Highland Capital Management LLC Trims Holdings in AT&T Inc. (NYSE:T)

Highland Capital Management LLC reduced its position in shares of AT&T Inc. (NYSE:T) by 4.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 265,108 shares of the technology company’s stock after selling 12,850 shares during the period. Highland Capital Management LLC’s holdings in AT&T were worth $5,832,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Hayek Kallen Investment Management increased its holdings in AT&T by 0.8% in the 3rd quarter. Hayek Kallen Investment Management now owns 60,271 shares of the technology company’s stock valued at $1,326,000 after purchasing an additional 500 shares in the last quarter. Lake Street Advisors Group LLC boosted its position in shares of AT&T by 0.7% in the third quarter. Lake Street Advisors Group LLC now owns 73,562 shares of the technology company’s stock worth $1,618,000 after buying an additional 513 shares during the period. Octavia Wealth Advisors LLC grew its stake in shares of AT&T by 2.1% in the second quarter. Octavia Wealth Advisors LLC now owns 25,313 shares of the technology company’s stock valued at $484,000 after buying an additional 519 shares in the last quarter. Carolinas Wealth Consulting LLC raised its holdings in shares of AT&T by 2.3% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 23,650 shares of the technology company’s stock valued at $452,000 after buying an additional 521 shares during the period. Finally, WealthCare Investment Partners LLC lifted its position in AT&T by 2.2% during the 2nd quarter. WealthCare Investment Partners LLC now owns 24,138 shares of the technology company’s stock worth $461,000 after acquiring an additional 525 shares in the last quarter. 57.10% of the stock is owned by institutional investors and hedge funds.

AT&T Stock Performance

AT&T stock opened at $21.84 on Friday. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.70 and a quick ratio of 0.66. AT&T Inc. has a 12 month low of $14.74 and a 12 month high of $22.58. The company has a fifty day moving average price of $21.20 and a two-hundred day moving average price of $19.12. The company has a market cap of $156.60 billion, a PE ratio of 11.74, a P/E/G ratio of 3.67 and a beta of 0.60.

AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. AT&T had a net margin of 10.41% and a return on equity of 14.16%. The company had revenue of $30.20 billion for the quarter, compared to the consensus estimate of $30.50 billion. During the same period last year, the firm posted $0.64 EPS. The company’s revenue for the quarter was down .5% on a year-over-year basis. Research analysts expect that AT&T Inc. will post 2.22 earnings per share for the current year.

AT&T Announces Dividend

The business 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 dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a dividend yield of 5.08%. The ex-dividend date of this dividend is Thursday, October 10th. AT&T’s dividend payout ratio (DPR) is presently 59.68%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. The Goldman Sachs Group began coverage on shares of AT&T in a research report on Monday, July 1st. They issued a “buy” rating and a $22.00 price objective for the company. Wells Fargo & Company dropped their price target on shares of AT&T from $25.00 to $24.00 and set an “overweight” rating on the stock in a research note on Thursday. Citigroup upped their price objective on shares of AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Scotiabank lowered AT&T from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Finally, TD Cowen increased their price target on AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $23.40.

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.