River & Mercantile Asset Management LLP bought a new stake in AT&T Inc. (NYSE:T) in the second quarter, HoldingsChannel.com reports. The fund bought 47,719 shares of the technology company’s stock, valued at approximately $1,599,000.
A number of other hedge funds also recently modified their holdings of the business. Nuveen Asset Management LLC boosted its position in shares of AT&T by 1,723.1% during the second quarter. Nuveen Asset Management LLC now owns 46,051,038 shares of the technology company’s stock worth $1,543,169,000 after buying an additional 43,525,113 shares during the period. Vanguard Group Inc. boosted its position in shares of AT&T by 1.2% during the second quarter. Vanguard Group Inc. now owns 563,398,685 shares of the technology company’s stock worth $18,879,489,000 after buying an additional 6,744,699 shares during the period. Morgan Stanley boosted its position in shares of AT&T by 11.2% during the second quarter. Morgan Stanley now owns 59,058,549 shares of the technology company’s stock worth $1,979,052,000 after buying an additional 5,931,167 shares during the period. Nordea Investment Management AB boosted its position in shares of AT&T by 16.9% during the fourth quarter. Nordea Investment Management AB now owns 21,383,855 shares of the technology company’s stock worth $610,299,000 after buying an additional 3,097,958 shares during the period. Finally, Covenant Multifamily Offices LLC acquired a new position in shares of AT&T during the second quarter worth approximately $81,364,000. Institutional investors own 53.02% of the company’s stock.
T has been the subject of several analyst reports. Cowen set a $40.00 price objective on AT&T and gave the stock a “buy” rating in a research report on Friday, September 6th. DZ Bank restated a “hold” rating and issued a $38.00 target price on shares of AT&T in a research report on Wednesday, September 18th. Morgan Stanley set a $37.00 target price on AT&T and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Bank of America restated a “buy” rating on shares of AT&T in a research report on Monday, September 9th. Finally, JPMorgan Chase & Co. set a $39.00 target price on AT&T and gave the stock a “buy” rating in a research report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. AT&T presently has a consensus rating of “Buy” and an average target price of $38.43.
T traded down $0.51 during trading on Wednesday, reaching $36.97. The stock had a trading volume of 2,669,311 shares, compared to its average volume of 30,731,311. The firm has a market capitalization of $273.87 billion, a price-to-earnings ratio of 10.50, a price-to-earnings-growth ratio of 2.36 and a beta of 0.63. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.81. AT&T Inc. has a 1-year low of $26.80 and a 1-year high of $38.75. The stock has a 50 day moving average of $36.59 and a two-hundred day moving average of $33.47.
AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.89 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.89. The company had revenue of $44.96 billion for the quarter, compared to analysts’ expectations of $44.97 billion. AT&T had a return on equity of 13.38% and a net margin of 9.47%. The firm’s revenue was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 earnings per share. On average, research analysts forecast that AT&T Inc. will post 3.57 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be issued a $0.51 dividend. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $2.04 annualized dividend and a dividend yield of 5.52%. AT&T’s dividend payout ratio is currently 57.95%.
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.
Further Reading: Limitations of the P/E Growth ratio
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