Heritage Wealth Management Inc. Invests $1.87 Million in AT&T Inc. (NYSE:T)

Heritage Wealth Management Inc. bought a new position in shares of AT&T Inc. (NYSE:T) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 99,697 shares of the technology company’s stock, valued at approximately $1,871,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Davidson Kempner Capital Management LP bought a new position in shares of AT&T during the 2nd quarter worth approximately $23,888,000. Mackenzie Financial Corp lifted its position in shares of AT&T by 12.2% during the 2nd quarter. Mackenzie Financial Corp now owns 2,641,856 shares of the technology company’s stock worth $50,486,000 after buying an additional 288,093 shares during the period. DRW Securities LLC lifted its position in shares of AT&T by 642.2% during the 2nd quarter. DRW Securities LLC now owns 104,309 shares of the technology company’s stock worth $1,997,000 after buying an additional 90,255 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of AT&T by 4.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 1,037,529 shares of the technology company’s stock worth $19,827,000 after buying an additional 43,062 shares during the period. Finally, M&G Plc bought a new position in AT&T in the 1st quarter valued at $9,074,000. Institutional investors own 57.10% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. TD Cowen lifted 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. Daiwa America upgraded AT&T to a “hold” rating in a research report on Friday, July 26th. Redburn Atlantic upgraded AT&T to a “strong sell” rating in a research report on Monday, September 16th. Deutsche Bank Aktiengesellschaft lifted their price objective on AT&T from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, BNP Paribas upgraded AT&T from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 11th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, AT&T presently has a consensus rating of “Hold” and an average target price of $22.38.

AT&T Price Performance

AT&T stock opened at $22.13 on Wednesday. The company has a current ratio of 0.70, a quick ratio of 0.66 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $158.68 billion, a P/E ratio of 11.90, a PEG ratio of 3.75 and a beta of 0.59. The business has a 50-day moving average of $20.29 and a 200-day moving average of $18.58. AT&T Inc. has a 1 year low of $14.12 and a 1 year high of $22.34.

AT&T (NYSE:T) last released 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. AT&T had a net margin of 10.41% and a return on equity of 14.16%. The business had revenue of $29.80 billion for the quarter, compared to analyst estimates of $30.05 billion. During the same quarter last year, the firm earned $0.63 EPS. AT&T’s quarterly revenue was down .3% compared to the same quarter last year. On average, equities analysts anticipate that AT&T Inc. will post 2.22 EPS for the current year.

AT&T Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a dividend yield of 5.02%. The ex-dividend date is Thursday, October 10th. AT&T’s dividend payout ratio is currently 59.68%.

AT&T 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.