Viking Fund Management LLC has increased its stock holdings in AT&T Inc. by 9.8% during the third quarter, according to a recent filing with the Securities and Exchange Commission. The firm now owns 425,000 shares of AT&T, having acquired an additional 38,000 shares during this period. This investment represents approximately 1.5% of Viking Fund Management’s total portfolio, positioning AT&T as the firm’s 19th largest holding. As of the latest disclosure, the value of Viking’s holdings in AT&T stands at $12,002,000.
The interest in AT&T is not limited to Viking Fund Management. Several other institutional investors have adjusted their positions in the telecommunications giant. For instance, Vanguard Group Inc. increased its stake by 1.6% in the second quarter, now holding 661,355,210 shares valued at $19.14 billion after purchasing an additional 10,310,560 shares. Similarly, State Street Corp raised its holdings by 2.4%, now owning 321,070,509 shares worth $9.29 billion.
In addition, Kingstone Capital Partners Texas LLC entered the market with a new stake valued at around $5.27 billion, while Geode Capital Management LLC increased its holdings by 1.2%, bringing its total to 172,039,872 shares valued at $4.96 billion. Norges Bank also purchased a new position worth approximately $2.23 billion. Overall, institutional investors now control 57.10% of AT&T’s stock.
Analysts Adjust Price Targets
Recent analyst reports reflect a cautious outlook for AT&T. Morgan Stanley reduced its price target from $32.00 to $30.00 while maintaining an “overweight” rating. Barclays also adjusted its target, lowering it from $30.00 to $28.00, and issued an “equal weight” rating. Goldman Sachs cut its target from $33.00 to $29.00, labeling the stock as a “buy.”
Despite these adjustments, Weiss Ratings reaffirmed a “buy (b)” rating on AT&T, while Cowen reiterated a “hold” rating. Overall, one investment analyst has rated the stock as a Strong Buy, with sixteen recommending a Buy and nine suggesting a Hold. According to MarketBeat.com, AT&T currently has a consensus rating of “Moderate Buy” and a price target of $30.36.
Market Performance and Upcoming Dividend
AT&T shares opened at $24.11 on Friday, reflecting a 0.6% decline. The company boasts a market capitalization of $170.95 billion and has a price-to-earnings (P/E) ratio of 7.83. Over the past year, AT&T has seen its stock fluctuate between a low of $21.38 and a high of $29.79.
On October 22, 2023, AT&T reported quarterly earnings of $0.54 per share, meeting analysts’ expectations but down from $0.60 per share from the same quarter last year. Revenue for the quarter reached $30.71 billion, slightly below the anticipated $30.85 billion, but still showing a year-over-year increase of 1.7%.
The company has also announced a quarterly dividend of $0.2775 per share, scheduled for payment on February 2, 2024. Shareholders of record on January 12, 2024, will receive this dividend, translating to an annualized dividend of $1.11 and a yield of 4.6%.
As AT&T navigates the complexities of the telecommunications market, its latest financial adjustments and shareholder movements signal a continued interest in the company’s long-term prospects. The firm is engaged in providing a wide array of services, including wireless communication, broadband, and digital entertainment, positioning itself as a key player in the global telecommunications landscape.
