Principal Financial Group Inc. Acquires 242,962 Shares of AT&T Inc. (NYSE:T)

Principal Financial Group Inc. grew its holdings in AT&T Inc. (NYSE:T) by 2.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,878,296 shares of the technology company’s stock after acquiring an additional 242,962 shares during the quarter. Principal Financial Group Inc. owned 0.15% of AT&T worth $313,077,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. boosted its position in AT&T by 1.3% during the first quarter. BlackRock Inc. now owns 492,116,917 shares of the technology company’s stock valued at $14,896,379,000 after purchasing an additional 6,548,263 shares during the last quarter. Geode Capital Management LLC boosted its position in AT&T by 2.9% during the first quarter. Geode Capital Management LLC now owns 115,702,320 shares of the technology company’s stock valued at $3,492,776,000 after purchasing an additional 3,240,700 shares during the last quarter. Swiss National Bank boosted its position in AT&T by 1.8% during the first quarter. Swiss National Bank now owns 29,679,137 shares of the technology company’s stock valued at $898,387,000 after purchasing an additional 524,200 shares during the last quarter. Nordea Investment Management AB boosted its position in AT&T by 9.5% during the first quarter. Nordea Investment Management AB now owns 28,671,144 shares of the technology company’s stock valued at $871,890,000 after purchasing an additional 2,486,443 shares during the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in AT&T by 3.2% during the first quarter. UBS Asset Management Americas Inc. now owns 28,242,777 shares of the technology company’s stock valued at $854,909,000 after purchasing an additional 874,730 shares during the last quarter. Institutional investors own 51.61% of the company’s stock.

Shares of T opened at $27.35 on Wednesday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.73 and a current ratio of 0.77. The stock has a 50 day moving average price of $27.86 and a two-hundred day moving average price of $29.23. The firm has a market capitalization of $195.28 billion, a P/E ratio of -88.16, a P/E/G ratio of 2.11 and a beta of 0.78. AT&T Inc. has a 52 week low of $26.35 and a 52 week high of $33.88.

AT&T (NYSE:T) last announced its earnings results on Wednesday, July 21st. The technology company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.10. AT&T had a positive return on equity of 12.78% and a negative net margin of 1.11%. The firm had revenue of $44.05 billion for the quarter, compared to the consensus estimate of $42.39 billion. During the same quarter in the previous year, the business earned $0.83 EPS. The company’s revenue was up 7.6% compared to the same quarter last year. On average, equities analysts forecast that AT&T Inc. will post 3.33 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, August 2nd. Stockholders of record on Friday, July 9th were paid a $0.52 dividend. The ex-dividend date of this dividend was Thursday, July 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 7.61%. AT&T’s payout ratio is presently 65.41%.

A number of analysts have recently issued reports on T shares. Citigroup cut their price objective on AT&T from $34.00 to $32.00 and set a “buy” rating for the company in a research report on Tuesday, August 31st. Deutsche Bank Aktiengesellschaft raised their price objective on AT&T from $34.00 to $37.00 and gave the company a “buy” rating in a research report on Monday, July 26th. Scotiabank raised AT&T from a “sector underperform” rating to a “sector perform” rating and raised their price objective for the company from $28.00 to $31.00 in a research report on Wednesday, June 16th. Royal Bank of Canada started coverage on AT&T in a research note on Thursday, July 22nd. They set a “hold” rating and a $30.00 target price on the stock. Finally, UBS Group upgraded AT&T from a “neutral” rating to a “buy” rating and increased their target price for the stock from $32.00 to $35.00 in a research note on Friday, May 21st. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $31.16.

AT&T Company Profile

AT&T, Inc is a holding company, which engages in the provision of telecommunications media and technology service. It operates through the following segments: Communications, WarnerMedia, and Latin America. The Communications segment provides services to businesses and consumers located in the U.S., or in U.S.

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

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