Cornerstone Enterprises LLC Purchases Shares of 156,183 AT&T Inc. $T

Cornerstone Enterprises LLC purchased a new stake in AT&T Inc. (NYSE:T) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 156,183 shares of the technology company’s stock, valued at approximately $4,520,000. AT&T makes up 2.4% of Cornerstone Enterprises LLC’s portfolio, making the stock its 12th biggest holding.

Other institutional investors have also recently added to or reduced their stakes in the company. Stone House Investment Management LLC acquired a new position in AT&T in the first quarter valued at approximately $25,000. O Brien Wealth Partners LLC acquired a new position in AT&T in the second quarter valued at approximately $26,000. Hager Investment Management Services LLC lifted its stake in AT&T by 182.1% in the first quarter. Hager Investment Management Services LLC now owns 993 shares of the technology company’s stock valued at $28,000 after buying an additional 641 shares during the period. Kennebec Savings Bank lifted its stake in AT&T by 412.1% in the second quarter. Kennebec Savings Bank now owns 973 shares of the technology company’s stock valued at $28,000 after buying an additional 783 shares during the period. Finally, Core Alternative Capital lifted its stake in AT&T by 125.4% in the first quarter. Core Alternative Capital now owns 1,021 shares of the technology company’s stock valued at $29,000 after buying an additional 568 shares during the period. 57.10% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on T shares. UBS Group set a $33.00 price objective on AT&T in a report on Thursday, September 18th. HSBC downgraded AT&T from a “buy” rating to a “hold” rating and set a $30.00 price objective for the company. in a report on Thursday, July 24th. Raymond James Financial restated a “strong-buy” rating and set a $33.00 price objective (up previously from $31.00) on shares of AT&T in a report on Thursday, September 18th. JPMorgan Chase & Co. boosted their price objective on AT&T from $31.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, July 24th. Finally, Wells Fargo & Company boosted their price objective on AT&T from $30.00 to $31.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $30.75.

AT&T Trading Up 0.3%

Shares of AT&T stock opened at $26.24 on Thursday. The stock has a fifty day simple moving average of $28.51 and a 200 day simple moving average of $27.90. AT&T Inc. has a 12-month low of $21.05 and a 12-month high of $29.79. The company has a market capitalization of $187.63 billion, a P/E ratio of 14.91, a price-to-earnings-growth ratio of 3.35 and a beta of 0.42. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01.

AT&T (NYSE:T) last announced its quarterly earnings results on Wednesday, July 23rd. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. AT&T had a return on equity of 13.36% and a net margin of 10.29%.The business had revenue of $30.85 billion during the quarter, compared to the consensus estimate of $30.44 billion. During the same quarter in the prior year, the company posted $0.51 earnings per share. AT&T’s revenue was up 3.4% compared to the same quarter last year. On average, sell-side analysts anticipate that AT&T Inc. will post 2.14 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be issued a dividend of $0.2775 per share. The ex-dividend date is Friday, October 10th. This represents a $1.11 annualized dividend and a yield of 4.2%. AT&T’s dividend payout ratio is 63.07%.

About AT&T

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.