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 ($490.8m this quarter). Holder counts are more reliable. Shares outstanding: 7.2bn as of 2025-07-21, 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 ≈ $28.92. Options: 57 managers hold calls ($1.7bn notional), 57 hold puts ($1.5bn).
Trends to Q2 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 |
| Q2 2025 | 2,888 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q2 2025 | 1,468 | 1,239 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $1.3bn | $871.4m | 0.65 |
| Q4 2024 | $1.1bn | $892.6m | 0.80 |
| Q1 2025 | $1.6bn | $1.0bn | 0.64 |
| Q2 2025 | $1.7bn | $1.5bn | 0.86 |
Biggest buyers
| Capital Research Global Investors | Added | +42.0m |
| ROYAL BANK OF CANADA | Added | +35.0m |
| VANGUARD GROUP INC | Added | +10.3m |
| Point72 Asset Management, L.P. | Added | +8.3m |
| MARSHALL WACE, LLP | New | +8.1m |
| STATE STREET CORP | Added | +7.4m |
| BlackRock, Inc. | Added | +6.9m |
| CITADEL ADVISORS LLC | Added | +6.8m |
| RENAISSANCE TECHNOLOGIES LLC | Added | +6.1m |
| ACADIAN ASSET MANAGEMENT LLC | Added | +5.4m |
Biggest sellers
| FMR LLC | Reduced | -28.5m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Reduced | -18.2m |
| VOYA INVESTMENT MANAGEMENT LLC | Reduced | -15.2m |
| Capital World Investors | Reduced | -13.0m |
| ONTARIO TEACHERS PENSION PLAN BOARD | Reduced | -7.9m |
| Alyeska Investment Group, L.P. | Reduced | -6.8m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -5.8m |
| Bank of New York Mellon Corp | Reduced | -4.7m |
| CITIGROUP INC | Reduced | -4.5m |
| JUPITER ASSET MANAGEMENT LTD | Sold out | -3.9m |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $377.4m13.0m shares |
| CITADEL ADVISORS LLC | Added | $293.0m10.1m shares |
| Squarepoint Ops LLC | Added | $120.3m4.2m shares |
| JANE STREET GROUP, LLC | Added | $116.3m4.0m shares |
| BANK OF AMERICA CORP /DE/ | Added | $96.3m3.3m shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $69.9m2.4m shares |
| Qube Research & Technologies Ltd | Added | $66.0m2.3m shares |
| IMC-Chicago, LLC | Reduced | $58.1m2.0m shares |
| NATIONAL BANK OF CANADA /FI/ | New | $55.0m19.0k shares |
| CITIGROUP INC | Reduced | $51.4m1.8m shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $393.0m13.6m shares |
| CITIGROUP INC | Added | $132.4m4.6m shares |
| Qube Research & Technologies Ltd | Added | $104.1m3.6m shares |
| CITADEL ADVISORS LLC | Added | $92.1m3.2m shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $89.7m3.1m shares |
| SIMPLEX TRADING, LLC | New | $74.1m2.6m shares |
| UBS Group AG | Reduced | $56.4m1.9m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $54.5m1.9m shares |
| IMC-Chicago, LLC | New | $47.8m1.7m shares |
| BNP PARIBAS FINANCIAL MARKETS | Reduced | $43.3m15.0k 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 Q2 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q2 2025 | 0 | — | 1 | $41.4k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-05-28 | Sabrina Sanders S SVP-ChiefActngOfcr&Controller | Sold | $41.4k1.5k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.31% of their portfolio | 661.4m $19.1bn | Added +10.3m |
| BlackRock, Inc. 0.31% of their portfolio | 562.8m $16.3bn | Added +6.9m |
| STATE STREET CORP 0.35% of their portfolio | 321.1m $9.3bn | Added +7.4m |
| Newport Trust Company, LLC 13.00% of their portfolio | 187.1m $5.4bn | Reduced -2.7m |
| GEODE CAPITAL MANAGEMENT, LLC 0.35% of their portfolio | 172.0m $5.0bn | Added +2.1m |
| GQG Partners LLC 4.73% of their portfolio | 114.8m $3.3bn | Added +881.3k |
| MORGAN STANLEY 0.21% of their portfolio | 110.0m $3.2bn | Added +4.2m |
| BANK OF AMERICA CORP /DE/ 0.24% of their portfolio | 102.8m $3.0bn | Added +4.9m |
| Bank of New York Mellon Corp 0.42% of their portfolio | 77.2m $2.2bn | Reduced -4.7m |
| NORGES BANK 0.28% of their portfolio | 77.0m $2.2bn | Reduced -2.7m |
| NORTHERN TRUST CORP 0.30% of their portfolio | 75.9m $2.2bn | Reduced -1.9m |
| ROYAL BANK OF CANADA 0.21% of their portfolio | 75.7m $2.2bn | Added +35.0m |
| JPMORGAN CHASE & CO 0.14% of their portfolio | 68.1m $2.0bn | Added +2.9m |
| Capital Research Global Investors 0.38% of their portfolio | 65.2m $1.9bn | Added +42.0m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.35% of their portfolio | 59.3m $1.7bn | Added +4.1m |
| DIMENSIONAL FUND ADVISORS LP 0.38% of their portfolio | 56.5m $1.6bn | Added +3.2m |
| AMERIPRISE FINANCIAL INC 0.39% of their portfolio | 55.2m $1.6bn | Added +4.4m |
| Invesco Ltd. 0.26% of their portfolio | 53.2m $1.5bn | Added +4.5m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.26% of their portfolio | 52.0m $1.5bn | Reduced -416.4k |
| GOLDMAN SACHS GROUP INC 0.24% of their portfolio | 50.6m $1.5bn | Added +2.0m |
| Legal & General Group Plc 0.34% of their portfolio | 47.9m $1.4bn | Reduced -2.0m |
| Capital World Investors 0.19% of their portfolio | 45.2m $1.3bn | Reduced -13.0m |
| FMR LLC 0.07% of their portfolio | 45.0m $1.3bn | Reduced -28.5m |
| Nuveen, LLC 0.29% of their portfolio | 36.6m $1.1bn | Reduced -1.3m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.09% of their portfolio | 28.7m $829.4m | Reduced -5.8m |
| DEUTSCHE BANK AG\ 0.30% of their portfolio | 27.8m $804.0m | Added +3.8m |
| THORNBURG INVESTMENT MANAGEMENT INC 10.23% of their portfolio | 27.5m $795.3m | Reduced -103.4k |
| RAYMOND JAMES FINANCIAL INC 0.26% of their portfolio | 25.8m $745.9m | Added +663.3k |
| UBS Group AG 0.15% of their portfolio | 25.5m $737.0m | Reduced -2.0m |
| Amundi 0.25% of their portfolio | 25.3m $715.0m | Reduced -1.6m |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.62% of their portfolio | 24.1m $698.8m | Unchanged |
| BARCLAYS PLC 0.28% of their portfolio | 24.0m $695.2m | Reduced -2.6m |
| LSV ASSET MANAGEMENT 1.62% of their portfolio | 23.9m $692.8m | Reduced -2.0m |
| FRANKLIN RESOURCES INC 0.18% of their portfolio | 23.2m $672.6m | Reduced -1.8m |
| CITADEL ADVISORS LLC 0.55% of their portfolio | 22.0m $635.6m | Added +6.8m |
| Swiss National Bank 0.38% of their portfolio | 21.7m $628.8m | Added +1.5m |
| California Public Employees Retirement System 0.37% of their portfolio | 19.9m $574.7m | Reduced -2.3m |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.55% of their portfolio | 18.5m $534.9m | Reduced -3.9m |
| Sumitomo Mitsui Trust Group, Inc. 0.32% of their portfolio | 17.9m $517.6m | Added +233.9k |
| ALLIANCEBERNSTEIN L.P. 0.16% of their portfolio | 17.4m $502.4m | Reduced -1.4m |
| Pacer Advisors, Inc. 1.23% of their portfolio | 16.8m $485.3m | Reduced -3.2m |
| National Pension Service 0.41% of their portfolio | 16.3m $470.9m | Reduced -20.4k |
| BNP PARIBAS FINANCIAL MARKETS 0.36% of their portfolio | 16.2m $469.2m | Added +558.4k |
| HSBC HOLDINGS PLC 0.29% of their portfolio | 15.8m $456.3m | Reduced -1.0m |
| ENVESTNET ASSET MANAGEMENT INC 0.13% of their portfolio | 15.5m $449.2m | Added +2.5m |
| AQR CAPITAL MANAGEMENT LLC 0.36% of their portfolio | 15.3m $438.6m | Reduced -3.4m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.31% of their portfolio | 15.1m $436.9m | Reduced -18.2m |
| WELLS FARGO & COMPANY/MN 0.09% of their portfolio | 14.9m $431.5m | Reduced -686.1k |
| ACADIAN ASSET MANAGEMENT LLC 0.87% of their portfolio | 14.5m $419.4m | Added +5.4m |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.32% of their portfolio | 13.7m $397.6m | Added +937.9k |
| Robeco Institutional Asset Management B.V. 0.63% of their portfolio | 13.5m $391.5m | Added +2.4m |
| Allianz Asset Management GmbH 0.50% of their portfolio | 12.9m $374.6m | Added +1.1m |
| RHUMBLINE ADVISERS 0.32% of their portfolio | 12.8m $369.3m | Reduced -188.4k |
| WELLINGTON MANAGEMENT GROUP LLP 0.07% of their portfolio | 12.6m $365.0m | Added +1.2m |
| VOYA INVESTMENT MANAGEMENT LLC 0.36% of their portfolio | 12.4m $357.6m | Reduced -15.2m |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.37% of their portfolio | 11.5m $331.7m | Added +235.3k |
| BANK OF MONTREAL /CAN/ 0.17% of their portfolio | 11.4m $331.1m | Reduced -630.1k |
| LPL Financial LLC 0.11% of their portfolio | 11.2m $323.3m | Added +895.8k |
| Russell Investments Group, Ltd. 0.40% of their portfolio | 10.9m $314.8m | Reduced -617.9k |
| ASSETMARK, INC 0.73% of their portfolio | 10.6m $307.7m | Added +387.8k |
| MACKENZIE FINANCIAL CORP 0.37% of their portfolio | 10.0m $288.0m | Added +678.7k |
| MACQUARIE GROUP LTD 0.35% of their portfolio | 9.9m $285.7m | Added +1.3m |
| Caisse de depot et placement du Quebec 0.60% of their portfolio | 9.7m $281.8m | Reduced -1.2m |
| Brandywine Global Investment Management, LLC 1.97% of their portfolio | 9.7m $279.7m | Reduced -85.8k |
| AMERICAN CENTURY COMPANIES INC 0.15% of their portfolio | 9.5m $276.0m | Added +1.9m |
| AustralianSuper Pty Ltd 1.36% of their portfolio | 9.3m $268.0m | Unchanged |
| PRUDENTIAL FINANCIAL INC 0.34% of their portfolio | 9.0m $260.1m | Added +3.4m |
| CANADA LIFE ASSURANCE Co 0.41% of their portfolio | 8.9m $258.2m | Reduced -1.1m |
| CANADA PENSION PLAN INVESTMENT BOARD 0.22% of their portfolio | 8.8m $254.9m | Reduced -421.7k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.34% of their portfolio | 8.8m $253.8m | Added +222.6k |
| RENAISSANCE TECHNOLOGIES LLC 0.33% of their portfolio | 8.7m $250.9m | Added +6.1m |
| Point72 Asset Management, L.P. 0.58% of their portfolio | 8.4m $244.5m | Added +8.3m |
| MARSHALL WACE, LLP 0.28% of their portfolio | 8.1m $235.4m | New |
| PRINCIPAL FINANCIAL GROUP INC 0.12% of their portfolio | 8.1m $233.0m | Reduced -232.5k |
| Ensign Peak Advisors, Inc 0.39% of their portfolio | 8.0m $230.2m | Added +878.6k |
| Cullen Capital Management, LLC 2.62% of their portfolio | 7.9m $229.9m | Added +1.6m |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.37% of their portfolio | 7.7m $221.8m | Added +449.4k |
| FEDERATED HERMES, INC. 0.41% of their portfolio | 7.6m $220.1m | Reduced -1.5m |
| CITIGROUP INC 0.15% of their portfolio | 7.2m $209.5m | Reduced -4.5m |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.36% of their portfolio | 7.1m $204.9m | Reduced -15.6k |
| Holocene Advisors, LP 0.50% of their portfolio | 7.0m $202.4m | Reduced -1.1m |
| Rockefeller Capital Management L.P. 0.23% of their portfolio | 6.9m $199.1m | Added +2.1m |
| APG Asset Management N.V. 0.49% of their portfolio | 6.8m $166.6m | Added +2.1m |
| Mitsubishi UFJ Trust & Banking Corp 0.45% of their portfolio | 6.6m $192.2m | Reduced -620.5k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.39% of their portfolio | 6.5m $188.2m | Reduced -69.5k |
| MILLENNIUM MANAGEMENT LLC 0.17% of their portfolio | 6.5m $188.0m | Added +1.9m |
| TD Asset Management Inc 0.15% of their portfolio | 6.2m $178.4m | Reduced -624.0k |
| Aberdeen Group plc 0.30% of their portfolio | 6.1m $173.9m | Added +285.7k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.16% of their portfolio | 6.1m $175.5m | Reduced -245.3k |
| Korea Investment CORP 0.38% of their portfolio | 5.8m $168.6m | Reduced -142.7k |
| NORDEA INVESTMENT MANAGEMENT AB 0.15% of their portfolio | 5.7m $163.8m | Added +210.1k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.14% of their portfolio | 5.7m $165.1m | Added +50.6k |
| NEUBERGER BERMAN GROUP LLC 0.12% of their portfolio | 5.5m $160.4m | Added +580.6k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.39% of their portfolio | 5.4m $157.6m | Added +527.8k |
| D. E. Shaw & Co., Inc. 0.16% of their portfolio | 5.4m $157.3m | Reduced -595.4k |
| NATIONAL BANK OF CANADA /FI/ 0.17% of their portfolio | 5.4m $156.9m | Reduced -3.4m |
| STOREBRAND ASSET MANAGEMENT AS 0.45% of their portfolio | 5.4m $156.3m | Reduced -193.2k |
| TRUIST FINANCIAL CORP 0.23% of their portfolio | 5.4m $156.3m | Added +82.9k |
| CI INVESTMENTS INC. 0.58% of their portfolio | 5.4m $155.4m | Reduced -10.5k |
| AVIVA PLC 0.32% of their portfolio | 5.4m $155.1m | Added +338.5k |