State of Michigan Retirement System Sells 11,596,300 Shares of AT&T Inc. (NYSE:T)

State of Michigan Retirement System reduced its stake in AT&T Inc. (NYSE:T) by 57.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 8,465,313 shares of the technology company’s stock after selling 11,596,300 shares during the quarter. AT&T makes up about 1.0% of State of Michigan Retirement System’s portfolio, making the stock its 15th largest holding. State of Michigan Retirement System’s holdings in AT&T were worth $192,755,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Tradewinds Capital Management LLC lifted its position in AT&T by 48.6% in the 4th quarter. Tradewinds Capital Management LLC now owns 1,314 shares of the technology company’s stock valued at $30,000 after acquiring an additional 430 shares in the last quarter. Wealthstream Advisors Inc. lifted its position in AT&T by 3.7% in the 4th quarter. Wealthstream Advisors Inc. now owns 12,383 shares of the technology company’s stock valued at $282,000 after acquiring an additional 444 shares in the last quarter. Northeast Investment Management lifted its position in AT&T by 0.9% in the 4th quarter. Northeast Investment Management now owns 51,198 shares of the technology company’s stock valued at $1,166,000 after acquiring an additional 451 shares in the last quarter. Chesapeake Wealth Management lifted its position in AT&T by 1.9% in the 3rd quarter. Chesapeake Wealth Management now owns 24,304 shares of the technology company’s stock valued at $535,000 after acquiring an additional 460 shares in the last quarter. Finally, Luts & Greenleigh Group Inc. lifted its position in AT&T by 2.8% in the 4th quarter. Luts & Greenleigh Group Inc. now owns 16,905 shares of the technology company’s stock valued at $385,000 after acquiring an additional 460 shares in the last quarter. 57.10% of the stock is owned by institutional investors.

AT&T Trading Up 1.0 %

Shares of T stock opened at $27.69 on Tuesday. AT&T Inc. has a 52-week low of $15.94 and a 52-week high of $27.86. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.62 and a current ratio of 0.66. The firm has a market capitalization of $198.76 billion, a PE ratio of 18.58, a PEG ratio of 3.00 and a beta of 0.59. The stock has a fifty day simple moving average of $24.01 and a two-hundred day simple moving average of $22.64.

AT&T (NYSE:T) last issued its quarterly earnings results on Monday, January 27th. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.06. AT&T had a return on equity of 13.97% and a net margin of 8.95%. On average, analysts predict that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, January 10th were paid a $0.2775 dividend. The ex-dividend date was Friday, January 10th. This represents a $1.11 dividend on an annualized basis and a yield of 4.01%. AT&T’s payout ratio is presently 74.50%.

Analyst Ratings Changes

T has been the topic of several analyst reports. Oppenheimer initiated coverage on AT&T in a research report on Tuesday, December 10th. They issued an “outperform” rating and a $28.00 price objective on the stock. Sanford C. Bernstein boosted their target price on shares of AT&T from $28.00 to $29.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. Barclays boosted their target price on shares of AT&T from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. DZ Bank upgraded shares of AT&T from a “hold” rating to a “buy” rating and set a $27.00 target price for the company in a research note on Wednesday, January 29th. Finally, The Goldman Sachs Group boosted their target price on shares of AT&T from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. One analyst has rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $26.45.

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.