OVERSEA CHINESE BANKING Corp Ltd Cuts Stock Position in AT&T Inc. (NYSE:T)

OVERSEA CHINESE BANKING Corp Ltd trimmed its holdings in AT&T Inc. (NYSE:T) by 49.5% during the 3rd quarter, Holdings Channel.com reports. The fund owned 11,388 shares of the technology company’s stock after selling 11,153 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in AT&T were worth $250,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in T. Vanguard Group Inc. boosted its stake in AT&T by 0.4% during the first quarter. Vanguard Group Inc. now owns 624,994,998 shares of the technology company’s stock valued at $10,999,912,000 after buying an additional 2,588,539 shares during the last quarter. Bank of New York Mellon Corp boosted 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 acquiring an additional 5,592,123 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of AT&T by 2.7% in the second quarter. Legal & General Group Plc now owns 60,109,127 shares of the technology company’s stock valued at $1,148,689,000 after purchasing an additional 1,569,374 shares in the last quarter. Ameriprise Financial Inc. increased its position in AT&T by 2.0% in the second quarter. Ameriprise Financial Inc. now owns 51,558,884 shares of the technology company’s stock worth $985,307,000 after purchasing an additional 1,007,228 shares during the last quarter. Finally, LSV Asset Management raised its stake in AT&T by 1.1% during the second quarter. LSV Asset Management now owns 30,092,610 shares of the technology company’s stock valued at $575,070,000 after purchasing an additional 315,580 shares in the last quarter. Institutional investors own 57.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on T shares. Tigress Financial increased their price target on shares of AT&T from $29.00 to $30.00 and gave the company a “buy” rating in a report on Friday, September 27th. Hsbc Global Res raised AT&T to a “strong-buy” rating in a research note on Tuesday, October 1st. Daiwa America upgraded AT&T to a “hold” rating in a report on Friday, July 26th. Redburn Atlantic raised shares of AT&T to a “strong sell” rating in a research note on Monday, September 16th. Finally, Moffett Nathanson raised their target price on shares of AT&T from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, AT&T currently has an average rating of “Moderate Buy” and a consensus price target of $23.40.

AT&T Trading Down 0.2 %

NYSE:T opened at $22.25 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.67 and a current ratio of 0.73. The firm has a 50-day simple moving average of $21.82 and a 200-day simple moving average of $19.65. AT&T Inc. has a one year low of $15.64 and a one year high of $22.73. The firm has a market cap of $159.61 billion, a P/E ratio of 18.09, a P/E/G ratio of 3.33 and a beta of 0.59.

AT&T (NYSE:T) last posted its earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.03. AT&T had a return on equity of 13.97% and a net margin of 7.42%. The company had revenue of $30.20 billion for the quarter, compared to analyst estimates of $30.50 billion. During the same quarter in the previous year, the firm earned $0.64 earnings per share. The firm’s quarterly revenue was down .5% compared to the same quarter last year. Equities analysts anticipate that AT&T Inc. will post 2.22 EPS for the current fiscal year.

AT&T Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were issued a $0.2775 dividend. This represents a $1.11 annualized dividend and a yield of 4.99%. The ex-dividend date of this dividend was Thursday, October 10th. AT&T’s dividend payout ratio is currently 90.24%.

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.