AT&T Inc. (NYSE:T) Shares Sold by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. reduced its stake in shares of AT&T Inc. (NYSE:T) by 1.6% during the 2nd quarter, Holdings Channel.com reports. The fund owned 186,620 shares of the technology company’s stock after selling 2,944 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in AT&T were worth $6,254,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Halbert Hargrove Russell LLC increased its stake in AT&T by 2.7% in the second quarter. Halbert Hargrove Russell LLC now owns 14,396 shares of the technology company’s stock valued at $482,000 after purchasing an additional 383 shares during the period. Park Avenue Securities LLC increased its stake in AT&T by 2.8% in the second quarter. Park Avenue Securities LLC now owns 84,260 shares of the technology company’s stock valued at $2,824,000 after purchasing an additional 2,330 shares during the period. Oak Asset Management LLC increased its stake in AT&T by 5.9% in the second quarter. Oak Asset Management LLC now owns 80,313 shares of the technology company’s stock valued at $2,580,000 after purchasing an additional 4,463 shares during the period. Steward Partners Investment Advisory LLC increased its stake in AT&T by 51.0% in the second quarter. Steward Partners Investment Advisory LLC now owns 540,482 shares of the technology company’s stock valued at $18,111,000 after purchasing an additional 182,487 shares during the period. Finally, Bridgeworth LLC increased its stake in shares of AT&T by 1.4% during the second quarter. Bridgeworth LLC now owns 89,151 shares of the technology company’s stock worth $2,988,000 after acquiring an additional 1,230 shares during the period. Hedge funds and other institutional investors own 52.93% of the company’s stock.

A number of research analysts have recently issued reports on the stock. Desjardins reiterated an “average” rating and set a $55.50 price target on shares of AT&T in a research note on Tuesday. Bank of America reiterated a “buy” rating and set a $37.00 price target on shares of AT&T in a research note on Monday, June 24th. Raymond James boosted their price target on shares of AT&T from $34.00 to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Credit Suisse Group upgraded shares of AT&T from an “underperform” rating to a “neutral” rating and set a $29.00 price target on the stock in a research note on Thursday, July 25th. Finally, Cowen boosted their price target on shares of AT&T from $34.00 to $40.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $36.72.

In related news, CEO John T. Stankey sold 4,024 shares of the business’s stock in a transaction dated Tuesday, July 30th. The shares were 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 can be accessed through this link. 0.07% of the stock is currently owned by insiders.

T stock remained flat at $$34.54 during trading on Friday. 21,611,423 shares of the company were exchanged, compared to its average volume of 33,279,116. The stock has a market capitalization of $248.88 billion, a PE ratio of 9.81, a P/E/G ratio of 2.13 and a beta of 0.62. AT&T Inc. has a 52-week low of $26.80 and a 52-week high of $34.64. The business has a 50-day moving average of $33.54. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.81.

AT&T (NYSE:T) last released its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.89 EPS for the quarter, hitting analysts’ consensus estimates of $0.89. The firm had revenue of $44.96 billion for the quarter, compared to the consensus estimate of $44.97 billion. AT&T had a net margin of 9.47% and a return on equity of 13.38%. The firm’s revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.91 earnings per share. On average, sell-side analysts anticipate that AT&T Inc. will post 3.57 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 5.91%. The ex-dividend date was Tuesday, July 9th. AT&T’s dividend payout ratio is currently 57.95%.

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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Institutional Ownership by Quarter for AT&T (NYSE:T)

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