Cornerstone Advisors LLC Trims Stock Holdings in AT&T Inc. $T

Cornerstone Advisors LLC reduced its position in AT&T Inc. (NYSE:T) by 37.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 55,300 shares of the technology company’s stock after selling 33,000 shares during the quarter. Cornerstone Advisors LLC’s holdings in AT&T were worth $1,600,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Stone House Investment Management LLC purchased a new stake in shares of AT&T in the first quarter valued at about $25,000. O Brien Wealth Partners LLC acquired a new position in AT&T in the 2nd quarter valued at about $26,000. Solstein Capital LLC raised its stake in AT&T by 217.3% during the 2nd quarter. Solstein Capital LLC now owns 952 shares of the technology company’s stock valued at $28,000 after acquiring an additional 652 shares during the last quarter. Kennebec Savings Bank lifted its position in AT&T by 412.1% during the 2nd quarter. Kennebec Savings Bank now owns 973 shares of the technology company’s stock worth $28,000 after acquiring an additional 783 shares during the period. Finally, IMA Advisory Services Inc. acquired a new stake in AT&T during the 1st quarter worth approximately $29,000. 57.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on T shares. Wall Street Zen lowered AT&T from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Scotiabank set a $30.25 price objective on shares of AT&T and gave the stock a “sector perform” rating in a research report on Monday, October 6th. Raymond James Financial restated a “strong-buy” rating and issued a $33.00 target price (up previously from $31.00) on shares of AT&T in a research note on Thursday, September 18th. JPMorgan Chase & Co. boosted their price target on shares of AT&T from $31.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, July 24th. Finally, Williams Trading set a $33.00 price target on shares of AT&T in a report on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.64.

AT&T Stock Performance

NYSE:T opened at $25.58 on Monday. The firm’s fifty day simple moving average is $26.75 and its 200-day simple moving average is $27.56. The company has a quick ratio of 0.96, a current ratio of 1.01 and a debt-to-equity ratio of 1.01. The stock has a market cap of $181.31 billion, a PE ratio of 8.30, a price-to-earnings-growth ratio of 2.16 and a beta of 0.40. AT&T Inc. has a fifty-two week low of $21.38 and a fifty-two week high of $29.79.

AT&T (NYSE:T) last released its quarterly earnings data on Wednesday, October 22nd. The technology company reported $0.54 EPS for the quarter, hitting analysts’ consensus estimates of $0.54. AT&T had a net margin of 17.87% and a return on equity of 12.72%. The firm had revenue of $30.71 billion for the quarter, compared to the consensus estimate of $30.85 billion. During the same quarter in the previous year, the firm earned $0.60 earnings per share. The firm’s revenue was up 1.7% on a year-over-year basis. Analysts expect that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Friday, October 10th were issued a $0.2775 dividend. The ex-dividend date was Friday, October 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.3%. AT&T’s dividend payout ratio is currently 36.04%.

AT&T 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.