Spinnaker Trust lifted its holdings in shares of AT&T Inc. (NYSE:T) by 5.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 97,307 shares of the technology company’s stock after purchasing an additional 4,947 shares during the period. Spinnaker Trust’s holdings in AT&T were worth $3,260,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in T. NuWave Investment Management LLC bought a new position in AT&T in the fourth quarter valued at about $40,000. Contravisory Investment Management Inc. boosted its holdings in AT&T by 36.0% in the second quarter. Contravisory Investment Management Inc. now owns 1,277 shares of the technology company’s stock valued at $43,000 after acquiring an additional 338 shares during the last quarter. Smart Portfolios LLC boosted its holdings in AT&T by 44.8% in the fourth quarter. Smart Portfolios LLC now owns 1,615 shares of the technology company’s stock valued at $46,000 after acquiring an additional 500 shares during the last quarter. Centaurus Financial Inc. boosted its holdings in AT&T by 24.4% in the first quarter. Centaurus Financial Inc. now owns 1,700 shares of the technology company’s stock valued at $54,000 after acquiring an additional 333 shares during the last quarter. Finally, Interactive Financial Advisors bought a new position in AT&T in the first quarter valued at about $56,000. Institutional investors own 52.91% of the company’s stock.
Several equities analysts recently issued reports on T shares. Bank of America raised their price target on CarMax from $95.00 to $112.00 in a report on Monday, June 24th. Desjardins reiterated an “average” rating and issued a $90.00 price target on shares of MFS California Municipal Fund in a report on Friday, April 5th. Raymond James raised their price target on Spotify Technology from $172.00 to $180.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. Cowen reiterated a “hold” rating and issued a $119.00 price target on shares of Landstar System in a report on Thursday, July 25th. Finally, ValuEngine upgraded Zumiez from a “sell” rating to a “hold” rating in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $36.77.
AT&T (NYSE:T) last issued its earnings results on Wednesday, July 24th. The technology company reported $0.89 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.89. AT&T had a return on equity of 13.38% and a net margin of 9.47%. The firm had revenue of $44.96 billion for the quarter, compared to analysts’ expectations of $44.97 billion. During the same quarter last year, the business earned $0.91 earnings per share. The company’s revenue was up 15.3% compared to the same quarter last year. Equities analysts expect that AT&T Inc. will post 3.57 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 5.94%. The ex-dividend date of this dividend is Tuesday, July 9th. AT&T’s dividend payout ratio (DPR) is currently 57.95%.
In other news, CEO John T. Stankey sold 4,024 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $34.15, for a total transaction of $137,419.60. Following the sale, the chief executive officer now owns 2,366 shares of the company’s stock, valued at $80,798.90. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.07% of the stock is currently owned by company insiders.
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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