Avidian Wealth Solutions LLC Sells 1,083 Shares of AT&T Inc. (NYSE:T)

Avidian Wealth Solutions LLC reduced its holdings in AT&T Inc. (NYSE:T) by 2.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 53,004 shares of the technology company’s stock after selling 1,083 shares during the period. Avidian Wealth Solutions LLC’s holdings in AT&T were worth $889,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Carmel Capital Partners LLC grew its position in AT&T by 16,250.0% during the third quarter. Carmel Capital Partners LLC now owns 1,635 shares of the technology company’s stock worth $25,000 after buying an additional 1,625 shares in the last quarter. Lipe & Dalton acquired a new stake in shares of AT&T during the 3rd quarter worth approximately $30,000. Ramirez Asset Management Inc. bought a new stake in shares of AT&T during the third quarter valued at approximately $30,000. Farmers & Merchants Trust Co of Chambersburg PA raised its stake in shares of AT&T by 35.3% in the fourth quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 2,322 shares of the technology company’s stock valued at $39,000 after purchasing an additional 606 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. lifted its position in AT&T by 3,202.4% in the third quarter. Financial Gravity Asset Management Inc. now owns 2,708 shares of the technology company’s stock worth $41,000 after purchasing an additional 2,626 shares during the period. 57.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on T shares. Scotiabank boosted 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. Wolfe Research raised shares of AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 price target for the company in a research report on Tuesday, March 5th. Oppenheimer raised AT&T from a “market perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a report on Friday, January 19th. Barclays raised AT&T from an “equal weight” rating to an “overweight” rating and set a $20.00 target price for the company in a report on Monday, April 29th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $17.00 price target on shares of AT&T in a research note on Thursday, April 11th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, AT&T has an average rating of “Moderate Buy” and a consensus price target of $20.81.

AT&T Price Performance

NYSE T traded up $0.03 on Friday, hitting $16.85. 24,023,192 shares of the company were exchanged, compared to its average volume of 41,324,028. AT&T Inc. has a 1-year low of $13.43 and a 1-year high of $18.16. The company has a market cap of $120.52 billion, a P/E ratio of 9.06, a P/E/G ratio of 3.32 and a beta of 0.57. The company has a current ratio of 0.68, a quick ratio of 0.63 and a debt-to-equity ratio of 1.06. The firm has a 50 day moving average of $16.97 and a two-hundred day moving average of $16.67.

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

AT&T Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th were given a dividend of $0.2775 per share. The ex-dividend date was Tuesday, April 9th. This represents a $1.11 dividend on an annualized basis and a yield of 6.59%. AT&T’s payout ratio is presently 59.68%.

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.