ProVise Management Group LLC Sells 2,001 Shares of AT&T Inc. (NYSE:T)

ProVise Management Group LLC lowered its position in shares of AT&T Inc. (NYSE:T) by 5.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 34,806 shares of the technology company’s stock after selling 2,001 shares during the period. ProVise Management Group LLC’s holdings in AT&T were worth $665,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in T. Mercer Global Advisors Inc. ADV grew its holdings in shares of AT&T by 1,379.0% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 14,159,133 shares of the technology company’s stock valued at $270,581,000 after purchasing an additional 13,201,774 shares during the last quarter. Kodai Capital Management LP bought a new position in shares of AT&T during the fourth quarter valued at about $152,109,000. Bank of New York Mellon Corp grew its stake in shares of 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 buying an additional 5,592,123 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in shares of AT&T by 120.8% in the fourth quarter. Point72 Asset Management L.P. now owns 9,086,854 shares of the technology company’s stock worth $152,477,000 after buying an additional 4,970,954 shares during the period. Finally, Thornburg Investment Management Inc. lifted its stake in shares of AT&T by 22.0% in the 2nd quarter. Thornburg Investment Management Inc. now owns 24,988,396 shares of the technology company’s stock valued at $477,528,000 after acquiring an additional 4,511,725 shares during the last quarter. Institutional investors own 57.10% of the company’s stock.

AT&T Stock Down 1.7 %

Shares of NYSE:T opened at $21.35 on Friday. The firm has a market capitalization of $153.08 billion, a P/E ratio of 11.48, a P/E/G 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 stock has a 50 day moving average price of $19.82 and a 200-day moving average price of $18.30. AT&T Inc. has a 52-week low of $14.12 and a 52-week high of $22.34.

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

AT&T Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were given a dividend of $0.2775 per share. The ex-dividend date was Wednesday, July 10th. This represents a $1.11 dividend on an annualized basis and a yield of 5.20%. AT&T’s dividend payout ratio (DPR) is currently 59.68%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price target on AT&T from $21.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Oppenheimer raised their target price on shares of AT&T from $21.00 to $23.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. The Goldman Sachs Group began coverage on shares of AT&T in a report on Monday, July 1st. They set a “buy” rating and a $22.00 price target for the company. 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 report on Wednesday, September 11th. Finally, Royal Bank of Canada boosted their price objective on shares of AT&T from $18.00 to $19.00 and gave the company a “sector perform” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, AT&T currently has an average rating of “Hold” and a consensus 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.