Canvas Wealth Advisors LLC Buys New Stake in AT&T Inc. $T

Canvas Wealth Advisors LLC purchased a new position in shares of AT&T Inc. (NYSE:T) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,035 shares of the technology company’s stock, valued at approximately $222,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Kingstone Capital Partners Texas LLC purchased a new stake in shares of AT&T in the 2nd quarter valued at $5,266,758,000. Nuveen LLC acquired a new position in AT&T in the 1st quarter valued at about $1,072,128,000. GQG Partners LLC increased its stake in AT&T by 17.7% during the first quarter. GQG Partners LLC now owns 113,957,259 shares of the technology company’s stock worth $3,222,711,000 after purchasing an additional 17,177,874 shares during the period. Ontario Teachers Pension Plan Board lifted its position in shares of AT&T by 30,527.5% during the first quarter. Ontario Teachers Pension Plan Board now owns 11,959,440 shares of the technology company’s stock worth $338,213,000 after purchasing an additional 11,920,392 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of AT&T by 350.4% during the first quarter. Wellington Management Group LLP now owns 11,363,940 shares of the technology company’s stock worth $321,372,000 after purchasing an additional 8,841,126 shares in the last quarter. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

AT&T Price Performance

AT&T stock opened at $26.08 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01. The company has a fifty day simple moving average of $28.23 and a 200-day simple moving average of $27.80. The stock has a market cap of $186.45 billion, a P/E ratio of 14.82, a price-to-earnings-growth ratio of 2.13 and a beta of 0.42. AT&T Inc. has a 12-month low of $21.05 and a 12-month high of $29.79.

AT&T (NYSE:T) last posted its earnings results on Wednesday, July 23rd. The technology company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. AT&T had a return on equity of 13.36% and a net margin of 10.29%.The firm had revenue of $30.85 billion for the quarter, compared to analyst estimates of $30.44 billion. During the same quarter in the prior year, the company posted $0.51 earnings per share. AT&T’s revenue for the quarter was up 3.4% compared to the same quarter last year. Equities analysts expect that AT&T Inc. will post 2.14 EPS for the current fiscal year.

AT&T Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be given a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Friday, October 10th. AT&T’s dividend payout ratio (DPR) is 63.07%.

Analysts Set New Price Targets

T has been the subject of a number of research reports. Morgan Stanley lifted their price objective on shares of AT&T from $31.00 to $32.00 and gave the company an “overweight” rating in a report on Wednesday, July 16th. HSBC downgraded shares of AT&T from a “buy” rating to a “hold” rating and set a $30.00 price target for the company. in a research note on Thursday, July 24th. Bank of America initiated coverage on AT&T in a research note on Monday, July 7th. They issued a “buy” rating and a $32.00 price objective on the stock. Barclays reiterated an “equal weight” rating and issued a $30.00 target price on shares of AT&T in a report on Wednesday, October 1st. Finally, Hsbc Global Res downgraded AT&T from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.65.

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.