Oppenheimer Asset Management Inc. Reduces Holdings in AT&T Inc. (NYSE:T)

Oppenheimer Asset Management Inc. cut its stake in shares of AT&T Inc. (NYSE:T) by 0.3% in the 3rd quarter, Holdings Channel reports. The fund owned 1,634,877 shares of the technology company’s stock after selling 4,541 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in AT&T were worth $35,967,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Mercer Global Advisors Inc. ADV boosted its position in shares of AT&T by 1,379.0% in the second quarter. Mercer Global Advisors Inc. ADV now owns 14,159,133 shares of the technology company’s stock worth $270,581,000 after acquiring an additional 13,201,774 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of AT&T by 43.3% in the second quarter. AQR Capital Management LLC now owns 21,853,624 shares of the technology company’s stock valued at $414,563,000 after purchasing an additional 6,602,586 shares during the period. Bank of New York Mellon Corp grew its stake in shares of AT&T by 7.4% during the second 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 in the last quarter. Thornburg Investment Management Inc. raised its holdings in AT&T by 22.0% in the second quarter. Thornburg Investment Management Inc. now owns 24,988,396 shares of the technology company’s stock valued at $477,528,000 after acquiring an additional 4,511,725 shares in the last quarter. Finally, Jupiter Asset Management Ltd. bought a new position in AT&T during the 2nd quarter worth approximately $78,570,000. Institutional investors and hedge funds own 57.10% of the company’s stock.

AT&T Stock Performance

T traded up $0.13 on Wednesday, hitting $22.28. The company had a trading volume of 2,138,459 shares, compared to its average volume of 35,436,590. The stock has a market cap of $159.87 billion, a price-to-earnings ratio of 18.01, a price-to-earnings-growth ratio of 3.35 and a beta of 0.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.73 and a quick ratio of 0.67. The company’s fifty day moving average price is $21.79 and its 200 day moving average price is $19.63. AT&T Inc. has a 1-year low of $15.52 and a 1-year high of $22.73.

AT&T (NYSE:T) last announced its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $30.50 billion. During the same quarter last year, the company earned $0.64 EPS. The company’s quarterly revenue was down .5% on a year-over-year basis. Equities analysts predict that AT&T Inc. will post 2.22 earnings per share for the current fiscal year.

AT&T Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were issued a dividend of $0.2775 per share. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $1.11 dividend on an annualized basis and a yield of 4.98%. AT&T’s dividend payout ratio is 90.24%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Evercore ISI upped their price target on shares of AT&T from $19.00 to $21.00 and gave the stock an “in-line” rating in a research report on Thursday, October 24th. Daiwa America raised AT&T to a “hold” rating in a report on Friday, July 26th. Barclays raised their target price on shares of AT&T from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th. Royal Bank of Canada restated a “sector perform” rating and issued a $22.00 target price on shares of AT&T in a report on Thursday, October 24th. Finally, JPMorgan Chase & Co. raised their price objective on shares of AT&T from $21.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target 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.