Chesapeake Wealth Management Decreases Position in AT&T Inc. (NYSE:T)

Chesapeake Wealth Management cut its stake in shares of AT&T Inc. (NYSE:T) by 9.8% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 23,844 shares of the technology company’s stock after selling 2,593 shares during the period. Chesapeake Wealth Management’s holdings in AT&T were worth $456,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Cantor Fitzgerald Investment Advisors L.P. acquired a new stake in shares of AT&T in the 4th quarter valued at about $11,554,000. Clearbridge Investments LLC lifted its holdings in AT&T by 250.3% during the 4th quarter. Clearbridge Investments LLC now owns 67,303 shares of the technology company’s stock worth $1,129,000 after buying an additional 48,091 shares during the last quarter. Skopos Labs Inc. acquired a new position in shares of AT&T in the 4th quarter worth approximately $839,000. Wealth Enhancement Advisory Services LLC increased its holdings in shares of AT&T by 4.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 1,037,529 shares of the technology company’s stock valued at $19,827,000 after acquiring an additional 43,062 shares during the last quarter. Finally, M&G Plc acquired a new stake in shares of AT&T during the 1st quarter valued at approximately $9,074,000. Hedge funds and other institutional investors own 57.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on T shares. Barclays lifted their price objective on shares of AT&T from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. The Goldman Sachs Group assumed coverage on shares of AT&T in a research note on Monday, July 1st. They set a “buy” rating and a $22.00 price objective on the stock. Oppenheimer lifted their target price on AT&T from $21.00 to $23.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. BNP Paribas upgraded AT&T from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 11th. Finally, TD Cowen boosted their price objective on AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $22.31.

AT&T Stock Performance

Shares of T opened at $21.52 on Friday. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.70 and a quick ratio of 0.66. The stock has a market capitalization of $154.30 billion, a P/E ratio of 11.57, a P/E/G ratio of 3.79 and a beta of 0.59. AT&T Inc. has a 12-month low of $14.12 and a 12-month high of $22.34. The firm’s 50 day moving average is $19.88 and its 200-day moving average is $18.34.

AT&T (NYSE:T) last issued its earnings results 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 for the quarter, compared to analysts’ expectations of $30.05 billion. AT&T had a return on equity of 14.16% and a net margin of 10.41%. The company’s quarterly revenue was down .3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.63 EPS. Equities research analysts anticipate that AT&T Inc. will post 2.2 EPS for the current fiscal year.

AT&T Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were given a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 5.16%. The ex-dividend date of this dividend was Wednesday, July 10th. AT&T’s payout ratio is 59.68%.

AT&T Company 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.