AT&T Inc. $T Stock Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lessened its position in AT&T Inc. (NYSE:T) by 4.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,295,047 shares of the technology company’s stock after selling 62,330 shares during the period. Illinois Municipal Retirement Fund’s holdings in AT&T were worth $31,599,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. State Street Corp increased its position in shares of AT&T by 5.8% during the 2nd quarter. State Street Corp now owns 334,273,613 shares of the technology company’s stock worth $6,919,464,000 after purchasing an additional 18,468,679 shares in the last quarter. Bank of America Corp DE boosted its position in AT&T by 4.6% in the first quarter. Bank of America Corp DE now owns 125,191,700 shares of the technology company’s stock valued at $3,629,307,000 after buying an additional 5,449,222 shares in the last quarter. Bank of New York Mellon Corp boosted its position in AT&T by 12.7% in the first quarter. Bank of New York Mellon Corp now owns 72,764,509 shares of the technology company’s stock valued at $2,109,443,000 after buying an additional 8,197,935 shares in the last quarter. GQG Partners LLC acquired a new position in AT&T in the second quarter valued at about $1,223,364,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in AT&T by 2.5% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 55,616,152 shares of the technology company’s stock worth $1,151,254,000 after buying an additional 1,336,556 shares during the last quarter. Institutional investors own 57.10% of the company’s stock.

AT&T Stock Performance

AT&T stock opened at $21.95 on Wednesday. The stock has a 50-day simple moving average of $23.80 and a 200 day simple moving average of $24.90. The stock has a market capitalization of $147.89 billion, a price-to-earnings ratio of 11.87, a P/E/G ratio of 1.08 and a beta of 0.30. The company has a quick ratio of 0.82, a current ratio of 0.87 and a debt-to-equity ratio of 1.22. AT&T Inc. has a 12-month low of $19.89 and a 12-month high of $29.43.

AT&T (NYSE:T) last issued its quarterly earnings data on Wednesday, October 21st. The technology company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.05. The firm had revenue of $32.32 billion for the quarter, compared to analyst estimates of $31.69 billion. AT&T had a net margin of 10.19% and a return on equity of 13.41%. The company’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.54 EPS. On average, research analysts anticipate that AT&T Inc. will post 2.40 earnings per share for the current fiscal year.

AT&T Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Monday, October 12th were given a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date was Friday, October 9th. AT&T’s dividend payout ratio is presently 60.00%.

AT&T News Summary

Here are the key news stories impacting AT&T this week:

• Positive Sentiment: AT&T says it plans to maintain its annual dividend at $1.11 per share and repurchase about $10 billion of stock this year. One valuation analysis also suggests the shares could be roughly 34% below fair value, though that estimate depends on the company’s ability to generate cash over time. Article: The 10-Year Treasury Just Hit 5%. AT&T Pays About the Same Article: AT&T Stock May Be 34% Below Fair Value
• Positive Sentiment: A Cullen Capital Management filing disclosed a purchase of about 1.89 million AT&T shares as of September 30. The delayed filing is a modest positive signal, but does not indicate current trading. Article: Fund Update
• Neutral Sentiment: Dividend-focused analysis describes AT&T’s payout as relatively safe but not growing. The 5% 10-year Treasury yield offers investors a competing income option, potentially limiting the appeal of AT&T’s dividend. Article: How Safe Is Each Dividend Check?
• Negative Sentiment: Coverage emphasized AT&T’s substantial debt burden. Separately, Jim Cramer urged investors to sell, citing the prospect of SpaceX’s Starlink Mobile entering wireless through a nationwide 5G network partnership with Qualcomm. That is a competitive concern, not evidence of an immediate impact on AT&T’s results. Article: Should Dividend Stock Investors Buy AT&T Stock? Article: Jim Cramer on SpaceX and AT&T

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. KeyCorp dropped their price objective on shares of AT&T from $36.00 to $33.00 and set an “overweight” rating for the company in a report on Thursday, October 22nd. The Goldman Sachs Group set a $27.00 target price on shares of AT&T in a research note on Wednesday, October 21st. TD Cowen restated a “hold” rating and set a $33.00 price target on shares of AT&T in a research report on Thursday, October 22nd. Wells Fargo & Company raised their price target on AT&T from $18.00 to $20.00 and gave the company an “underweight” rating in a report on Thursday, July 23rd. Finally, Scotiabank dropped their price target on AT&T from $27.50 to $26.50 and set a “sector perform” rating for the company in a report on Friday, October 9th. Twelve equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.56.

AT&T Company Profile

AT&T Inc. (NYSE: T) is a telecommunications company that provides wireless communications, broadband, and related connectivity services. Its offerings include mobile voice and data plans, internet access, fiber broadband, fixed wireless services, and business communications solutions. The company serves consumers, businesses, government agencies, and other organizations primarily in the United States. AT&T’s business operations include wireless network services, wireline connectivity, fiber-optic internet, voice services, and networking solutions designed to connect locations, devices, and applications.