Platinum Investment Management Ltd. Sells 649 Shares of AT&T Inc. (NYSE:T)

Platinum Investment Management Ltd. lowered its stake in shares of AT&T Inc. (NYSE:TFree Report) by 9.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,087 shares of the technology company’s stock after selling 649 shares during the period. Platinum Investment Management Ltd.’s holdings in AT&T were worth $102,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in T. Norges Bank bought a new position in shares of AT&T in the fourth quarter valued at about $1,118,288,000. Ameriprise Financial Inc. lifted its position in AT&T by 185.6% during the third quarter. Ameriprise Financial Inc. now owns 52,613,513 shares of the technology company’s stock worth $790,301,000 after acquiring an additional 34,189,954 shares during the last quarter. FMR LLC grew its position in shares of AT&T by 130.5% in the third quarter. FMR LLC now owns 57,515,546 shares of the technology company’s stock valued at $863,884,000 after purchasing an additional 32,558,342 shares during the last quarter. Thornburg Investment Management Inc. bought a new position in shares of AT&T during the fourth quarter worth approximately $316,472,000. Finally, Kodai Capital Management LP acquired a new stake in AT&T during the 4th quarter worth approximately $152,109,000. Institutional investors and hedge funds own 57.10% of the company’s stock.

AT&T Stock Down 1.0 %

T stock traded down $0.18 during midday trading on Friday, reaching $18.10. 36,626,732 shares of the company’s stock traded hands, compared to its average volume of 28,424,848. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 1.06. The firm’s fifty day moving average price is $17.17 and its 200-day moving average price is $17.00. AT&T Inc. has a 52 week low of $13.43 and a 52 week high of $18.45. The company has a market cap of $129.78 billion, a price-to-earnings ratio of 9.73, a P/E/G ratio of 3.60 and a beta of 0.60.

AT&T (NYSE:TGet Free Report) last announced its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.02. The business had revenue of $30.03 billion during the quarter, compared to the consensus estimate of $30.62 billion. AT&T had a return on equity of 14.63% and a net margin of 11.13%. AT&T’s revenue was down .4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.60 earnings per share. As a group, sell-side analysts forecast that AT&T Inc. will post 2.24 earnings per share for the current fiscal year.

AT&T Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th were given a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a dividend yield of 6.13%. The ex-dividend date of this dividend was Tuesday, April 9th. AT&T’s dividend payout ratio is presently 59.68%.

Wall Street Analysts Forecast Growth

T has been the topic of several analyst reports. Royal Bank of Canada reissued a “sector perform” rating and set a $17.00 target price on shares of AT&T in a report on Thursday, April 11th. Barclays raised AT&T from an “equal weight” rating to an “overweight” rating and set a $20.00 price objective on the stock in a research note on Monday, April 29th. StockNews.com downgraded AT&T from a “buy” rating to a “hold” rating in a research note on Friday, May 3rd. Scotiabank lifted their price target on shares of AT&T from $22.00 to $22.50 and gave the company a “sector outperform” rating in a report on Thursday, April 25th. Finally, Wolfe Research raised shares of AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a research note on Tuesday, March 5th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $21.32.

Read Our Latest Stock Analysis on AT&T

AT&T Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for AT&T (NYSE:T)

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