Legacy Wealth Management Inc Buys 4,010 Shares of AT&T Inc. (NYSE:T)

Legacy Wealth Management Inc boosted its stake in shares of AT&T Inc. (NYSE:T) by 4.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 93,368 shares of the technology company’s stock after purchasing an additional 4,010 shares during the period. AT&T comprises 0.1% of Legacy Wealth Management Inc’s portfolio, making the stock its 18th largest holding. Legacy Wealth Management Inc’s holdings in AT&T were worth $2,054,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Fortitude Family Office LLC raised its position in AT&T by 41.5% in the third quarter. Fortitude Family Office LLC now owns 59,656 shares of the technology company’s stock worth $1,312,000 after acquiring an additional 17,502 shares during the period. abrdn plc raised its position in AT&T by 34.9% in the third quarter. abrdn plc now owns 3,459,645 shares of the technology company’s stock worth $75,680,000 after acquiring an additional 894,444 shares during the period. Pallas Capital Advisors LLC raised its position in AT&T by 10.2% in the third quarter. Pallas Capital Advisors LLC now owns 56,210 shares of the technology company’s stock worth $1,248,000 after acquiring an additional 5,205 shares during the period. Orrstown Financial Services Inc. bought a new position in AT&T in the third quarter worth approximately $359,000. Finally, Patriot Financial Group Insurance Agency LLC raised its position in AT&T by 28.4% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 40,366 shares of the technology company’s stock worth $888,000 after acquiring an additional 8,928 shares during the period. 57.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

T has been the subject of a number of analyst reports. JPMorgan Chase & Co. increased their price objective on shares of AT&T from $21.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Hsbc Global Res raised shares of AT&T to a “strong-buy” rating in a research note on Tuesday, October 1st. Scotiabank cut shares of AT&T from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Moffett Nathanson increased their price objective on shares of AT&T from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $22.00 price objective on shares of AT&T in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.40.

AT&T Stock Performance

Shares of NYSE:T opened at $22.03 on Tuesday. AT&T Inc. has a 52 week low of $14.91 and a 52 week high of $22.58. The stock has a market capitalization of $157.96 billion, a P/E ratio of 17.99, a PEG ratio of 3.74 and a beta of 0.60. The firm has a fifty day simple moving average of $21.26 and a two-hundred day simple moving average of $19.19. The company has a quick ratio of 0.67, a current ratio of 0.73 and a debt-to-equity ratio of 1.09.

AT&T (NYSE:T) last released its earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.03. The firm had revenue of $30.20 billion during 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%. The business’s revenue was down .5% on a year-over-year basis. During the same quarter last year, the business earned $0.64 EPS. On average, analysts expect that AT&T Inc. will post 2.21 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a $0.2775 dividend. The ex-dividend date is Thursday, October 10th. This represents a $1.11 annualized dividend and a dividend yield of 5.04%. AT&T’s dividend payout ratio (DPR) is presently 90.24%.

AT&T Company 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.