Investment Management of Virginia LLC Decreases Holdings in AT&T Inc. (NYSE:T)

Investment Management of Virginia LLC trimmed its holdings in shares of AT&T Inc. (NYSE:T) by 1.2% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 54,250 shares of the technology company’s stock after selling 654 shares during the quarter. Investment Management of Virginia LLC’s holdings in AT&T were worth $1,561,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in T. OLD Mission Capital LLC purchased a new stake in shares of AT&T during the 3rd quarter valued at about $453,000. Camden National Bank purchased a new stake in shares of AT&T during the 4th quarter valued at about $278,000. Destination Wealth Management grew its holdings in AT&T by 7.5% during the 1st quarter. Destination Wealth Management now owns 16,847 shares of the technology company’s stock valued at $510,000 after purchasing an additional 1,176 shares during the last quarter. Slow Capital Inc. grew its holdings in AT&T by 35.4% during the 1st quarter. Slow Capital Inc. now owns 11,080 shares of the technology company’s stock valued at $335,000 after purchasing an additional 2,898 shares during the last quarter. Finally, Cadence Bank NA grew its holdings in AT&T by 13.9% during the 1st quarter. Cadence Bank NA now owns 50,813 shares of the technology company’s stock valued at $1,538,000 after purchasing an additional 6,194 shares during the last quarter. Hedge funds and other institutional investors own 51.61% of the company’s stock.

Shares of T traded up $0.20 during mid-day trading on Wednesday, hitting $27.53. The company’s stock had a trading volume of 320,618 shares, compared to its average volume of 40,756,586. The company’s 50-day moving average is $27.86 and its 200-day moving average is $29.23. AT&T Inc. has a 52-week low of $26.35 and a 52-week high of $33.88. The firm has a market capitalization of $196.56 billion, a price-to-earnings ratio of -88.16, a PEG ratio of 2.11 and a beta of 0.78. The company has a current ratio of 0.77, a quick ratio of 0.73 and a debt-to-equity ratio of 0.87.

AT&T (NYSE:T) last announced its quarterly earnings results on Wednesday, July 21st. The technology company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.10. AT&T had a negative net margin of 1.11% and a positive return on equity of 12.78%. The firm had revenue of $44.05 billion during the quarter, compared to analysts’ expectations of $42.39 billion. During the same quarter in the prior year, the company earned $0.83 EPS. The company’s revenue was up 7.6% compared to the same quarter last year. As a group, sell-side analysts predict that AT&T Inc. will post 3.33 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, August 2nd. Stockholders of record on Friday, July 9th were given a $0.52 dividend. The ex-dividend date of this dividend was Thursday, July 8th. This represents a $2.08 annualized dividend and a dividend yield of 7.56%. AT&T’s payout ratio is presently 65.41%.

Several equities analysts recently commented on the stock. New Street Research upgraded shares of AT&T from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a report on Friday, May 21st. Royal Bank of Canada assumed coverage on shares of AT&T in a report on Thursday, July 22nd. They set a “hold” rating and a $30.00 price target on the stock. Redburn Partners assumed coverage on shares of AT&T in a report on Friday, June 25th. They set a “sell” rating and a $23.00 price target on the stock. Morgan Stanley downgraded shares of AT&T to an “equal weight” rating and set a $29.00 price target on the stock. in a report on Friday, July 16th. Finally, Citigroup cut their price target on shares of AT&T from $34.00 to $32.00 and set a “buy” rating on the stock in a report on Tuesday, August 31st. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $31.16.

About AT&T

AT&T, Inc is a holding company, which engages in the provision of telecommunications media and technology service. It operates through the following segments: Communications, WarnerMedia, and Latin America. The Communications segment provides services to businesses and consumers located in the U.S., or in U.S.

See Also: Market Timing

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Institutional Ownership by Quarter for AT&T (NYSE:T)

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