King Wealth Management Group Lowers Stock Position in AT&T Inc. (NYSE:T)

King Wealth Management Group trimmed its stake in AT&T Inc. (NYSE:T) by 42.7% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 17,300 shares of the technology company’s stock after selling 12,913 shares during the period. King Wealth Management Group’s holdings in AT&T were worth $381,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Orion Portfolio Solutions LLC increased its holdings in AT&T by 4.0% during the 1st quarter. Orion Portfolio Solutions LLC now owns 328,199 shares of the technology company’s stock worth $5,776,000 after purchasing an additional 12,591 shares during the period. Dorsey & Whitney Trust CO LLC grew its holdings in AT&T by 27.9% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 44,033 shares of the technology company’s stock worth $775,000 after acquiring an additional 9,602 shares in the last quarter. Motco increased its position in shares of AT&T by 22.3% in the 1st quarter. Motco now owns 10,774 shares of the technology company’s stock valued at $190,000 after purchasing an additional 1,963 shares during the last quarter. Tocqueville Asset Management L.P. raised its holdings in shares of AT&T by 2.5% in the 1st quarter. Tocqueville Asset Management L.P. now owns 71,279 shares of the technology company’s stock valued at $1,255,000 after purchasing an additional 1,716 shares in the last quarter. Finally, M&G Plc purchased a new position in AT&T in the first quarter valued at approximately $9,074,000. 57.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Wells Fargo & Company cut their price objective on shares of AT&T from $25.00 to $24.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Moffett Nathanson raised their price objective on shares of AT&T from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Redburn Atlantic upgraded shares of AT&T to a “strong sell” rating in a research report on Monday, September 16th. Daiwa America raised shares of AT&T to a “hold” rating in a report on Friday, July 26th. Finally, Tigress Financial lifted their price target on shares of AT&T from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, September 27th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.40.

AT&T Price Performance

AT&T stock opened at $22.25 on Friday. The stock has a fifty day moving average of $21.82 and a 200-day moving average of $19.65. AT&T Inc. has a 52 week low of $15.64 and a 52 week high of $22.73. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.67 and a current ratio of 0.73. The stock has a market capitalization of $159.61 billion, a P/E ratio of 18.09, a price-to-earnings-growth ratio of 3.35 and a beta of 0.59.

AT&T (NYSE:T) last posted 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 for the quarter, compared to analyst estimates of $30.50 billion. During the same period in the previous year, the firm earned $0.64 earnings per share. The firm’s quarterly revenue was down .5% on a year-over-year basis. On average, sell-side analysts expect that AT&T Inc. will post 2.22 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were issued a $0.2775 dividend. The ex-dividend date was Thursday, October 10th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.99%. AT&T’s dividend payout ratio is presently 90.24%.

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.