Cornerstone Wealth Group LLC Boosts Holdings in AT&T Inc. (NYSE:T)

Cornerstone Wealth Group LLC boosted its position in AT&T Inc. (NYSE:T) by 0.8% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 295,259 shares of the technology company’s stock after buying an additional 2,400 shares during the period. Cornerstone Wealth Group LLC’s holdings in AT&T were worth $6,496,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hayek Kallen Investment Management lifted its position in shares of AT&T by 0.8% in the 3rd quarter. Hayek Kallen Investment Management now owns 60,271 shares of the technology company’s stock worth $1,326,000 after buying an additional 500 shares during the last quarter. Lake Street Advisors Group LLC lifted its position in shares of AT&T by 0.7% in the 3rd quarter. Lake Street Advisors Group LLC now owns 73,562 shares of the technology company’s stock worth $1,618,000 after buying an additional 513 shares during the last quarter. Octavia Wealth Advisors LLC lifted its position in shares of AT&T by 2.1% in the 2nd quarter. Octavia Wealth Advisors LLC now owns 25,313 shares of the technology company’s stock worth $484,000 after buying an additional 519 shares during the last quarter. Carolinas Wealth Consulting LLC lifted its position in shares of AT&T by 2.3% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 23,650 shares of the technology company’s stock worth $452,000 after buying an additional 521 shares during the last quarter. Finally, WealthCare Investment Partners LLC lifted its position in shares of AT&T by 2.2% in the 2nd quarter. WealthCare Investment Partners LLC now owns 24,138 shares of the technology company’s stock worth $461,000 after buying an additional 525 shares during the last quarter. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

AT&T Trading Down 0.8 %

Shares of T stock opened at $22.01 on Thursday. AT&T Inc. has a 1 year low of $15.25 and a 1 year high of $22.58. The firm’s fifty day simple moving average is $21.36 and its 200 day simple moving average is $19.25. The firm has a market capitalization of $157.82 billion, a P/E ratio of 17.89, a price-to-earnings-growth ratio of 3.74 and a beta of 0.60. The company has a current ratio of 0.73, a quick ratio of 0.67 and a debt-to-equity ratio of 1.09.

AT&T (NYSE:T) last announced its earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. The business had revenue of $30.20 billion for the quarter, compared to analyst estimates of $30.50 billion. AT&T had a net margin of 7.42% and a return on equity of 13.97%. AT&T’s revenue was down .5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 earnings per share. As a group, sell-side analysts predict that AT&T Inc. will post 2.21 EPS for the current year.

AT&T Dividend Announcement

The firm 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 $0.2775 dividend. This represents a $1.11 annualized dividend and a yield of 5.04%. The ex-dividend date is Thursday, October 10th. AT&T’s dividend payout ratio (DPR) is presently 90.24%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on T shares. TD Cowen lifted their price objective on shares of AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Moffett Nathanson lifted their price objective on shares of AT&T from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Daiwa America upgraded shares of AT&T to a “hold” rating in a research report on Friday, July 26th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $22.00 price objective on shares of AT&T in a research report on Thursday, October 24th. Finally, Citigroup lifted their price objective on shares of AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.40.

About AT&T

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.