Cullinan Associates Inc. Purchases 6,000 Shares of AT&T Inc. (NYSE:T)

Cullinan Associates Inc. grew its position in AT&T Inc. (NYSE:T) by 42.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,156 shares of the technology company’s stock after purchasing an additional 6,000 shares during the period. Cullinan Associates Inc.’s holdings in AT&T were worth $355,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of T. Cantor Fitzgerald Investment Advisors L.P. bought a new stake in AT&T during the fourth quarter worth about $11,554,000. Provence Wealth Management Group raised its holdings in AT&T by 55.8% during the fourth quarter. Provence Wealth Management Group now owns 16,217 shares of the technology company’s stock worth $272,000 after acquiring an additional 5,807 shares in the last quarter. Clearbridge Investments LLC raised its holdings in AT&T by 250.3% during the fourth quarter. Clearbridge Investments LLC now owns 67,303 shares of the technology company’s stock worth $1,129,000 after acquiring an additional 48,091 shares in the last quarter. Retireful LLC bought a new stake in AT&T during the fourth quarter worth about $1,163,000. Finally, Brighton Jones LLC raised its holdings in AT&T by 12.6% during the fourth quarter. Brighton Jones LLC now owns 46,265 shares of the technology company’s stock worth $776,000 after acquiring an additional 5,161 shares in the last quarter. 57.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on T shares. BNP Paribas upgraded AT&T from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 11th. Wolfe Research upgraded AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a report on Tuesday, March 5th. Royal Bank of Canada reiterated 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 target on the stock in a research report on Monday, April 29th. Finally, UBS Group reissued a “buy” rating and set a $24.00 price target on shares of AT&T in a research report on Tuesday, June 18th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, AT&T presently has a consensus rating of “Moderate Buy” and an average target price of $21.73.

AT&T Price Performance

AT&T stock opened at $18.82 on Wednesday. AT&T Inc. has a 12 month low of $13.43 and a 12 month high of $19.32. The stock’s 50 day moving average is $17.63 and its 200-day moving average is $17.20. The company has a current ratio of 0.68, a quick ratio of 0.63 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $134.94 billion, a price-to-earnings ratio of 10.12, a PEG ratio of 4.34 and a beta of 0.58.

AT&T (NYSE:T) last issued its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. The business had revenue of $30.03 billion for 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%. The firm’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.60 earnings per share. Equities research analysts expect that AT&T Inc. will post 2.24 EPS for the current year.

AT&T Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be given a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a yield of 5.90%. The ex-dividend date of this dividend is Wednesday, July 10th. AT&T’s dividend payout ratio is currently 59.68%.

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.