Cahaba Wealth Management Inc. Buys 12,972 Shares of AT&T Inc. (NYSE:T)

Cahaba Wealth Management Inc. raised its stake in shares of AT&T Inc. (NYSE:T) by 47.5% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 40,309 shares of the technology company’s stock after purchasing an additional 12,972 shares during the period. Cahaba Wealth Management Inc.’s holdings in AT&T were worth $887,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Mercer Global Advisors Inc. ADV grew its position in AT&T by 1,379.0% in the second quarter. Mercer Global Advisors Inc. ADV now owns 14,159,133 shares of the technology company’s stock worth $270,581,000 after acquiring an additional 13,201,774 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of AT&T by 43.3% in the 2nd quarter. AQR Capital Management LLC now owns 21,853,624 shares of the technology company’s stock worth $414,563,000 after purchasing an additional 6,602,586 shares during the period. Bank of New York Mellon Corp increased its position in shares of AT&T by 7.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 81,076,641 shares of the technology company’s stock valued at $1,549,375,000 after purchasing an additional 5,592,123 shares during the last quarter. Thornburg Investment Management Inc. lifted its position in AT&T by 22.0% in the second quarter. Thornburg Investment Management Inc. now owns 24,988,396 shares of the technology company’s stock worth $477,528,000 after buying an additional 4,511,725 shares during the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new position in AT&T during the second quarter worth $78,570,000. Hedge funds and other institutional investors own 57.10% of the company’s stock.

AT&T Stock Performance

T stock traded up $0.12 during midday trading on Friday, reaching $21.85. The stock had a trading volume of 27,277,372 shares, compared to its average volume of 35,539,133. The firm has a fifty day simple moving average of $20.95 and a two-hundred day simple moving average of $18.96. AT&T Inc. has a 52-week low of $14.74 and a 52-week high of $22.34. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.66 and a current ratio of 0.70. The stock has a market cap of $156.67 billion, a PE ratio of 11.75, a P/E/G ratio of 3.63 and a beta of 0.60.

AT&T (NYSE:T) last announced its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.57 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.57. AT&T had a return on equity of 14.16% and a net margin of 10.41%. The business had revenue of $29.80 billion for the quarter, compared to analyst estimates of $30.05 billion. During the same period in the prior year, the company earned $0.63 earnings per share. The company’s revenue was down .3% on a year-over-year basis. As a group, equities research analysts anticipate that AT&T Inc. will post 2.22 EPS for the current year.

AT&T Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 5.08%. The ex-dividend date is Thursday, October 10th. AT&T’s payout ratio is 59.68%.

Analyst Upgrades and Downgrades

T has been the subject of several analyst reports. The Goldman Sachs Group started coverage on shares of AT&T in a report on Monday, July 1st. They issued a “buy” rating and a $22.00 target price for the company. Hsbc Global Res raised AT&T to a “strong-buy” rating in a research note on Tuesday, October 1st. Redburn Atlantic raised AT&T to a “strong sell” rating in a research report on Monday, September 16th. Evercore ISI lifted their target price on AT&T from $18.00 to $19.00 and gave the stock an “in-line” rating in a research report on Thursday, July 25th. Finally, Daiwa America upgraded shares of AT&T to a “hold” rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, nine have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.69.

AT&T Profile

AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.