Cornerstone Wealth Management LLC Trims Stock Position in AT&T Inc. (NYSE:T)

Cornerstone Wealth Management LLC cut its stake in shares of AT&T Inc. (NYSE:T) by 0.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 150,196 shares of the technology company’s stock after selling 1,128 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in AT&T were worth $2,643,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of T. Frank Rimerman Advisors LLC bought a new stake in AT&T during the fourth quarter valued at approximately $25,000. Pineridge Advisors LLC bought a new stake in AT&T during the fourth quarter valued at approximately $25,000. Ramirez Asset Management Inc. bought a new stake in shares of AT&T in the 3rd quarter worth approximately $30,000. Farmers & Merchants Trust Co of Chambersburg PA lifted its holdings in shares of AT&T by 35.3% in the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 2,322 shares of the technology company’s stock worth $39,000 after acquiring an additional 606 shares during the last quarter. Finally, Western Pacific Wealth Management LP bought a new stake in shares of AT&T in the 4th quarter worth approximately $39,000. 57.10% of the stock is currently owned by institutional investors.

AT&T Stock Down 0.7 %

NYSE:T opened at $18.68 on Friday. AT&T Inc. has a twelve month low of $13.43 and a twelve month high of $19.32. The company has a market cap of $133.94 billion, a price-to-earnings ratio of 10.04, a price-to-earnings-growth ratio of 4.24 and a beta of 0.58. The stock has a fifty day simple moving average of $17.71 and a 200-day simple moving average of $17.22. The company has a current ratio of 0.68, a quick ratio of 0.63 and a debt-to-equity ratio of 1.06.

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 the consensus estimate of $0.53 by $0.02. AT&T had a return on equity of 14.63% and a net margin of 11.13%. The business had revenue of $30.03 billion during the quarter, compared to the consensus estimate of $30.62 billion. During the same period last year, the company earned $0.60 earnings per share. The business’s revenue for the quarter was down .4% compared to the same quarter last year. Analysts anticipate that AT&T Inc. will post 2.24 EPS for the current year.

AT&T Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be issued a $0.2775 dividend. The ex-dividend date is Wednesday, July 10th. This represents a $1.11 annualized dividend and a dividend yield of 5.94%. AT&T’s payout ratio is currently 59.68%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on T. Oppenheimer restated an “outperform” rating and issued a $21.00 price objective on shares of AT&T in a report on Tuesday, June 25th. Barclays upgraded shares of AT&T from an “equal weight” rating to an “overweight” rating and set a $20.00 price objective for the company in a report on Monday, April 29th. BNP Paribas upgraded shares of AT&T from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 11th. UBS Group restated a “buy” rating and issued a $24.00 price objective on shares of AT&T in a report on Tuesday, June 18th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of AT&T from $24.00 to $26.00 and gave the company a “buy” rating in a report on Friday, June 28th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $21.73.

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.