Parsec Financial Management Inc. Cuts Stake in AT&T Inc. (T)

Parsec Financial Management Inc. decreased its position in shares of AT&T Inc. (NYSE:T) by 31.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 104,205 shares of the technology company’s stock after selling 48,635 shares during the quarter. Parsec Financial Management Inc.’s holdings in AT&T were worth $2,974,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Levin Capital Strategies L.P. lifted its holdings in AT&T by 2.7% during the 3rd quarter. Levin Capital Strategies L.P. now owns 7,691,075 shares of the technology company’s stock worth $258,266,000 after purchasing an additional 205,047 shares in the last quarter. Private Wealth Partners LLC lifted its holdings in AT&T by 35.7% during the 3rd quarter. Private Wealth Partners LLC now owns 163,148 shares of the technology company’s stock worth $5,479,000 after purchasing an additional 42,905 shares in the last quarter. Chemical Bank lifted its holdings in AT&T by 0.8% during the 3rd quarter. Chemical Bank now owns 227,448 shares of the technology company’s stock worth $7,638,000 after purchasing an additional 1,824 shares in the last quarter. Burleson & Company LLC lifted its holdings in AT&T by 77.7% during the 3rd quarter. Burleson & Company LLC now owns 123,576 shares of the technology company’s stock worth $3,751,000 after purchasing an additional 54,034 shares in the last quarter. Finally, Pratt Collard Advisory Partners LLC lifted its holdings in AT&T by 5.4% during the 4th quarter. Pratt Collard Advisory Partners LLC now owns 49,653 shares of the technology company’s stock worth $1,417,000 after purchasing an additional 2,534 shares in the last quarter. Institutional investors own 64.62% of the company’s stock.

A number of analysts recently issued reports on T shares. Raymond James raised AT&T from a “market perform” rating to an “outperform” rating and set a $34.00 price objective on the stock in a report on Friday, March 15th. They noted that the move was a valuation call. Cowen reaffirmed a “buy” rating and issued a $35.00 price target on shares of AT&T in a report on Thursday, January 31st. ValuEngine cut AT&T from a “sell” rating to a “strong sell” rating in a report on Tuesday, March 5th. Desjardins reaffirmed an “average” rating and issued a $56.50 price target on shares of AT&T in a report on Friday, April 5th. Finally, Barclays set a $32.00 price target on AT&T and gave the company a “hold” rating in a report on Friday, January 18th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $36.32.

Shares of NYSE T opened at $30.62 on Friday. The stock has a market cap of $186.50 billion, a P/E ratio of 8.61, a PEG ratio of 1.29 and a beta of 0.58. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.80 and a current ratio of 0.72. AT&T Inc. has a 1-year low of $26.80 and a 1-year high of $34.53.

AT&T (NYSE:T) last announced its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.86 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.86. The company 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 for the quarter was up 17.8% compared to the same quarter last year. During the same period last year, the firm posted $0.85 EPS. As a group, equities analysts expect that AT&T Inc. will post 3.59 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th were issued a dividend of $0.51 per share. The ex-dividend date of this dividend was Tuesday, April 9th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 6.66%. AT&T’s dividend payout ratio is 57.95%.

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AT&T 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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