Investment firm Bwcp LP has increased its holdings in AT&T Inc. (NYSE: T) by 26.8% during the first quarter of 2023. According to a report from HoldingsChannel, this move involved the acquisition of an additional 136,602 shares, bringing Bwcp LP’s total to 646,060 shares. As of the firm’s latest filing with the U.S. Securities and Exchange Commission (SEC), its stake in AT&T is valued at approximately $18.27 million, making it the 13th largest holding in its portfolio.
Several other institutional investors have also made significant adjustments to their positions in AT&T. For instance, Belmont Capital LLC acquired a new stake valued at around $566,000 in the same quarter. Notably, Banque Transatlantique SA dramatically increased its holdings by an astonishing 25,250.5%, bringing its total to 50,701 shares worth $1.33 million after purchasing an additional 50,501 shares.
Additionally, AllianceBernstein L.P. raised its stake in AT&T by 0.9%, amassing a total of 18,803,409 shares, valued at $531.76 million. AQR Capital Management LLC also boosted its holdings by 4.5%, now owning 18,694,708 shares worth $528.69 million. Lastly, Alyeska Investment Group L.P. established a new position in AT&T worth approximately $217.27 million. Collectively, institutional investors now own 57.1% of AT&T’s shares.
Analyst Ratings and Stock Performance
Recent analyst reports have shown a range of sentiments regarding AT&T’s stock. JPMorgan Chase & Co. raised its price target from $31.00 to $33.00, assigning an “overweight” rating. Conversely, HSBC downgraded its rating from “strong buy” to “hold,” setting a target price of $30.00. Wells Fargo & Company also increased its target from $30.00 to $31.00, maintaining an “overweight” rating. Meanwhile, The Goldman Sachs Group initiated coverage with a “buy” rating and established a price target of $32.00.
Overall, market analysts have given AT&T an average rating of “Moderate Buy,” with a consensus target price of $30.40. The stock has received one “Strong Buy,” seventeen “Buy,” five “Hold,” and one “Sell” rating.
As of the latest trading session, AT&T shares opened at $29.07, reflecting a decrease of 0.8%. The company’s financial indicators include a quick ratio of 0.76, a current ratio of 0.81, and a debt-to-equity ratio of 1.01. Over the past year, AT&T’s stock has fluctuated between a low of $19.92 and a high of $29.65. The company boasts a market capitalization of $207.86 billion and a price-to-earnings ratio of 16.52.
Earnings Report and Dividend Declaration
On July 23, 2023, AT&T reported its earnings, revealing an earnings per share (EPS) of $0.54, surpassing the consensus estimate of $0.53 by $0.01. The company achieved a net margin of 10.29% and a return on equity of 13.36%. Revenue for the quarter reached $30.85 billion, exceeding expectations of $30.44 billion, and representing a year-over-year increase of 3.4%.
AT&T also announced a quarterly dividend, which was paid on August 1, 2023. Shareholders on record as of July 10, 2023 received a dividend of $0.2775 per share. This translates into an annualized dividend of $1.11, resulting in a dividend yield of 3.8%. The company’s dividend payout ratio stands at 63.07%.
AT&T continues to be a significant player in the telecommunications sector, providing a range of services through its Communications and Latin America segments. The company offers wireless, wireline telecom, and broadband services to both businesses and consumers in the United States and globally.
