DAVENPORT & Co LLC Sells 24,223 Shares of AT&T Inc. (NYSE:T)

DAVENPORT & Co LLC trimmed its stake in shares of AT&T Inc. (NYSE:T) by 6.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 326,058 shares of the technology company’s stock after selling 24,223 shares during the quarter. DAVENPORT & Co LLC’s holdings in AT&T were worth $7,424,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of T. Tritonpoint Wealth LLC boosted its stake in shares of AT&T by 10.7% during the 4th quarter. Tritonpoint Wealth LLC now owns 10,525 shares of the technology company’s stock worth $240,000 after buying an additional 1,014 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its holdings in shares of AT&T by 4.2% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 207,042 shares of the technology company’s stock valued at $4,714,000 after purchasing an additional 8,354 shares during the period. Independence Bank of Kentucky raised its holdings in shares of AT&T by 52.4% in the 4th quarter. Independence Bank of Kentucky now owns 10,973 shares of the technology company’s stock valued at $250,000 after purchasing an additional 3,775 shares during the period. Chicago Partners Investment Group LLC raised its holdings in shares of AT&T by 5.0% in the 4th quarter. Chicago Partners Investment Group LLC now owns 58,948 shares of the technology company’s stock valued at $1,307,000 after purchasing an additional 2,792 shares during the period. Finally, Everett Harris & Co. CA raised its holdings in shares of AT&T by 11.6% in the 4th quarter. Everett Harris & Co. CA now owns 34,872 shares of the technology company’s stock valued at $794,000 after purchasing an additional 3,615 shares during the period. 57.10% of the stock is owned by institutional investors and hedge funds.

AT&T Price Performance

T opened at $24.26 on Tuesday. The stock has a fifty day simple moving average of $22.92 and a two-hundred day simple moving average of $21.66. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.00. The company has a market cap of $174.04 billion, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 2.71 and a beta of 0.59. AT&T Inc. has a 12-month low of $15.94 and a 12-month high of $24.98.

AT&T (NYSE:T) last released its quarterly earnings data on Monday, January 27th. The technology company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.48 by $0.06. AT&T had a return on equity of 13.97% and a net margin of 8.95%. Research analysts predict that AT&T Inc. will post 2.15 earnings per share for the current fiscal year.

AT&T Dividend Announcement

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

Analysts Set New Price Targets

Several research firms have weighed in on T. DZ Bank raised shares of AT&T from a “hold” rating to a “buy” rating and set a $27.00 price target on the stock in a report on Wednesday, January 29th. Wells Fargo & Company lowered their price target on shares of AT&T from $25.00 to $24.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Morgan Stanley raised shares of AT&T from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $19.00 to $28.00 in a report on Monday, December 16th. Royal Bank of Canada increased their price target on shares of AT&T from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 28th. Finally, Evercore ISI raised their target price on shares of AT&T from $19.00 to $21.00 and gave the company an “in-line” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $26.11.

About AT&T

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.