Brown Brothers Harriman & Co. Decreases Stock Position in AT&T Inc. (NYSE:T)

Brown Brothers Harriman & Co. decreased its holdings in shares of AT&T Inc. (NYSE:T) by 15.5% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 96,031 shares of the technology company’s stock after selling 17,654 shares during the period. Brown Brothers Harriman & Co.’s holdings in AT&T were worth $2,113,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of T. Bank of New York Mellon Corp lifted its position in 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 purchasing an additional 5,592,123 shares during the period. Legal & General Group Plc lifted its holdings in shares of AT&T by 2.7% in the 2nd quarter. Legal & General Group Plc now owns 60,109,127 shares of the technology company’s stock valued at $1,148,689,000 after buying an additional 1,569,374 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of AT&T by 2.0% in the second quarter. Ameriprise Financial Inc. now owns 51,558,884 shares of the technology company’s stock worth $985,307,000 after buying an additional 1,007,228 shares during the last quarter. LSV Asset Management grew its holdings in AT&T by 1.1% during the second quarter. LSV Asset Management now owns 30,092,610 shares of the technology company’s stock worth $575,070,000 after acquiring an additional 315,580 shares during the period. Finally, Pacer Advisors Inc. raised its position in AT&T by 2.5% during the second quarter. Pacer Advisors Inc. now owns 28,113,880 shares of the technology company’s stock valued at $537,256,000 after acquiring an additional 675,082 shares in the last quarter. Institutional investors and hedge funds own 57.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on T. Redburn Atlantic upgraded AT&T to a “strong sell” rating in a research report on Monday, September 16th. Citigroup increased their price target on shares of AT&T from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Evercore ISI upped their price objective 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. Oppenheimer lifted their price target on AT&T from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $22.00 price target on shares of AT&T in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.40.

AT&T Stock Performance

NYSE:T opened at $23.10 on Tuesday. The company’s 50-day moving average is $22.04 and its two-hundred day moving average is $20.00. The firm has a market capitalization of $165.75 billion, a price-to-earnings ratio of 18.78, a PEG ratio of 3.48 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. AT&T Inc. has a 1-year low of $15.94 and a 1-year high of $23.32.

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 the consensus estimate 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 analyst estimates of $30.50 billion. During the same period in the prior year, the business posted $0.64 earnings per share. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. Analysts forecast that AT&T Inc. will post 2.22 EPS for the current year.

AT&T Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were given a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date was Thursday, October 10th. AT&T’s dividend payout ratio is presently 90.24%.

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.