Convergence Investment Partners LLC Cuts Position in AT&T Inc. (NYSE:T)

Convergence Investment Partners LLC lessened its holdings in AT&T Inc. (NYSE:T) by 6.3% in the 4th quarter, Holdings Channel.com reports. The fund owned 182,584 shares of the technology company’s stock after selling 12,310 shares during the period. AT&T makes up 0.9% of Convergence Investment Partners LLC’s holdings, making the stock its 25th biggest holding. Convergence Investment Partners LLC’s holdings in AT&T were worth $4,157,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new position in shares of AT&T during the 4th quarter valued at about $14,700,000. Swiss National Bank lifted its stake in AT&T by 0.5% in the 3rd quarter. Swiss National Bank now owns 21,282,584 shares of the technology company’s stock worth $468,217,000 after purchasing an additional 104,700 shares in the last quarter. Franklin Resources Inc. grew its holdings in AT&T by 41.4% in the 3rd quarter. Franklin Resources Inc. now owns 7,947,913 shares of the technology company’s stock valued at $168,969,000 after buying an additional 2,326,904 shares in the last quarter. Consolidated Planning Corp increased its position in AT&T by 7.4% during the fourth quarter. Consolidated Planning Corp now owns 320,089 shares of the technology company’s stock worth $7,288,000 after purchasing an additional 21,927 shares during the last quarter. Finally, Caprock Group LLC raised its position in shares of AT&T by 18.3% during the 3rd quarter. Caprock Group LLC now owns 195,991 shares of the technology company’s stock valued at $4,312,000 after buying an additional 30,281 shares during the period. 57.10% of the stock is owned by hedge funds and other institutional investors.

AT&T Stock Performance

Shares of T stock opened at $26.07 on Wednesday. The stock has a market cap of $187.16 billion, a PE ratio of 17.50, a P/E/G ratio of 2.96 and a beta of 0.59. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.62 and a current ratio of 0.66. AT&T Inc. has a 1 year low of $15.94 and a 1 year high of $26.18. The stock has a fifty day moving average price of $23.33 and a 200 day moving average price of $22.17.

AT&T (NYSE:T) last announced its earnings results on Monday, January 27th. The technology company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.06. AT&T had a net margin of 8.95% and a return on equity of 13.97%. Sell-side analysts forecast that AT&T Inc. will post 2.15 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, January 10th were issued a dividend of $0.2775 per share. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date was Friday, January 10th. AT&T’s payout ratio is currently 74.50%.

Wall Street Analyst Weigh In

T has been the topic of a number of recent analyst reports. DZ Bank raised shares of AT&T from a “hold” rating to a “buy” rating and set a $27.00 target price for the company in a research note on Wednesday, January 29th. Royal Bank of Canada raised their target price on shares of AT&T from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. Wells Fargo & Company cut their price target on shares of AT&T from $25.00 to $24.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Evercore ISI lifted their price objective 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. Finally, UBS Group increased their price target on AT&T from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $26.33.

AT&T Company Profile

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.