AT&T Inc. (NYSE:T) Shares Sold by Castle Rock Wealth Management LLC

Castle Rock Wealth Management LLC cut its stake in shares of AT&T Inc. (NYSE:T) by 13.9% in the 1st quarter, Holdings Channel reports. The fund owned 20,101 shares of the technology company’s stock after selling 3,250 shares during the quarter. Castle Rock Wealth Management LLC’s holdings in AT&T were worth $573,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Aletheian Wealth Advisors LLC purchased a new position in AT&T during the 1st quarter worth $205,000. Fifth Third Wealth Advisors LLC raised its holdings in AT&T by 1.4% during the first quarter. Fifth Third Wealth Advisors LLC now owns 131,946 shares of the technology company’s stock worth $3,731,000 after purchasing an additional 1,825 shares in the last quarter. Veery Capital LLC raised its holdings in AT&T by 8.0% during the first quarter. Veery Capital LLC now owns 10,136 shares of the technology company’s stock worth $287,000 after purchasing an additional 747 shares in the last quarter. Stolper Co lifted its position in AT&T by 0.4% in the first quarter. Stolper Co now owns 126,517 shares of the technology company’s stock valued at $3,578,000 after purchasing an additional 462 shares during the period. Finally, Beese Fulmer Investment Management Inc. lifted its position in AT&T by 5.6% in the first quarter. Beese Fulmer Investment Management Inc. now owns 76,610 shares of the technology company’s stock valued at $2,167,000 after purchasing an additional 4,030 shares during the period. 57.10% of the stock is owned by institutional investors and hedge funds.

AT&T Stock Performance

AT&T stock opened at $27.73 on Friday. The firm has a market capitalization of $199.53 billion, a PE ratio of 18.61, a price-to-earnings-growth ratio of 3.00 and a beta of 0.42. AT&T Inc. has a one year low of $17.42 and a one year high of $29.03. The stock’s 50 day moving average price is $27.36 and its 200 day moving average price is $25.29. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.62 and a current ratio of 0.66.

AT&T (NYSE:T) last posted its quarterly earnings data on Wednesday, April 23rd. The technology company reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). The firm had revenue of $30.63 billion for the quarter, compared to analysts’ expectations of $30.39 billion. AT&T had a net margin of 8.95% and a return on equity of 13.97%. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.55 EPS. As a group, sell-side analysts expect that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th were issued a $0.2775 dividend. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $1.11 dividend on an annualized basis and a yield of 4.00%. AT&T’s dividend payout ratio is currently 68.10%.

Analysts Set New Price Targets

Several research firms have issued reports on T. Wells Fargo & Company boosted their target price on AT&T from $27.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, April 24th. Morgan Stanley reaffirmed an “overweight” rating and set a $31.00 price objective (up previously from $30.00) on shares of AT&T in a report on Thursday, April 24th. Citigroup reiterated a “buy” rating on shares of AT&T in a research report on Monday, April 7th. TD Securities boosted their target price on shares of AT&T from $29.00 to $30.00 and gave the stock a “hold” rating in a research report on Thursday, April 24th. Finally, Wall Street Zen raised shares of AT&T from a “hold” rating to a “buy” rating in a research note on Friday, April 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, AT&T presently has an average rating of “Moderate Buy” and a consensus price target of $28.71.

About AT&T

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.