AT&T INC T
COM · Common Stock · CUSIP 00206R102 · ISIN US00206R1023
American multinational conglomerate
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($205.7m this quarter). Holder counts are more reliable. Shares outstanding: 7.2bn as of 2023-10-25, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $15.07. Options: 63 managers hold calls ($1.1bn notional), 56 hold puts ($766.6m).
Trends to Q3 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 2,324 |
| Q4 2022 | 2,424 |
| Q1 2023 | 2,404 |
| Q2 2023 | 2,405 |
| Q3 2023 | 2,298 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 1,131 | 1,121 |
| Q1 2023 | 1,203 | 1,067 |
| Q2 2023 | 1,075 | 1,258 |
| Q3 2023 | 914 | 1,377 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2022 | $2.0bn | $1.3bn | 0.61 |
| Q1 2023 | $1.4bn | $777.5m | 0.56 |
| Q2 2023 | $870.7m | $725.1m | 0.83 |
| Q3 2023 | $1.1bn | $766.6m | 0.70 |
Biggest buyers
| AMERIPRISE FINANCIAL INC | Added | +34.2m |
| FMR LLC | Added | +32.6m |
| TWO SIGMA ADVISERS, LP | Added | +19.2m |
| CITADEL ADVISORS LLC | Added | +13.7m |
| GOLDMAN SACHS GROUP INC | Added | +12.8m |
| California Public Employees Retirement System | Added | +9.5m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Added | +9.0m |
| TWO SIGMA INVESTMENTS, LP | Added | +8.6m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | +7.6m |
| NORGES BANK | Added | +7.6m |
Biggest sellers
| DEUTSCHE BANK AG\ | Reduced | -16.4m |
| FEDERATED HERMES, INC. | Reduced | -14.3m |
| JPMORGAN CHASE & CO | Reduced | -6.4m |
| UBS Group AG | Reduced | -6.1m |
| Allianz Asset Management GmbH | Reduced | -4.8m |
| WESTWOOD HOLDINGS GROUP INC | Reduced | -4.5m |
| WELLS FARGO & COMPANY/MN | Reduced | -4.4m |
| Point72 Asset Management, L.P. | Reduced | -4.4m |
| ROYAL BANK OF CANADA | Reduced | -4.3m |
| Caisse de depot et placement du Quebec | Reduced | -4.2m |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $330.2m22.0m shares |
| CITADEL ADVISORS LLC | Added | $104.7m7.0m shares |
| Twin Tree Management, LP | Added | $83.6m5.6m shares |
| SIMPLEX TRADING, LLC | Added | $76.2m5.6m shares |
| JANE STREET GROUP, LLC | Added | $46.3m3.1m shares |
| GOLDMAN SACHS GROUP INC | Added | $44.0m2.9m shares |
| IMC-Chicago, LLC | Added | $41.7m2.8m shares |
| Parallax Volatility Advisers, L.P. | Reduced | $33.1m2.2m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $27.8m1.9m shares |
| BANK OF AMERICA CORP /DE/ | Added | $21.9m1.5m shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $262.6m17.5m shares |
| CITADEL ADVISORS LLC | Reduced | $66.7m4.4m shares |
| D. E. Shaw & Co., Inc. | Added | $62.9m4.2m shares |
| JANE STREET GROUP, LLC | Added | $38.1m2.5m shares |
| SIMPLEX TRADING, LLC | Added | $32.3m2.4m shares |
| Twin Tree Management, LP | New | $24.2m1.6m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $21.4m1.4m shares |
| Parallax Volatility Advisers, L.P. | Reduced | $19.9m1.3m shares |
| BANK OF AMERICA CORP /DE/ | Reduced | $19.5m1.3m shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $18.1m12.1k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 7.5% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q3 2023
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2021 | 1 | $2.5m | 0 | — | — |
| Q1 2022 | 0 | — | 0 | — | — |
| Q2 2022 | 0 | — | 0 | — | — |
| Q3 2022 | 0 | — | 0 | — | — |
| Q4 2022 | 0 | — | 0 | — | — |
| Q1 2023 | 0 | — | 0 | — | — |
| Q2 2023 | 0 | — | 0 | — | — |
| Q3 2023 | 0 | — | 0 | — | — |
None reported in Q3 2023.
Holders, Q3 2023
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.23% of their portfolio | 620.3m $9.3bn | Reduced -46.2k |
| BlackRock Inc. 0.23% of their portfolio | 534.9m $8.0bn | Added +149.7k |
| STATE STREET CORP 0.25% of their portfolio | 296.4m $4.5bn | Reduced -698.6k |
| Newport Trust Company, LLC 9.24% of their portfolio | 200.0m $3.0bn | Added +673.0k |
| GEODE CAPITAL MANAGEMENT, LLC 0.25% of their portfolio | 142.1m $2.1bn | Added +4.0m |
| MORGAN STANLEY 0.14% of their portfolio | 93.0m $1.4bn | Reduced -4.1m |
| NORTHERN TRUST CORP 0.22% of their portfolio | 75.2m $1.1bn | Added +1.8m |
| NORGES BANK 0.23% of their portfolio | 74.9m $1.1bn | Added +7.6m |
| Bank of New York Mellon Corp 0.20% of their portfolio | 60.3m $905.3m | Added +334.2k |
| BANK OF AMERICA CORP /DE/ 0.11% of their portfolio | 58.2m $874.0m | Added +7.0m |
| FMR LLC 0.07% of their portfolio | 57.5m $863.9m | Added +32.6m |
| AMERIPRISE FINANCIAL INC 0.26% of their portfolio | 52.6m $790.3m | Added +34.2m |
| Legal & General Group Plc 0.27% of their portfolio | 50.6m $759.7m | Reduced -1.5m |
| GOLDMAN SACHS GROUP INC 0.19% of their portfolio | 50.2m $754.1m | Added +12.8m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.21% of their portfolio | 49.8m $747.9m | Added +327.4k |
| DIMENSIONAL FUND ADVISORS LP 0.23% of their portfolio | 46.2m $694.5m | Reduced -2.2m |
| ROYAL BANK OF CANADA 0.18% of their portfolio | 41.0m $615.4m | Reduced -4.3m |
| California Public Employees Retirement System 0.45% of their portfolio | 34.6m $519.1m | Added +9.5m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.21% of their portfolio | 31.9m $478.9m | Reduced -912.2k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.55% of their portfolio | 30.3m $454.4m | Added +9.0m |
| Invesco Ltd. 0.12% of their portfolio | 29.7m $446.2m | Added +2.4m |
| Nuveen Asset Management, LLC 0.16% of their portfolio | 29.5m $442.6m | Added +305.8k |
| LSV ASSET MANAGEMENT 1.00% of their portfolio | 28.6m $430.3m | Reduced -197.1k |
| BARCLAYS PLC 0.26% of their portfolio | 26.2m $393.9m | Added +6.1m |
| Amundi 0.17% of their portfolio | 24.6m $354.8m | Added +4.1m |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.37% of their portfolio | 24.2m $363.0m | Unchanged |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.05% of their portfolio | 23.9m $359.1m | Reduced -1.1m |
| FEDERATED HERMES, INC. 0.93% of their portfolio | 23.2m $348.0m | Reduced -14.3m |
| Swiss National Bank 0.27% of their portfolio | 23.0m $345.4m | Reduced -2.8m |
| TWO SIGMA ADVISERS, LP 0.87% of their portfolio | 22.7m $340.8m | Added +19.2m |
| CITADEL ADVISORS LLC 0.35% of their portfolio | 21.3m $319.2m | Added +13.7m |
| JPMORGAN CHASE & CO 0.04% of their portfolio | 20.4m $305.9m | Reduced -6.4m |
| STATE OF MICHIGAN RETIREMENT SYSTEM 1.79% of their portfolio | 18.5m $277.5m | Added +4.1m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.42% of their portfolio | 18.0m $269.8m | Added +7.6m |
| Sumitomo Mitsui Trust Group, Inc. 0.22% of their portfolio | 17.5m $262.7m | Reduced -271.2k |
| Robeco Institutional Asset Management B.V. 0.69% of their portfolio | 17.3m $259.2m | Added +383.0k |
| NORDEA INVESTMENT MANAGEMENT AB 0.33% of their portfolio | 15.9m $238.3m | Reduced -1.2m |
| WELLS FARGO & COMPANY/MN 0.07% of their portfolio | 15.7m $235.6m | Reduced -4.4m |
| DEUTSCHE BANK AG\ 0.15% of their portfolio | 15.4m $231.4m | Reduced -16.4m |
| UBS Group AG 0.11% of their portfolio | 15.4m $231.3m | Reduced -6.1m |
| D. E. Shaw & Co., Inc. 0.37% of their portfolio | 14.8m $222.1m | Added +631.0k |
| AQR CAPITAL MANAGEMENT LLC 0.46% of their portfolio | 14.7m $221.2m | Added +4.4m |
| Caisse de depot et placement du Quebec 0.64% of their portfolio | 14.7m $221.3m | Reduced -4.2m |
| PRUDENTIAL FINANCIAL INC 0.34% of their portfolio | 14.6m $218.9m | Reduced -475.2k |
| RHUMBLINE ADVISERS 0.25% of their portfolio | 14.3m $215.3m | Added +209.0k |
| National Pension Service 0.31% of their portfolio | 13.0m $195.7m | Added +434.0k |
| HSBC HOLDINGS PLC 0.21% of their portfolio | 12.6m $188.5m | Added +966.7k |
| BANK OF MONTREAL /CAN/ 0.15% of their portfolio | 12.4m $397.9m | Added +998.1k |
| TWO SIGMA INVESTMENTS, LP 0.51% of their portfolio | 12.2m $182.6m | Added +8.6m |
| RAYMOND JAMES & ASSOCIATES 0.15% of their portfolio | 11.9m $178.3m | Reduced -1.4m |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.27% of their portfolio | 11.5m $173.3m | Reduced -445.5k |
| BNP PARIBAS FINANCIAL MARKETS 0.37% of their portfolio | 11.0m $165.7m | Added +2.9m |
| VOYA INVESTMENT MANAGEMENT LLC 0.18% of their portfolio | 10.8m $162.0m | Reduced -183.6k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.23% of their portfolio | 10.8m $161.6m | Reduced -882.6k |
| ENVESTNET ASSET MANAGEMENT INC 0.07% of their portfolio | 10.7m $161.3m | Reduced -215.6k |
| CREDIT SUISSE AG/ 0.16% of their portfolio | 10.1m $151.6m | Added +102.3k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.72% of their portfolio | 9.7m $146.4m | Added +4.4m |
| ALLIANCEBERNSTEIN L.P. 0.06% of their portfolio | 9.2m $138.3m | Added +481.5k |
| Sessa Capital IM, L.P. 6.09% of their portfolio | 9.2m $137.8m | Unchanged |
| LPL Financial LLC 0.09% of their portfolio | 8.4m $126.0m | Reduced -991.1k |
| EQUITY INVESTMENT CORP 3.86% of their portfolio | 8.3m $124.1m | Added +1.4m |
| TORONTO DOMINION BANK 0.10% of their portfolio | 8.1m $121.2m | Reduced -1.5m |
| PRINCIPAL FINANCIAL GROUP INC 0.09% of their portfolio | 8.0m $120.6m | Reduced -37.0k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.28% of their portfolio | 8.0m $120.5m | Reduced -156.2k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.27% of their portfolio | 7.5m $112.8m | Reduced -369.2k |
| Rockefeller Capital Management L.P. 0.43% of their portfolio | 7.4m $111.8m | Added +4.2m |
| CANADA LIFE ASSURANCE Co 0.26% of their portfolio | 7.3m $110.1m | Reduced -21.6k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.24% of their portfolio | 7.1m $106.8m | Added +785.1k |
| Ensign Peak Advisors, Inc 0.23% of their portfolio | 7.1m $106.2m | Reduced -3.5m |
| Cullen Capital Management, LLC 1.22% of their portfolio | 7.0m $104.5m | Added +627.8k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.06% of their portfolio | 6.9m $104.2m | Added +473.9k |
| Mitsubishi UFJ Trust & Banking Corp 0.25% of their portfolio | 6.7m $100.7m | Added +55.8k |
| Russell Investments Group, Ltd. 0.20% of their portfolio | 6.7m $100.6m | Added +1.2m |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.20% of their portfolio | 6.7m $100.0m | Added +526.3k |
| AustralianSuper Pty Ltd 0.62% of their portfolio | 6.4m $95.9m | Added +1.2m |
| CI INVESTMENTS INC. 0.52% of their portfolio | 6.2m $93.0m | Reduced -2.0m |
| CITIGROUP INC 0.13% of their portfolio | 6.1m $91.8m | Reduced -763.7k |
| COMMERZBANK AKTIENGESELLSCHAFT /FI 4.33% of their portfolio | 6.1m $91.3m | Added +64.4k |
| TD Asset Management Inc 0.10% of their portfolio | 5.8m $86.4m | Reduced -1.5m |
| OSAIC HOLDINGS, INC. 0.13% of their portfolio | 5.7m $85.6m | Added +797.4k |
| APG Asset Management N.V. 0.17% of their portfolio | 5.5m $81.9m | Reduced -448.5k |
| Drexel Morgan & Co. 20.92% of their portfolio | 5.1m $76.9m | Added +300.0k |
| Allianz Asset Management GmbH 0.16% of their portfolio | 5.1m $76.7m | Reduced -4.8m |
| AMERICAN CENTURY COMPANIES INC 0.06% of their portfolio | 4.9m $73.5m | Reduced -196.7k |
| Allspring Global Investments Holdings, LLC 0.13% of their portfolio | 4.7m $70.4m | Added +2.0m |
| COMMONWEALTH EQUITY SERVICES, LLC 0.14% of their portfolio | 4.5m $68.0m | Reduced -222.2k |
| STOREBRAND ASSET MANAGEMENT AS 0.32% of their portfolio | 4.5m $67.7m | Reduced -11.6k |
| LETKO, BROSSEAU & ASSOCIATES INC 1.28% of their portfolio | 4.3m $65.3m | Added +43.3k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.20% of their portfolio | 4.3m $63.9m | Reduced -195.7k |
| KBC Group NV 0.26% of their portfolio | 4.2m $63.0m | Added +255.4k |
| VICTORY CAPITAL MANAGEMENT INC 0.07% of their portfolio | 4.2m $62.7m | Reduced -501.9k |
| Point72 Asset Management, L.P. 0.21% of their portfolio | 4.1m $61.8m | Reduced -4.4m |
| PNC Financial Services Group, Inc. 0.05% of their portfolio | 4.1m $61.5m | Reduced -350.3k |
| Chevy Chase Trust Holdings, LLC 0.24% of their portfolio | 4.1m $60.9m | Reduced -93.0k |
| State of New Jersey Common Pension Fund D 0.22% of their portfolio | 4.0m $60.4m | Reduced -170.2k |
| Empower Advisory Group, LLC 0.27% of their portfolio | 4.0m $60.1m | Added +399.1k |
| Epoch Investment Partners, Inc. 0.37% of their portfolio | 3.9m $58.4m | Reduced -2.4m |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.25% of their portfolio | 3.8m $57.0m | Reduced -451.5k |
| TRUIST FINANCIAL CORP 0.10% of their portfolio | 3.8m $56.9m | Reduced -338.9k |
| Brandywine Global Investment Management, LLC 0.49% of their portfolio | 3.8m $56.5m | Reduced -3.8m |