Pacific Wealth Strategies Group Inc. cut its holdings in shares of AT&T Inc. (NYSE:T) by 58.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 46,073 shares of the technology company’s stock after selling 64,125 shares during the period. Pacific Wealth Strategies Group Inc.’s holdings in AT&T were worth $1,337,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. BNC Wealth Management LLC acquired a new stake in shares of AT&T during the third quarter valued at about $27,000. ELM Advisors LLC acquired a new stake in shares of AT&T during the fourth quarter valued at about $59,000. Cerebellum GP LLC acquired a new stake in shares of AT&T during the third quarter valued at about $62,000. Provident Wealth Management LLC acquired a new stake in shares of AT&T during the third quarter valued at about $70,000. Finally, Planned Solutions Inc. acquired a new stake in shares of AT&T during the third quarter valued at about $81,000. Institutional investors own 52.29% of the company’s stock.
A number of research firms recently commented on T. Wolfe Research began coverage on AT&T in a research note on Monday, October 19th. They issued a “peer perform” rating and a $31.00 price target for the company. Morgan Stanley downgraded AT&T from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $36.00 to $34.00 in a research note on Thursday, December 17th. Royal Bank of Canada decreased their price target on AT&T from $32.00 to $30.00 in a research note on Monday, October 26th. Credit Suisse Group decreased their price target on AT&T from $33.00 to $31.00 and set a “neutral” rating for the company in a research note on Friday, October 23rd. Finally, KeyCorp downgraded AT&T from a “sector weight” rating to an “underweight” rating and set a $25.00 price target for the company. in a research note on Monday, October 5th. Six investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $32.40.
AT&T (NYSE:T) last released its earnings results on Thursday, October 22nd. The technology company reported $0.76 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.77 by ($0.01). The firm had revenue of $42.43 billion for the quarter, compared to analyst estimates of $41.66 billion. AT&T had a return on equity of 13.03% and a net margin of 6.84%. The firm’s revenue was down 4.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.94 EPS. As a group, analysts forecast that AT&T Inc. will post 3.2 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, February 1st. Shareholders of record on Monday, January 11th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 7.27%. The ex-dividend date is Friday, January 8th. AT&T’s dividend payout ratio is 58.26%.
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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