecast that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be issued a $0.2775 dividend. This represents a $1.11 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Friday, October 10th. AT&T’s payout ratio is 36.04%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on T. JPMorgan Chase & Co. lifted their target price on AT&T from $31.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, July 24th. Bank of America began coverage on AT&T in a research report on Monday, July 7th. They set a “buy” rating and a $32.00 target price on the stock. Citigroup reiterated a “buy” rating on shares of AT&T in a research report on Tuesday, August 26th. Wells Fargo & Company decreased their price target on AT&T from $31.00 to $29.00 and set an “overweight” rating on the stock in a report on Thursday, October 16th. Finally, Cowen reissued a “hold” rating on shares of AT&T in a report on Thursday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $30.67.

AT&T Company Profile

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.