abrdn plc Sells 515,685 Shares of AT&T Inc. (NYSE:T)

abrdn plc trimmed its stake in AT&T Inc. (NYSE:T) by 14.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,943,960 shares of the technology company’s stock after selling 515,685 shares during the period. abrdn plc’s holdings in AT&T were worth $66,666,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Chesapeake Wealth Management boosted its holdings in shares of AT&T by 1.9% in the 3rd quarter. Chesapeake Wealth Management now owns 24,304 shares of the technology company’s stock valued at $535,000 after buying an additional 460 shares in the last quarter. Luts & Greenleigh Group Inc. lifted its position in AT&T by 2.8% during the fourth quarter. Luts & Greenleigh Group Inc. now owns 16,905 shares of the technology company’s stock valued at $385,000 after acquiring an additional 460 shares during the last quarter. Socha Financial Group LLC boosted its stake in AT&T by 2.5% in the third quarter. Socha Financial Group LLC now owns 18,847 shares of the technology company’s stock valued at $415,000 after acquiring an additional 461 shares in the last quarter. Garden State Investment Advisory Services LLC grew its holdings in AT&T by 1.4% in the third quarter. Garden State Investment Advisory Services LLC now owns 34,468 shares of the technology company’s stock worth $759,000 after purchasing an additional 468 shares during the last quarter. Finally, Essex Savings Bank increased its position in shares of AT&T by 2.3% during the third quarter. Essex Savings Bank now owns 21,636 shares of the technology company’s stock worth $476,000 after purchasing an additional 480 shares in the last quarter. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

AT&T Trading Up 0.0 %

Shares of AT&T stock opened at $24.26 on Wednesday. The firm has a 50-day simple moving average of $22.94 and a two-hundred day simple moving average of $21.70. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.62 and a current ratio of 0.66. AT&T Inc. has a fifty-two week low of $15.94 and a fifty-two week high of $24.98. The company has a market cap of $174.05 billion, a P/E ratio of 16.28, a price-to-earnings-growth ratio of 2.71 and a beta of 0.59.

AT&T (NYSE:T) last released its quarterly earnings results on Monday, January 27th. The technology company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.06. AT&T had a return on equity of 13.97% and a net margin of 8.95%. As a group, equities analysts predict that AT&T Inc. will post 2.15 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Friday, January 10th were paid a $0.2775 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $1.11 dividend on an annualized basis and a yield of 4.58%. AT&T’s dividend payout ratio is currently 74.50%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on T shares. Wells Fargo & Company dropped their target price on AT&T from $25.00 to $24.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Barclays upped their price objective on shares of AT&T from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Tigress Financial boosted their target price on shares of AT&T from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday. Argus raised shares of AT&T from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a report on Thursday, January 16th. Finally, DZ Bank upgraded shares of AT&T from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a research note on Wednesday, January 29th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $26.21.

AT&T Company Profile

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.