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 ($484.6m this quarter). Holder counts are more reliable. Shares outstanding: 7.2bn as of 2025-04-24, 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 ≈ $29.78. Options: 59 managers hold calls ($1.6bn notional), 51 hold puts ($1.0bn).
Trends to Q1 2025
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 |
| Q4 2023 | 2,452 |
| Q1 2024 | 2,418 |
| Q2 2024 | 2,401 |
| Q3 2024 | 2,450 |
| Q4 2024 | 2,683 |
| Q1 2025 | 2,866 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2023 | 1,075 | 1,258 |
| Q3 2023 | 914 | 1,377 |
| Q4 2023 | 920 | 1,311 |
| Q1 2024 | 1,101 | 1,204 |
| Q2 2024 | 1,057 | 1,206 |
| Q3 2024 | 1,089 | 1,225 |
| Q4 2024 | 1,194 | 1,128 |
| Q1 2025 | 1,391 | 1,288 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2024 | $1.2bn | $731.1m | 0.61 |
| Q3 2024 | $1.3bn | $871.4m | 0.65 |
| Q4 2024 | $1.1bn | $892.6m | 0.80 |
| Q1 2025 | $1.6bn | $1.0bn | 0.64 |
Biggest buyers
| BANK OF AMERICA CORP /DE/ | Added | +45.4m |
| FMR LLC | Added | +28.1m |
| Capital Research Global Investors | Added | +20.9m |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | Added | +20.4m |
| VOYA INVESTMENT MANAGEMENT LLC | Added | +17.7m |
| GQG Partners LLC | Added | +17.2m |
| JPMORGAN CHASE & CO | Added | +17.0m |
| FRANKLIN RESOURCES INC | Added | +16.4m |
| BARCLAYS PLC | Added | +13.6m |
| ONTARIO TEACHERS PENSION PLAN BOARD | Added | +11.9m |
Biggest sellers
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Reduced | -25.1m |
| Point72 Asset Management, L.P. | Reduced | -15.4m |
| MACKENZIE FINANCIAL CORP | Reduced | -12.5m |
| Contour Asset Management LLC | Sold out | -11.1m |
| CITADEL ADVISORS LLC | Reduced | -10.8m |
| STATE STREET CORP | Reduced | -9.3m |
| Amundi | Reduced | -7.1m |
| MARSHALL WACE, LLP | Sold out | -7.1m |
| STATE OF MICHIGAN RETIREMENT SYSTEM | Reduced | -6.1m |
| Allianz Asset Management GmbH | Reduced | -4.7m |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $551.4m19.5m shares |
| CITADEL ADVISORS LLC | Reduced | $217.8m7.7m shares |
| JANE STREET GROUP, LLC | Added | $99.3m3.5m shares |
| SIMPLEX TRADING, LLC | Reduced | $79.3m2.8m shares |
| CITIGROUP INC | Added | $71.2m2.5m shares |
| IMC-Chicago, LLC | Added | $57.7m2.0m shares |
| Squarepoint Ops LLC | Added | $57.5m2.0m shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $47.3m1.7m shares |
| BANK OF AMERICA CORP /DE/ | Added | $39.6m1.4m shares |
| UBS Group AG | Added | $39.0m1.4m shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $234.1m8.3m shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $141.9m5.0m shares |
| Qube Research & Technologies Ltd | Reduced | $72.5m2.6m shares |
| UBS Group AG | Added | $59.2m2.1m shares |
| Squarepoint Ops LLC | Added | $56.6m2.0m shares |
| BNP PARIBAS FINANCIAL MARKETS | First filing | $51.4m18.2k shares |
| CITADEL ADVISORS LLC | Reduced | $47.5m1.7m shares |
| CITIGROUP INC | Added | $43.3m1.5m shares |
| BANK OF AMERICA CORP /DE/ | Added | $39.0m1.4m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $37.4m1.3m 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 Q1 2025
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 |
|---|---|---|---|---|---|
| Q2 2023 | 0 | — | 0 | — | — |
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 1 | $971.9k | 0 | — | — |
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
None reported in Q1 2025.
Holders, Q1 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.33% of their portfolio | 651.0m $18.4bn | Added +8.2m |
| BlackRock, Inc. 0.33% of their portfolio | 555.9m $15.7bn | Added +9.0m |
| STATE STREET CORP 0.37% of their portfolio | 313.7m $8.9bn | Reduced -9.3m |
| Newport Trust Company, LLC 13.76% of their portfolio | 189.8m $5.4bn | Reduced -2.5m |
| GEODE CAPITAL MANAGEMENT, LLC 0.38% of their portfolio | 170.0m $4.8bn | Added +6.2m |
| GQG Partners LLC 5.13% of their portfolio | 114.0m $3.2bn | Added +17.2m |
| MORGAN STANLEY 0.21% of their portfolio | 105.8m $3.0bn | Added +9.0m |
| BANK OF AMERICA CORP /DE/ 0.25% of their portfolio | 97.9m $2.8bn | Added +45.4m |
| Bank of New York Mellon Corp 0.46% of their portfolio | 81.9m $2.3bn | Reduced -3.7m |
| NORGES BANK 0.32% of their portfolio | 79.7m $2.3bn | Reduced -1.9m |
| NORTHERN TRUST CORP 0.33% of their portfolio | 77.7m $2.2bn | Reduced -420.6k |
| FMR LLC 0.13% of their portfolio | 73.5m $2.1bn | Added +28.1m |
| JPMORGAN CHASE & CO 0.14% of their portfolio | 65.2m $1.8bn | Added +17.0m |
| Capital World Investors 0.27% of their portfolio | 58.2m $1.6bn | Added +771.3k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.40% of their portfolio | 55.2m $1.6bn | Added +1.8m |
| DIMENSIONAL FUND ADVISORS LP 0.37% of their portfolio | 53.3m $1.5bn | Added +1.3m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.28% of their portfolio | 52.4m $1.5bn | Reduced -683.8k |
| AMERIPRISE FINANCIAL INC 0.39% of their portfolio | 50.8m $1.4bn | Reduced -983.4k |
| Legal & General Group Plc 0.38% of their portfolio | 49.9m $1.4bn | Added +2.0m |
| Invesco Ltd. 0.26% of their portfolio | 48.7m $1.4bn | Added +1.1m |
| GOLDMAN SACHS GROUP INC 0.26% of their portfolio | 48.6m $1.4bn | Reduced -127.5k |
| ROYAL BANK OF CANADA 0.26% of their portfolio | 40.7m $1.2bn | Reduced -3.9m |
| Nuveen, LLC 0.33% of their portfolio | 37.9m $1.1bn | First filing |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.12% of their portfolio | 34.4m $973.8m | Added +8.4m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.77% of their portfolio | 33.3m $942.8m | Reduced -25.1m |
| THORNBURG INVESTMENT MANAGEMENT INC 10.90% of their portfolio | 27.6m $7.8bn | Reduced -8.3k |
| VOYA INVESTMENT MANAGEMENT LLC 0.43% of their portfolio | 27.6m $779.6m | Added +17.7m |
| UBS Group AG 0.17% of their portfolio | 27.5m $777.3m | Reduced -2.2m |
| Amundi 0.28% of their portfolio | 26.8m $766.9m | Reduced -7.1m |
| BARCLAYS PLC 0.34% of their portfolio | 26.6m $752.0m | Added +13.6m |
| LSV ASSET MANAGEMENT 1.76% of their portfolio | 25.9m $733.2m | Reduced -1.5m |
| RAYMOND JAMES FINANCIAL INC 0.27% of their portfolio | 25.1m $710.1m | Added +84.5k |
| FRANKLIN RESOURCES INC 0.21% of their portfolio | 25.1m $708.9m | Added +16.4m |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.63% of their portfolio | 24.1m $682.9m | Unchanged |
| DEUTSCHE BANK AG\ 0.27% of their portfolio | 24.0m $679.5m | Reduced -1.1m |
| Capital Research Global Investors 0.14% of their portfolio | 23.3m $658.3m | Added +20.9m |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.74% of their portfolio | 22.3m $631.9m | Added +20.4m |
| California Public Employees Retirement System 0.44% of their portfolio | 22.2m $627.5m | Reduced -3.0m |
| Swiss National Bank 0.40% of their portfolio | 20.2m $572.3m | Reduced -18.4k |
| Pacer Advisors, Inc. 1.34% of their portfolio | 20.0m $564.5m | Reduced -4.7m |
| ALLIANCEBERNSTEIN L.P. 0.19% of their portfolio | 18.8m $531.8m | Added +170.8k |
| AQR CAPITAL MANAGEMENT LLC 0.54% of their portfolio | 18.7m $528.7m | Added +802.0k |
| Sumitomo Mitsui Trust Group, Inc. 0.35% of their portfolio | 17.7m $499.2m | Added +107.1k |
| HSBC HOLDINGS PLC 0.32% of their portfolio | 16.8m $475.1m | Added +864.2k |
| National Pension Service 0.44% of their portfolio | 16.3m $460.7m | Added +590.5k |
| BNP PARIBAS FINANCIAL MARKETS 0.34% of their portfolio | 15.7m $442.7m | First filing |
| WELLS FARGO & COMPANY/MN 0.11% of their portfolio | 15.6m $441.1m | Added +96.6k |
| CITADEL ADVISORS LLC 0.42% of their portfolio | 15.1m $427.6m | Reduced -10.8m |
| ENVESTNET ASSET MANAGEMENT INC 0.12% of their portfolio | 13.0m $367.6m | Added +651.8k |
| RHUMBLINE ADVISERS 0.34% of their portfolio | 12.9m $366.2m | Reduced -556.1k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.33% of their portfolio | 12.8m $362.0m | Added +1.4m |
| BANK OF MONTREAL /CAN/ 0.18% of their portfolio | 12.1m $341.3m | Reduced -1.0m |
| ONTARIO TEACHERS PENSION PLAN BOARD 5.20% of their portfolio | 12.0m $338.2m | Added +11.9m |
| Allianz Asset Management GmbH 0.49% of their portfolio | 11.8m $334.7m | Reduced -4.7m |
| CITIGROUP INC 0.25% of their portfolio | 11.8m $332.6m | Added +7.7m |
| Russell Investments Group, Ltd. 0.45% of their portfolio | 11.5m $325.4m | Reduced -537.5k |
| WELLINGTON MANAGEMENT GROUP LLP 0.06% of their portfolio | 11.4m $321.4m | Added +8.8m |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.39% of their portfolio | 11.2m $317.5m | Reduced -39.1k |
| Robeco Institutional Asset Management B.V. 0.61% of their portfolio | 11.1m $313.3m | Reduced -641.7k |
| Caisse de depot et placement du Quebec 0.65% of their portfolio | 10.9m $308.7m | Added +841.0k |
| LPL Financial LLC 0.11% of their portfolio | 10.3m $290.6m | Added +123.4k |
| ASSETMARK, INC 0.80% of their portfolio | 10.2m $289.7m | Added +331.6k |
| CANADA LIFE ASSURANCE Co 0.50% of their portfolio | 10.0m $283.7m | Added +477.6k |
| Brandywine Global Investment Management, LLC 1.99% of their portfolio | 9.7m $275.7m | Reduced -638.7k |
| MACKENZIE FINANCIAL CORP 0.37% of their portfolio | 9.3m $262.3m | Reduced -12.5m |
| AustralianSuper Pty Ltd 1.48% of their portfolio | 9.3m $261.9m | Unchanged |
| CANADA PENSION PLAN INVESTMENT BOARD 0.25% of their portfolio | 9.2m $261.0m | Added +1.8m |
| FEDERATED HERMES, INC. 0.56% of their portfolio | 9.1m $258.1m | Reduced -2.6m |
| ACADIAN ASSET MANAGEMENT LLC 0.73% of their portfolio | 9.1m $256.8m | Added +7.5m |
| NATIONAL BANK OF CANADA /FI/ 0.29% of their portfolio | 8.9m $250.4m | Added +2.9m |
| NEW YORK STATE COMMON RETIREMENT FUND 0.35% of their portfolio | 8.5m $241.7m | Reduced -235.6k |
| MACQUARIE GROUP LTD 0.30% of their portfolio | 8.5m $241.4m | Reduced -1.8m |
| PRINCIPAL FINANCIAL GROUP INC 0.13% of their portfolio | 8.3m $234.2m | Reduced -29.7k |
| Holocene Advisors, LP 0.68% of their portfolio | 8.1m $228.9m | New |
| Alyeska Investment Group, L.P. 0.87% of their portfolio | 7.7m $217.3m | New |
| AMERICAN CENTURY COMPANIES INC 0.13% of their portfolio | 7.6m $216.2m | Added +738.2k |
| Mitsubishi UFJ Trust & Banking Corp 0.53% of their portfolio | 7.3m $205.3m | Reduced -57.7k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.38% of their portfolio | 7.2m $204.1m | Reduced -942.6k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.40% of their portfolio | 7.1m $200.7m | Reduced -183.8k |
| Ensign Peak Advisors, Inc 0.38% of their portfolio | 7.1m $200.1m | Reduced -408.5k |
| TD Asset Management Inc 0.18% of their portfolio | 6.8m $192.0m | Added +175.3k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.43% of their portfolio | 6.6m $185.9m | Reduced -289.7k |
| Cullen Capital Management, LLC 2.08% of their portfolio | 6.4m $179.8m | Reduced -670.3k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.17% of their portfolio | 6.3m $178.5m | Reduced -510.7k |
| D. E. Shaw & Co., Inc. 0.20% of their portfolio | 6.0m $170.6m | Reduced -193.5k |
| Korea Investment CORP 0.41% of their portfolio | 6.0m $168.8m | Added +600.6k |
| Aberdeen Group plc 0.32% of their portfolio | 5.8m $164.1m | Added +2.9m |
| EQUITY INVESTMENT CORP 3.62% of their portfolio | 5.7m $162.0m | Reduced -2.9m |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.16% of their portfolio | 5.7m $159.9m | Added +369.6k |
| STOREBRAND ASSET MANAGEMENT AS 0.51% of their portfolio | 5.6m $158.2m | Reduced -627.1k |
| PRUDENTIAL FINANCIAL INC 0.23% of their portfolio | 5.6m $158.1m | Reduced -1.2m |
| NORDEA INVESTMENT MANAGEMENT AB 0.17% of their portfolio | 5.5m $156.6m | Reduced -180.3k |
| CI INVESTMENTS INC. 0.64% of their portfolio | 5.4m $152.2m | Reduced -105.0k |
| TRUIST FINANCIAL CORP 0.24% of their portfolio | 5.3m $150.4m | Added +196.0k |
| FIRST TRUST ADVISORS LP 0.13% of their portfolio | 5.2m $146.7m | Reduced -1.1m |
| AVIVA PLC 0.34% of their portfolio | 5.0m $142.0m | Added +696.6k |
| NEUBERGER BERMAN GROUP LLC 0.12% of their portfolio | 5.0m $140.3m | Reduced -590.7k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.40% of their portfolio | 4.9m $139.1m | Added +242.9k |
| Mariner, LLC 0.23% of their portfolio | 4.8m $136.8m | Added +82.9k |
| Rockefeller Capital Management L.P. 0.34% of their portfolio | 4.8m $136.3m | Reduced -842.1k |