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AT&T Slides After Earnings as Investors Focus on Debt, Spending and an Impairment Charge

Investivoq PriceTracker

AT&T (T) is down 5.9% today. Here is some analysis on what might have caused this price movement.

Analysis: The selloff appears tied less to AT&T’s operating trends and more to investor concern about balance-sheet pressure and capital intensity after the company said its net debt-to-adjusted EBITDA goal in the 2.5x range is now expected during 2029. The quarter itself showed solid subscriber, revenue and free-cash-flow performance, but the combination of higher debt after the EchoStar spectrum deal, a large Mexico-related impairment charge and continued heavy investment likely outweighed the improved profit outlook.

Details:

  • AT&T raised its 2026 adjusted EPS outlook to about $2.40 and kept its plan for strong shareholder returns, including roughly $10 billion of buybacks this year.
  • Total debt ended the quarter at $159.6 billion and net debt at $149.8 billion, reflecting a sequential increase tied to the closing of the EchoStar spectrum transaction.
  • The company said it now expects its net debt-to-adjusted EBITDA ratio to return to its target range during 2029, which suggests a slower deleveraging path than some investors may have wanted.
  • Reported results also included a $2.6 billion non-cash impairment charge tied to the held-for-sale Mexico wireless business, even as AT&T posted 379,000 postpaid phone net adds and a record 769,000 internet net adds.

    • Sources:

    AT&T, SEC, Yahoo Finance

    Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

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    $T Hedge Fund Activity

    We have seen 1,298 institutional investors add shares of $T stock to their portfolio, and 1,501 decrease their positions in their most recent quarter.

    Here are some of the largest recent moves:

    • JPMORGAN CHASE & CO added 96,916,024 shares (+inf%) to their portfolio in Q2 2026, for an estimated $2,006,161,696
    • SIXTH STREET PARTNERS MANAGEMENT COMPANY, L.P. added 52,464,446 shares (+inf%) to their portfolio in Q2 2026, for an estimated $1,086,014,032
    • CAPITAL WORLD INVESTORS removed 50,240,073 shares (-46.0%) from their portfolio in Q2 2026, for an estimated $1,039,969,511
    • GQG PARTNERS LLC removed 22,253,371 shares (-27.4%) from their portfolio in Q2 2026, for an estimated $460,644,779
    • PACER ADVISORS, INC. added 19,256,850 shares (+inf%) to their portfolio in Q2 2026, for an estimated $398,616,795
    • FMR LLC removed 17,352,265 shares (-30.1%) from their portfolio in Q2 2026, for an estimated $359,191,885
    • CAPITAL RESEARCH GLOBAL INVESTORS removed 16,738,388 shares (-27.2%) from their portfolio in Q2 2026, for an estimated $346,484,631

    To track hedge funds' stock portfolios, check out Investivoq's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Investivoq API 13F endpoint.

    $T Government Contracts

    We have seen $1,200,925,441 of award payments to $T over the last year.

    Here are some of the awards which we have have seen pay out the most over the last year:

    • ENTERPRISE DATA NETWORK SERVICES CARRIER B: $477,867,543
    • CO: TELLY RENFROE AWARD OF NEW TASK ORDER BASE YEAR INITIAL FUNDING: $157,975,923
    • ESTABLISH A BROAD NETWORKING AND TELECOMMUNICATIONS SERVICE ENVIRONMENT TO MEET ITS NETWORK SERVICES (WIDE ...: $84,494,825
    • USCIS DATA AND VOICE SERVICES: $49,291,133
    • EIS TASK ORDER 693KA8-21-F-000083 - MASTER CONTRACT # GS00Q17NSD3000. VENDOR IS AT&T. FOR THE TRANSITION O...: $40,566,746

    To track government contracts to publicy traded companies, check out Investivoq's government contracts dashboard. You can access data on government contracts through the Investivoq API government contracts endpoint.

    $T Congressional Stock Trading

    Members of Congress have traded $T stock 9 times in the past 6 months. Of those trades, 7 have been purchases and 2 have been sales.

    Here’s a breakdown of recent trading of $T stock by members of Congress over the last 6 months:

    • REPRESENTATIVE DAVID TAYLOR has traded it 4 times. They made 4 purchases worth up to $60,000 on 10/09, 06/05, 05/15 and 0 sales.
    • REPRESENTATIVE TIM MOORE has traded it 4 times. They made 2 purchases worth up to $150,000 on 06/04, 05/18 and 2 sales worth up to $150,000 on 08/14, 05/21.
    • SENATOR GARY C. PETERS purchased up to $15,000 on 06/29.

    To track congressional stock trading, check out Investivoq's congressional trading dashboard. You can access data on congressional stock trades through the Investivoq API Congress trades endpoint.

    $T Price Targets

    Multiple analysts have issued price targets for $T recently. We have seen 6 analysts offer price targets for $T in the last 6 months, with a median target of $24.5.

    Here are some recent targets:

    • Kannan Venkateshwar from Barclays set a target price of $24.0 on 07/08/2026
    • Steven Cahall from Wells Fargo set a target price of $18.0 on 07/08/2026
    • Maher Yaghi from Scotiabank set a target price of $19.0 on 07/07/2026
    • Simon Flannery from Morgan Stanley set a target price of $25.0 on 07/07/2026
    • Lyaysyan Sedova from Freedom Broker set a target price of $30.0 on 06/12/2026
    • Jonathan Atkin from RBC Capital set a target price of $31.0 on 05/20/2026

    This article is not financial advice. See Investivoq's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.