Stewart Patten Co Lowers stake in AT&T (T)

AT&T (T) : Stewart Patten Co reduced its stake in AT&T by 0.95% during the most recent quarter end. The investment management company now holds a total of 520,245 shares of AT&T which is valued at $22,219,664 after selling 4,992 shares in AT&T , the firm said in a disclosure report filed with the SEC on Jul 18, 2016.AT&T makes up approximately 4.23% of Stewart Patten Co’s portfolio.

Other Hedge Funds, Including , Investment Counsel reduced its stake in T by selling 4,121 shares or 9.51% in the most recent quarter. The Hedge Fund company now holds 39,214 shares of T which is valued at $1,674,830. AT&T makes up approx 1.32% of Investment Counsel’s portfolio.Ruane Cunniff Goldfarb Inc reduced its stake in T by selling 5,738 shares or 6.37% in the most recent quarter. The Hedge Fund company now holds 84,347 shares of T which is valued at $3,614,269. AT&T makes up approx 0.03% of Ruane Cunniff Goldfarb Inc’s portfolio.Northstar Group reduced its stake in T by selling 661 shares or 4.46% in the most recent quarter. The Hedge Fund company now holds 14,160 shares of T which is valued at $603,074. AT&T makes up approx 0.44% of Northstar Group’s portfolio.Nexus Investment Management reduced its stake in T by selling 1,000 shares or 5.55% in the most recent quarter. The Hedge Fund company now holds 17,030 shares of T which is valued at $725,648. AT&T makes up approx 0.14% of Nexus Investment Management’s portfolio.

AT&T closed down -0.06 points or -0.14% at $42.71 with 1,40,88,416 shares getting traded on Wednesday. Post opening the session at $42.75, the shares hit an intraday low of $42.52 and an intraday high of $42.81 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, AT&T reported $0.72 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Apr 26, 2016. Analyst had a consensus of $0.69. The company had revenue of $40535.00 million for the quarter, compared to analysts expectations of $40402.73 million. The company’s revenue was up 24.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.63 EPS.

Many Wall Street Analysts have commented on AT&T. Company shares were Reiterated by Barclays on Jul 15, 2016 to “Overweight”, Firm has raised the Price Target to $ 45 from a previous price target of $42 .Company shares were Downgraded by Citigroup on Jul 7, 2016 to ” Neutral”, Firm has raised the Price Target to $ 46 from a previous price target of $42 .Company shares were Reiterated by Deutsche Bank on Jun 28, 2016 to “Buy”, Firm has raised the Price Target to $ 45 from a previous price target of $41 .

AT&T Inc. is a holding company. The Company provides telecommunications services. Its services and products include wireless communications data/broadband and Internet services video services local exchange services long-distance services telecommunications equipment managed networking and wholesale services. Its segments include Wireless Wireline and International. Its wireless subsidiaries provide both wireless voice and data communication services. The wireline subsidiaries provide landline data and voice communication services AT&T U-verse broadband video and voice services (U-verse) and managed networking. Its International segment uses the Iusacell and Unefon regional and national networks to provide wireless data and voice communication services. Its International segment also utilizes the networks of Nextel Mexico to provide similar services. Through its subsidiary DIRECTV Group Holdings LLC it provides pay television in the United States and across the world.

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