Philip James Wealth Mangement LLC Takes Position in AT&T Inc. (NYSE:T)

Philip James Wealth Mangement LLC purchased a new position in shares of AT&T Inc. (NYSE:T) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 12,807 shares of the technology company’s stock, valued at approximately $282,000.

Several other hedge funds also recently added to or reduced their stakes in T. Vanguard Group Inc. boosted its position in shares of AT&T by 0.4% during the first quarter. Vanguard Group Inc. now owns 624,994,998 shares of the technology company’s stock valued at $10,999,912,000 after buying an additional 2,588,539 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of AT&T by 7.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 81,076,641 shares of the technology company’s stock worth $1,549,375,000 after acquiring an additional 5,592,123 shares during the last quarter. Legal & General Group Plc boosted its holdings in AT&T by 2.7% during the 2nd quarter. Legal & General Group Plc now owns 60,109,127 shares of the technology company’s stock valued at $1,148,689,000 after acquiring an additional 1,569,374 shares during the period. Ameriprise Financial Inc. grew its position in AT&T by 2.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 51,558,884 shares of the technology company’s stock valued at $985,307,000 after acquiring an additional 1,007,228 shares during the last quarter. Finally, LSV Asset Management increased its stake in AT&T by 1.1% in the second quarter. LSV Asset Management now owns 30,092,610 shares of the technology company’s stock worth $575,070,000 after purchasing an additional 315,580 shares during the period. 57.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

T has been the subject of a number of recent analyst reports. Evercore ISI boosted their target price on shares of AT&T from $19.00 to $21.00 and gave the company an “in-line” rating in a research note on Thursday, October 24th. TD Cowen boosted their price objective on shares of AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Tigress Financial raised their target price on shares of AT&T from $29.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, September 27th. JPMorgan Chase & Co. boosted their price target on AT&T from $21.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Finally, Scotiabank downgraded AT&T from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, AT&T presently has an average rating of “Moderate Buy” and a consensus price target of $23.40.

AT&T Stock Up 1.1 %

AT&T stock traded up $0.24 during trading hours on Friday, reaching $22.28. The stock had a trading volume of 4,001,205 shares, compared to its average volume of 35,506,758. The company has a market cap of $159.87 billion, a price-to-earnings ratio of 17.93, a PEG ratio of 3.35 and a beta of 0.59. The business’s 50 day moving average price is $21.61 and its 200-day moving average price is $19.46. AT&T Inc. has a 52 week low of $15.46 and a 52 week high of $22.73. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.73 and a quick ratio of 0.67.

AT&T (NYSE:T) last posted its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. The firm had revenue of $30.20 billion during the quarter, compared to analyst estimates of $30.50 billion. AT&T had a net margin of 7.42% and a return on equity of 13.97%. AT&T’s revenue was down .5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.64 EPS. Sell-side analysts anticipate that AT&T Inc. will post 2.22 EPS for the current year.

AT&T Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were given a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 4.98%. The ex-dividend date of this dividend was Thursday, October 10th. AT&T’s dividend payout ratio is currently 90.24%.

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.