Quotient Wealth Partners LLC has increased its stake in AT&T Inc. (NYSE:T) by 3.1% during the first quarter of 2024, according to a recent filing with the Securities and Exchange Commission. The investment firm now holds 45,825 shares of the telecommunications giant, valued at approximately $1.296 million after acquiring an additional 1,387 shares in the quarter.
This increase in holdings is part of a broader trend among institutional investors, as several funds have recently adjusted their positions in AT&T. Core Alternative Capital notably expanded its holdings by 125.4%, bringing its total to 1,021 shares valued at around $29,000 after adding 568 shares. Other new positions include those established by Capital A Wealth Management LLC and Minot DeBlois Advisors LLC, each acquiring shares worth about $25,000. Additionally, Putney Financial Group LLC and Ball & Co Wealth Management Inc. also entered new positions, valued at approximately $27,000 and $30,000 respectively.
As of now, institutional investors collectively own 57.10% of AT&T’s stock.
AT&T Stock Performance Overview
On Wednesday, AT&T shares fell by $0.14, closing at $28.15. During the trading session, 3,612,952 shares changed hands, significantly lower than the average volume of 36,320,406 shares. The company holds a market capitalization of $202.58 billion, with a price-to-earnings (P/E) ratio of 17.31 and a beta of 0.42.
The stock’s performance over the past year has seen a low of $18.14 and a high of $29.19. The fifty-day moving average stands at $27.83, while the two-hundred day moving average is at $26.23.
Dividend Announcement and Analyst Ratings
AT&T has announced a quarterly dividend of $0.2775 per share, scheduled to be paid on August 1, 2024. Shareholders of record on July 10, 2024, will receive this dividend, which translates into an annualized dividend of $1.11 and a yield of 3.94%. The company maintains a payout ratio of 68.10%.
Analysts have also been actively weighing in on AT&T’s stock. Williams Trading set a price target of $30.00, while Barclays raised its target from $27.00 to $30.00, rating the stock as “overweight.” Similarly, JPMorgan Chase & Co. adjusted its price target from $28.00 to $31.00, maintaining an “overweight” rating.
Overall, the consensus rating for AT&T is “Moderate Buy,” with a target price averaging around $29.05.
AT&T Inc. operates as a holding company providing telecommunications and technology services through its various segments, including Communications and Latin America. The Communications segment serves both businesses and consumers across the United States and internationally.
