Tobam Expands AT&T Holdings by 3.2% with New Share Purchase

Tobam has increased its stake in AT&T Inc. (NYSE: T) by purchasing an additional 7,932 shares during the second quarter of 2023, according to HoldingsChannel.com. This move raises Tobam’s total holdings in the telecommunications giant to 259,166 shares, representing a 3.2% increase. As of the latest reporting period, AT&T accounts for 2.9% of Tobam’s portfolio, making it the firm’s second-largest investment, valued at approximately $7.5 million.

Several other institutional investors have also adjusted their positions in AT&T. Bouchey Financial Group Ltd boosted its holdings by 39.0%, acquiring an additional 3,650 shares to reach a total of 13,020 shares worth $377,000. KBC Group NV increased its stake by 37.6%, now owning 2,004,013 shares valued at around $57.99 million after purchasing 547,211 shares. Wealth Quarterback LLC raised its position by 43.2%, owning 29,054 shares worth $841,000, while VeraBank N.A. increased its stake by 6.1% to 17,518 shares valued at $507,000. PCG Asset Management LLC also entered the market with a new position valued at approximately $210,000. Currently, institutional investors hold about 57.10% of AT&T’s stock.

Analyst Ratings and Market Performance

Recent analyst reports reflect a mixed outlook for AT&T. Barclays has lowered its price target from $30.00 to $28.00 while maintaining an “equal weight” rating on the stock. In contrast, UBS Group reiterated its “buy” rating, and Citigroup reaffirmed a similar stance. Raymond James Financial has increased its target price from $31.00 to $33.00, categorizing it as a “strong buy.” Overall, one analyst has given a “Strong Buy” rating, while seventeen analysts recommend a “Buy” and eight suggest a “Hold.” According to MarketBeat.com, AT&T currently has an average rating of “Moderate Buy” with a consensus target price set at $30.64.

On the trading front, AT&T shares opened at $25.19 on a recent Wednesday. The company boasts a market capitalization of approximately $178.55 billion and shows a price-to-earnings ratio of 8.18. The stock has a 52-week range, with a low of $21.38 and a high of $29.79. AT&T’s financial health is reflected in its debt-to-equity ratio of 1.01 and a current ratio of 1.01.

Recent Earnings and Dividends

AT&T recently reported its quarterly earnings on October 22, 2023. The company achieved earnings per share (EPS) of $0.54, aligning with analysts’ expectations. The technology firm recorded a net margin of 17.87% and a return on equity of 12.72%. Revenue for the quarter reached $30.71 billion, slightly below analyst projections of $30.85 billion, but representing a 1.7% increase compared to the same period last year. Analysts predict that AT&T will post an EPS of $2.14 for the current fiscal year.

Additionally, AT&T has declared a quarterly dividend of $0.2775 per share, which was paid on November 3, 2023. Shareholders of record as of October 10, 2023 received this dividend, resulting in an annualized yield of 4.4%. The company’s dividend payout ratio currently stands at 36.04%.

AT&T Inc. is a holding company that provides telecommunications and technology services through its Communications and Latin America segments. The Communications segment offers wireless and wireline telecom as well as broadband services to consumers and businesses both in the United States and internationally.