Letko Brosseau & Associates Inc. Has $84.22 Million Stock Position in AT&T Inc. (NYSE:T)

Letko Brosseau & Associates Inc. increased its stake in AT&T Inc. (NYSE:T) by 1.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 4,406,910 shares of the technology company’s stock after purchasing an additional 81,525 shares during the quarter. AT&T makes up approximately 1.6% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 23rd largest position. Letko Brosseau & Associates Inc.’s holdings in AT&T were worth $84,216,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Mosley Wealth Management boosted its holdings in shares of AT&T by 11.1% in the 2nd quarter. Mosley Wealth Management now owns 20,863 shares of the technology company’s stock valued at $399,000 after buying an additional 2,082 shares during the last quarter. Illinois Municipal Retirement Fund lifted its holdings in AT&T by 2.5% during the 2nd quarter. Illinois Municipal Retirement Fund now owns 1,245,347 shares of the technology company’s stock valued at $23,799,000 after purchasing an additional 30,476 shares during the last quarter. Gentry Private Wealth LLC bought a new position in AT&T during the second quarter worth $488,000. Sivia Capital Partners LLC boosted its position in AT&T by 11.5% during the second quarter. Sivia Capital Partners LLC now owns 14,024 shares of the technology company’s stock worth $268,000 after purchasing an additional 1,441 shares during the period. Finally, Cahaba Wealth Management Inc. increased its holdings in shares of AT&T by 24.6% in the second quarter. Cahaba Wealth Management Inc. now owns 27,337 shares of the technology company’s stock valued at $522,000 after purchasing an additional 5,392 shares during the last quarter. Institutional investors and hedge funds own 57.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on T. Deutsche Bank Aktiengesellschaft lifted their target price on shares of AT&T from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Oppenheimer upped their target price on AT&T from $21.00 to $23.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Moffett Nathanson lifted their price target on AT&T from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Royal Bank of Canada upped their price objective on AT&T from $18.00 to $19.00 and gave the company a “sector perform” rating in a report on Thursday, July 25th. Finally, UBS Group reissued a “buy” rating and set a $24.00 target price on shares of AT&T in a report on Tuesday, June 18th. Nine analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.06.

AT&T Price Performance

NYSE:T traded up $0.32 during mid-day trading on Friday, reaching $20.97. The stock had a trading volume of 53,079,539 shares, compared to its average volume of 35,856,078. AT&T Inc. has a 12 month low of $14.12 and a 12 month high of $21.00. The stock has a market capitalization of $150.36 billion, a PE ratio of 11.28, a P/E/G ratio of 3.36 and a beta of 0.59. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.70 and a quick ratio of 0.66. The stock has a 50-day simple moving average of $19.31 and a two-hundred day simple moving average of $18.00.

AT&T (NYSE:T) last issued its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.57 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.57. AT&T had a return on equity of 14.16% and a net margin of 10.41%. The company had revenue of $29.80 billion for the quarter, compared to analyst estimates of $30.05 billion. During the same quarter last year, the company posted $0.63 EPS. The company’s revenue for the quarter was down .3% compared to the same quarter last year. On average, equities analysts anticipate that AT&T Inc. will post 2.22 earnings per share for the current year.

AT&T Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were paid a $0.2775 dividend. The ex-dividend date was Wednesday, July 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 5.29%. AT&T’s payout ratio is currently 59.68%.

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.