Cornerstone Wealth Group LLC Sells 53,386 Shares of AT&T Inc. (NYSE:T)

Cornerstone Wealth Group LLC decreased its holdings in AT&T Inc. (NYSE:T) by 18.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 241,311 shares of the technology company’s stock after selling 53,386 shares during the period. Cornerstone Wealth Group LLC’s holdings in AT&T were worth $6,824,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in T. Minot DeBlois Advisors LLC purchased a new stake in shares of AT&T in the fourth quarter worth about $25,000. Capital A Wealth Management LLC purchased a new stake in shares of AT&T in the fourth quarter worth about $25,000. Putney Financial Group LLC purchased a new stake in AT&T during the fourth quarter valued at approximately $27,000. Ball & Co Wealth Management Inc. purchased a new stake in AT&T during the fourth quarter valued at approximately $30,000. Finally, REAP Financial Group LLC raised its position in AT&T by 115.2% during the fourth quarter. REAP Financial Group LLC now owns 1,358 shares of the technology company’s stock valued at $31,000 after purchasing an additional 727 shares during the period. Institutional investors own 57.10% of the company’s stock.

AT&T Stock Up 1.7%

Shares of NYSE:T opened at $28.23 on Tuesday. AT&T Inc. has a 52-week low of $18.14 and a 52-week high of $29.03. The stock has a market cap of $203.13 billion, a P/E ratio of 17.32, a price-to-earnings-growth ratio of 3.87 and a beta of 0.41. The business’s 50 day moving average is $27.55 and its 200 day moving average is $25.84. The company has a quick ratio of 0.65, a current ratio of 0.70 and a debt-to-equity ratio of 0.98.

AT&T (NYSE:T) last announced its quarterly earnings data on Wednesday, April 23rd. The technology company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.01). AT&T had a return on equity of 13.63% and a net margin of 9.64%. The firm had revenue of $30.63 billion during the quarter, compared to the consensus estimate of $30.39 billion. During the same period last year, the company earned $0.55 EPS. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. Sell-side analysts predict that AT&T Inc. will post 2.14 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Citigroup restated a “buy” rating on shares of AT&T in a research report on Tuesday, June 17th. Morgan Stanley restated an “overweight” rating and set a $31.00 price objective (up from $30.00) on shares of AT&T in a research report on Thursday, April 24th. Wells Fargo & Company upped their price objective on AT&T from $27.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, April 24th. Tigress Financial upped their price objective on AT&T from $32.00 to $34.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Finally, Scotiabank restated an “outperform” rating on shares of AT&T in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $28.76.

AT&T 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.