Avidian Wealth Enterprises LLC Decreases Position in AT&T Inc. (NYSE:T)

Avidian Wealth Enterprises LLC lowered its position in AT&T Inc. (NYSE:T) by 3.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 57,885 shares of the technology company’s stock after selling 2,155 shares during the period. Avidian Wealth Enterprises LLC’s holdings in AT&T were worth $1,273,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in T. Hayek Kallen Investment Management raised its position in AT&T by 0.8% during the third quarter. Hayek Kallen Investment Management now owns 60,271 shares of the technology company’s stock worth $1,326,000 after acquiring an additional 500 shares during the last quarter. Lake Street Advisors Group LLC raised its position in shares of AT&T by 0.7% during the 3rd quarter. Lake Street Advisors Group LLC now owns 73,562 shares of the technology company’s stock worth $1,618,000 after purchasing an additional 513 shares during the last quarter. Octavia Wealth Advisors LLC lifted its stake in AT&T by 2.1% in the 2nd quarter. Octavia Wealth Advisors LLC now owns 25,313 shares of the technology company’s stock valued at $484,000 after buying an additional 519 shares in the last quarter. Carolinas Wealth Consulting LLC grew its holdings in AT&T by 2.3% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 23,650 shares of the technology company’s stock valued at $452,000 after buying an additional 521 shares during the last quarter. Finally, WealthCare Investment Partners LLC increased its position in AT&T by 2.2% during the second quarter. WealthCare Investment Partners LLC now owns 24,138 shares of the technology company’s stock worth $461,000 after buying an additional 525 shares in the last quarter. Institutional investors and hedge funds own 57.10% of the company’s stock.

AT&T Stock Performance

AT&T stock opened at $22.32 on Thursday. The company has a market cap of $160.15 billion, a price-to-earnings ratio of 18.15, a price-to-earnings-growth ratio of 3.29 and a beta of 0.59. AT&T Inc. has a 12 month low of $15.46 and a 12 month high of $22.73. 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 stock’s 50-day moving average is $21.61 and its 200-day moving average is $19.46.

AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, October 23rd. The technology company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.57 by $0.03. The firm had revenue of $30.20 billion for the quarter, compared to analyst estimates of $30.50 billion. AT&T had a net margin of 7.42% and a return on equity of 13.97%. AT&T’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.64 earnings per share. Equities analysts anticipate that AT&T Inc. will post 2.22 earnings per share for the current year.

AT&T Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were issued a dividend of $0.2775 per share. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $1.11 annualized dividend and a dividend yield of 4.97%. AT&T’s payout ratio is 90.24%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on T shares. Daiwa America upgraded AT&T to a “hold” rating in a research report on Friday, July 26th. TD Cowen raised their price target on shares of AT&T from $21.00 to $23.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Tigress Financial boosted their price objective on shares of AT&T from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, September 27th. Redburn Atlantic raised shares of AT&T to a “strong sell” rating in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. boosted their price target on AT&T from $21.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, AT&T currently has a consensus rating of “Moderate Buy” and an average target price of $23.40.

About AT&T

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.