ERTS Wealth Advisors LLC purchased a new position in shares of AT&T Inc. (NYSE:T) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 4,871 shares of the technology company’s stock, valued at approximately $139,000.
Several other hedge funds also recently added to or reduced their stakes in the company. NuWave Investment Management LLC bought a new stake in shares of AT&T during the fourth quarter valued at about $40,000. WealthTrust Arizona LLC raised its stake in shares of AT&T by 76.2% during the fourth quarter. WealthTrust Arizona LLC now owns 1,427 shares of the technology company’s stock valued at $41,000 after purchasing an additional 617 shares in the last quarter. Cranbrook Wealth Management LLC raised its stake in shares of AT&T by 76.4% during the fourth quarter. Cranbrook Wealth Management LLC now owns 1,596 shares of the technology company’s stock valued at $46,000 after purchasing an additional 691 shares in the last quarter. Smart Portfolios LLC raised its stake in shares of AT&T by 44.8% during the fourth quarter. Smart Portfolios LLC now owns 1,615 shares of the technology company’s stock valued at $46,000 after purchasing an additional 500 shares in the last quarter. Finally, Mackey Komara & Dankovich LLC bought a new stake in shares of AT&T during the fourth quarter valued at about $76,000. 53.02% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently weighed in on the stock. ValuEngine upgraded shares of AT&T from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. Desjardins reaffirmed an “average” rating and set a $56.50 target price on shares of AT&T in a report on Friday, April 5th. Finally, Raymond James raised AT&T from a “market perform” rating to an “outperform” rating and set a $34.00 target price on the stock in a report on Friday, March 15th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $36.60.
AT&T (NYSE:T) last issued its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.86 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.86. The firm had revenue of $44.83 billion for the quarter, compared to analysts’ expectations of $45.20 billion. AT&T had a return on equity of 13.16% and a net margin of 10.59%. AT&T’s revenue was up 17.8% on a year-over-year basis. During the same quarter last year, the business posted $0.85 EPS. As a group, equities analysts forecast that AT&T Inc. will post 3.59 EPS for the current year.
AT&T Company Profile
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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