Kentucky Retirement Systems Decreases Stock Position in AT&T Inc. (NYSE:T)

Kentucky Retirement Systems decreased its position in shares of AT&T Inc. (NYSE:T) by 7.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 499,518 shares of the technology company’s stock after selling 40,799 shares during the period. Kentucky Retirement Systems’ holdings in AT&T were worth $10,989,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in T. Dorsey & Whitney Trust CO LLC grew its stake in shares of AT&T by 27.9% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 44,033 shares of the technology company’s stock worth $775,000 after buying an additional 9,602 shares in the last quarter. Tocqueville Asset Management L.P. lifted 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 acquiring an additional 1,716 shares during the last quarter. M&G Plc purchased a new position in AT&T in the first quarter worth about $9,074,000. Mizuho Markets Americas LLC bought a new stake in AT&T during the first quarter worth approximately $6,321,000. Finally, Spirepoint Private Client LLC purchased a new stake in AT&T during the first quarter valued at approximately $227,000. 57.10% of the stock is owned by institutional investors.

AT&T Stock Up 2.0 %

AT&T stock opened at $22.69 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.73 and a debt-to-equity ratio of 1.09. The firm has a market cap of $162.81 billion, a P/E ratio of 18.45, a P/E/G ratio of 3.35 and a beta of 0.59. The business has a fifty day moving average of $21.89 and a two-hundred day moving average of $19.71. AT&T Inc. has a twelve month low of $15.75 and a twelve month high of $22.75.

AT&T (NYSE:T) last issued its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 earnings per share 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 firm had revenue of $30.20 billion during the quarter, compared to analysts’ expectations of $30.50 billion. During the same period in the prior year, the business posted $0.64 EPS. The firm’s quarterly revenue was down .5% on a year-over-year basis. On average, analysts forecast that AT&T Inc. will post 2.22 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were issued a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.89%. The ex-dividend date was Thursday, October 10th. AT&T’s dividend payout ratio is currently 90.24%.

Wall Street Analyst Weigh In

T has been the subject of a number of recent research reports. Evercore ISI lifted their target price on AT&T from $19.00 to $21.00 and gave the stock an “in-line” rating in a report on Thursday, October 24th. Barclays lifted their price objective on shares of AT&T from $22.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. TD Cowen increased their target price on shares of AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Scotiabank cut shares of AT&T from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Finally, Citigroup raised their price target on AT&T from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, AT&T currently has a consensus rating of “Moderate Buy” and an average price target of $23.40.

AT&T Profile

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.