Drexel Morgan & Co. Buys 3,860 Shares of AT&T Inc. (NYSE:T)

Drexel Morgan & Co. increased its stake in AT&T Inc. (NYSE:T) by 0.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 5,123,320 shares of the technology company’s stock after purchasing an additional 3,860 shares during the quarter. AT&T makes up 21.0% of Drexel Morgan & Co.’s investment portfolio, making the stock its largest holding. Drexel Morgan & Co. owned approximately 0.07% of AT&T worth $97,907,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in the stock. Riggs Asset Managment Co. Inc. boosted its holdings in AT&T by 356.5% during the second quarter. Riggs Asset Managment Co. Inc. now owns 1,429 shares of the technology company’s stock valued at $27,000 after acquiring an additional 1,116 shares during the period. Pineridge Advisors LLC acquired a new position in shares of AT&T during the 4th quarter worth about $25,000. Frank Rimerman Advisors LLC bought a new stake in AT&T during the 4th quarter valued at approximately $25,000. American Capital Advisory LLC grew its holdings in AT&T by 107.5% in the 2nd quarter. American Capital Advisory LLC now owns 1,558 shares of the technology company’s stock valued at $30,000 after buying an additional 807 shares during the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its position in AT&T by 176.6% in the 2nd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,867 shares of the technology company’s stock worth $35,000 after buying an additional 1,192 shares during the period. Institutional investors own 57.10% of the company’s stock.

AT&T Stock Down 1.7 %

T opened at $21.35 on Friday. The firm has a market cap of $153.08 billion, a price-to-earnings ratio of 11.48, a PEG ratio of 3.79 and a beta of 0.59. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.66 and a current ratio of 0.70. The firm’s 50-day simple moving average is $19.82 and its 200-day simple moving average is $18.30. AT&T Inc. has a twelve month low of $14.12 and a twelve month high of $22.34.

AT&T (NYSE:T) last issued its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.57 earnings per share for the quarter, hitting the consensus estimate of $0.57. The firm had revenue of $29.80 billion for the quarter, compared to analysts’ expectations of $30.05 billion. AT&T had a net margin of 10.41% and a return on equity of 14.16%. The company’s quarterly revenue was down .3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.63 earnings per share. Equities research analysts anticipate that AT&T Inc. will post 2.2 EPS for the current fiscal year.

AT&T Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were given a $0.2775 dividend. The ex-dividend date was Wednesday, July 10th. This represents a $1.11 annualized dividend and a yield of 5.20%. AT&T’s payout ratio is 59.68%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on T shares. Royal Bank of Canada increased their price objective on AT&T from $18.00 to $19.00 and gave the company a “sector perform” rating in a research report on Thursday, July 25th. Citigroup raised their price target on shares of AT&T from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Daiwa America raised shares of AT&T to a “hold” rating in a research report on Friday, July 26th. Deutsche Bank Aktiengesellschaft lifted their target price on AT&T from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Finally, Moffett Nathanson upped their price target on AT&T from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $22.31.

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.