Jennison Associates LLC Sells 84,847 Shares of AT&T Inc. (NYSE:T)

Jennison Associates LLC decreased its position in shares of AT&T Inc. (NYSE:T) by 13.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 544,083 shares of the technology company’s stock after selling 84,847 shares during the quarter. Jennison Associates LLC’s holdings in AT&T were worth $9,130,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Duality Advisers LP bought a new stake in AT&T during the fourth quarter worth about $616,000. GUNN & Co INVESTMENT MANAGEMENT INC. bought a new position in shares of AT&T in the fourth quarter worth about $258,000. Capital Investment Advisory Services LLC lifted its holdings in shares of AT&T by 4.6% in the fourth quarter. Capital Investment Advisory Services LLC now owns 89,513 shares of the technology company’s stock worth $1,502,000 after acquiring an additional 3,943 shares during the last quarter. OLD National Bancorp IN lifted its holdings in shares of AT&T by 2.6% in the fourth quarter. OLD National Bancorp IN now owns 1,615,377 shares of the technology company’s stock worth $27,106,000 after acquiring an additional 40,620 shares during the last quarter. Finally, First Command Advisory Services Inc. lifted its holdings in shares of AT&T by 4.1% in the fourth quarter. First Command Advisory Services Inc. now owns 36,765 shares of the technology company’s stock worth $616,000 after acquiring an additional 1,454 shares during the last quarter. Institutional investors own 57.10% of the company’s stock.

AT&T Price Performance

Shares of T opened at $16.75 on Friday. AT&T Inc. has a 12-month low of $13.43 and a 12-month high of $18.16. The business’s fifty day moving average is $16.96 and its 200 day moving average is $16.56. The company has a quick ratio of 0.67, a current ratio of 0.68 and a debt-to-equity ratio of 1.06. The stock has a market cap of $119.77 billion, a P/E ratio of 9.00, a P/E/G ratio of 2.50 and a beta of 0.57.

AT&T (NYSE:T) last issued its earnings results on Wednesday, April 24th. The technology company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. AT&T had a return on equity of 14.63% and a net margin of 11.13%. The company had revenue of $30.03 billion for the quarter, compared to analysts’ expectations of $30.62 billion. During the same period last year, the business earned $0.60 EPS. AT&T’s quarterly revenue was down .4% compared to the same quarter last year. Sell-side analysts anticipate that AT&T Inc. will post 2.21 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be paid a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 6.63%. The ex-dividend date is Tuesday, April 9th. AT&T’s dividend payout ratio (DPR) is presently 59.68%.

Wall Street Analyst Weigh In

T has been the subject of a number of research reports. Scotiabank increased their target price on shares of AT&T from $22.00 to $22.50 and gave the stock a “sector outperform” rating in a report on Thursday. Barclays upped their price objective on AT&T from $17.00 to $20.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. TheStreet raised AT&T from a “c” rating to a “b-” rating in a research note on Wednesday, January 24th. Wolfe Research raised AT&T from a “peer perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a research note on Tuesday, March 5th. Finally, JPMorgan Chase & Co. raised AT&T from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $18.00 to $21.00 in a research note on Thursday, February 1st. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.81.

AT&T Profile

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.