Cornerstone Wealth Group LLC Grows Position in AT&T Inc. (NYSE:T)

Cornerstone Wealth Group LLC raised its holdings in AT&T Inc. (NYSE:T) by 0.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 281,841 shares of the technology company’s stock after acquiring an additional 1,905 shares during the period. Cornerstone Wealth Group LLC’s holdings in AT&T were worth $4,960,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of AT&T by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 622,406,459 shares of the technology company’s stock valued at $10,443,980,000 after buying an additional 2,155,232 shares in the last quarter. Norges Bank purchased a new position in shares of AT&T during the 4th quarter valued at about $1,118,288,000. Ameriprise Financial Inc. raised its holdings in shares of AT&T by 185.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 52,613,513 shares of the technology company’s stock valued at $790,301,000 after buying an additional 34,189,954 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in AT&T by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 50,589,421 shares of the technology company’s stock worth $848,888,000 after purchasing an additional 798,024 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in AT&T by 2.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 47,377,267 shares of the technology company’s stock valued at $794,978,000 after purchasing an additional 1,137,792 shares during the last quarter. Hedge funds and other institutional investors own 57.10% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Scotiabank upped their price target on shares of AT&T from $22.00 to $22.50 and gave the company a “sector outperform” rating in a report on Thursday, April 25th. Royal Bank of Canada reiterated a “sector perform” rating and set a $17.00 target price on shares of AT&T in a report on Thursday, April 11th. StockNews.com cut AT&T from a “buy” rating to a “hold” rating in a research note on Friday, May 3rd. Oppenheimer reiterated an “outperform” rating and issued a $21.00 price objective on shares of AT&T in a report on Tuesday, June 25th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on AT&T from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Friday. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, AT&T currently has an average rating of “Moderate Buy” and an average target price of $21.71.

AT&T Stock Up 1.9 %

Shares of NYSE:T traded up $0.36 during midday trading on Friday, reaching $19.11. The company’s stock had a trading volume of 52,825,162 shares, compared to its average volume of 33,874,564. The firm has a 50 day moving average of $17.57 and a 200-day moving average of $17.18. The firm has a market capitalization of $137.02 billion, a P/E ratio of 10.27, a PEG ratio of 4.34 and a beta of 0.60. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 1.06. AT&T Inc. has a 12-month low of $13.43 and a 12-month high of $19.13.

AT&T (NYSE:T) last released its earnings results on Wednesday, April 24th. The technology company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. The firm had revenue of $30.03 billion for the quarter, compared to the consensus estimate of $30.62 billion. AT&T had a net margin of 11.13% and a return on equity of 14.63%. The company’s revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.60 EPS. On average, research analysts anticipate that AT&T Inc. will post 2.24 earnings per share for the current year.

AT&T Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be given a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a dividend yield of 5.81%. The ex-dividend date is Wednesday, July 10th. AT&T’s dividend payout ratio is presently 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.