AT&T Inc. (NYSE:T) is Harvey Capital Management Inc.’s 3rd Largest Position

Harvey Capital Management Inc. decreased its stake in shares of AT&T Inc. (NYSE:T) by 8.0% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 297,530 shares of the technology company’s stock after selling 25,807 shares during the period. AT&T accounts for 5.6% of Harvey Capital Management Inc.’s investment portfolio, making the stock its 3rd largest position. Harvey Capital Management Inc.’s holdings in AT&T were worth $11,258,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Nuveen Asset Management LLC increased its position in shares of AT&T by 1,723.1% during the 2nd quarter. Nuveen Asset Management LLC now owns 46,051,038 shares of the technology company’s stock valued at $1,543,169,000 after purchasing an additional 43,525,113 shares during the last quarter. Vanguard Group Inc. grew its position in AT&T by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 563,398,685 shares of the technology company’s stock worth $18,879,489,000 after acquiring an additional 6,744,699 shares during the last quarter. Morgan Stanley grew its position in AT&T by 11.2% during the 2nd quarter. Morgan Stanley now owns 59,058,549 shares of the technology company’s stock worth $1,979,052,000 after acquiring an additional 5,931,167 shares during the last quarter. Covenant Multifamily Offices LLC bought a new position in AT&T during the 2nd quarter worth approximately $81,364,000. Finally, Bank of New York Mellon Corp grew its position in AT&T by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 68,529,809 shares of the technology company’s stock worth $2,296,433,000 after acquiring an additional 2,201,538 shares during the last quarter. Institutional investors and hedge funds own 52.94% of the company’s stock.

Shares of AT&T stock traded down $0.04 on Friday, reaching $39.38. The company’s stock had a trading volume of 18,270,257 shares, compared to its average volume of 30,604,307. The company has a quick ratio of 0.71, a current ratio of 0.74 and a debt-to-equity ratio of 0.79. AT&T Inc. has a 52 week low of $26.80 and a 52 week high of $39.58. The company has a market capitalization of $287.75 billion, a price-to-earnings ratio of 11.19, a P/E/G ratio of 2.47 and a beta of 0.64. The firm’s fifty day simple moving average is $37.87 and its two-hundred day simple moving average is $34.45.

AT&T (NYSE:T) last issued its quarterly earnings data on Monday, October 28th. The technology company reported $0.94 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.01. AT&T had a return on equity of 13.42% and a net margin of 8.97%. The company had revenue of $44.59 billion during the quarter, compared to analyst estimates of $45.45 billion. During the same quarter in the previous year, the company posted $0.90 earnings per share. AT&T’s revenue was down 2.5% compared to the same quarter last year. As a group, research analysts predict that AT&T Inc. will post 3.57 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 5.18%. The ex-dividend date was Wednesday, October 9th. AT&T’s dividend payout ratio is presently 57.95%.

Several equities research analysts have weighed in on the company. Royal Bank of Canada increased their price objective on AT&T from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday. DZ Bank reiterated a “hold” rating and issued a $38.00 price objective on shares of AT&T in a report on Wednesday, September 18th. Cowen set a $40.00 price objective on AT&T and gave the stock a “buy” rating in a report on Friday, September 6th. Raymond James reiterated a “buy” rating and issued a $45.00 price objective (up previously from $40.00) on shares of AT&T in a report on Tuesday, October 29th. Finally, Citigroup increased their price objective on AT&T from $37.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company. AT&T presently has an average rating of “Hold” and an average target price of $40.74.

AT&T Profile

AT&T Inc provides telecommunication, media, and technology services worldwide. The company operates through four segments: Communications, WarnerMedia, Latin America, and Xandr. The Communications segment provides wireless and wireline telecom, video, and broadband and Internet services; video entertainment services using satellite, IP-based, and streaming options; and audio programming services under the AT&T, Cricket, AT&T PREPAID, and DIRECTV brands to residential and business customers.

Read More: What is the Dividend Aristocrat Index?

Institutional Ownership by Quarter for AT&T (NYSE:T)

Receive News & Ratings for AT&T Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AT&T and related companies with MarketBeat.com's FREE daily email newsletter.