Cherry Creek Investment Advisors Inc. Has $2.18 Million Position in AT&T Inc. (NYSE:T)

Cherry Creek Investment Advisors Inc. grew its position in shares of AT&T Inc. (NYSE:T) by 88.6% during the third quarter, HoldingsChannel.com reports. The firm owned 98,881 shares of the technology company’s stock after purchasing an additional 46,460 shares during the period. AT&T makes up approximately 1.1% of Cherry Creek Investment Advisors Inc.’s portfolio, making the stock its 24th biggest holding. Cherry Creek Investment Advisors Inc.’s holdings in AT&T were worth $2,175,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in T. Davidson Kempner Capital Management LP acquired a new position in AT&T during the 2nd quarter worth about $23,888,000. Talbot Financial LLC bought a new stake in AT&T in the third quarter valued at approximately $7,438,000. Mackenzie Financial Corp increased its position in AT&T by 12.2% during the 2nd quarter. Mackenzie Financial Corp now owns 2,641,856 shares of the technology company’s stock valued at $50,486,000 after purchasing an additional 288,093 shares during the period. DRW Securities LLC raised its holdings in 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 purchasing an additional 90,255 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position 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 worth $19,827,000 after purchasing an additional 43,062 shares during the period. 57.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on T shares. Tigress Financial increased their price objective 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. Moffett Nathanson lifted their price objective on AT&T from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. The Goldman Sachs Group assumed coverage on AT&T in a research report on Monday, July 1st. They set a “buy” rating and a $22.00 target price on the stock. Royal Bank of Canada lifted their target price on AT&T from $18.00 to $19.00 and gave the stock a “sector perform” rating in a report on Thursday, July 25th. Finally, TD Cowen lifted their price objective on shares of AT&T from $21.00 to $23.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.93.

AT&T Stock Performance

Shares of T opened at $22.49 on Thursday. The firm has a market capitalization of $161.26 billion, a P/E ratio of 12.93, a P/E/G ratio of 3.73 and a beta of 0.60. AT&T Inc. has a 52 week low of $14.74 and a 52 week high of $22.58. The stock has a 50 day moving average price of $21.09 and a two-hundred day moving average price of $19.06. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.66 and a current ratio of 0.70.

AT&T (NYSE:T) last released its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.57 EPS for the quarter, meeting analysts’ consensus estimates of $0.57. AT&T had a return on equity of 14.16% and a net margin of 10.41%. The business had revenue of $29.80 billion during the quarter, compared to analyst estimates of $30.05 billion. During the same period in the prior year, the firm posted $0.63 EPS. AT&T’s quarterly revenue was down .3% compared to the same quarter last year. Equities analysts forecast that AT&T Inc. will post 2.22 earnings per share for the current fiscal year.

AT&T Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a $0.2775 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $1.11 dividend on an annualized basis and a yield of 4.94%. AT&T’s dividend payout ratio (DPR) is presently 63.79%.

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.