Cornerstone Wealth Management LLC Acquires 19,868 Shares of AT&T Inc. (NYSE:T)

Cornerstone Wealth Management LLC boosted its holdings in AT&T Inc. (NYSE:T) by 13.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 166,697 shares of the technology company’s stock after purchasing an additional 19,868 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in AT&T were worth $3,796,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Legacy Investment Solutions LLC purchased a new stake in AT&T during the 3rd quarter valued at about $25,000. Ritter Daniher Financial Advisory LLC DE lifted its stake in shares of AT&T by 169.2% in the third quarter. Ritter Daniher Financial Advisory LLC DE now owns 1,338 shares of the technology company’s stock worth $29,000 after buying an additional 841 shares in the last quarter. Endeavor Private Wealth Inc. purchased a new stake in shares of AT&T during the fourth quarter valued at approximately $34,000. Reston Wealth Management LLC bought a new stake in shares of AT&T during the third quarter valued at approximately $35,000. Finally, Safe Harbor Fiduciary LLC purchased a new position in AT&T in the 3rd quarter worth approximately $35,000. Institutional investors own 57.10% of the company’s stock.

AT&T Stock Up 0.9 %

Shares of NYSE:T opened at $22.51 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.73 and a quick ratio of 0.67. The business has a 50 day simple moving average of $22.80 and a two-hundred day simple moving average of $21.40. AT&T Inc. has a 1 year low of $15.94 and a 1 year high of $24.03. The firm has a market capitalization of $161.54 billion, a PE ratio of 18.30, a price-to-earnings-growth ratio of 3.50 and a beta of 0.59.

AT&T (NYSE:T) last announced its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.03. The company had revenue of $30.20 billion for the quarter, compared to analysts’ expectations of $30.50 billion. AT&T had a return on equity of 13.97% and a net margin of 7.42%. AT&T’s revenue was down .5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.64 earnings per share. On average, equities analysts predict that AT&T Inc. will post 2.21 EPS for the current year.

AT&T Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be issued a $0.2775 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $1.11 annualized dividend and a dividend yield of 4.93%. AT&T’s dividend payout ratio is currently 90.24%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on T. UBS Group raised their target price on AT&T from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Royal Bank of Canada upgraded shares of AT&T from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $22.00 to $26.00 in a research report on Monday, January 6th. Argus upgraded shares of AT&T from a “hold” rating to a “buy” rating and set a $27.00 price target on the stock in a research report on Thursday, January 16th. The Goldman Sachs Group boosted their price objective on shares of AT&T from $25.00 to $28.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Finally, Oppenheimer began coverage on AT&T in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $28.00 price objective for the company. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $25.83.

About AT&T

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.