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 ($492.0m this quarter). Holder counts are more reliable. Shares outstanding: 7.1bn as of 2025-10-21, 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 ≈ $28.20. Options: 52 managers hold calls ($1.4bn notional), 46 hold puts ($1.3bn).
Trends to Q3 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 |
| Q3 2025 | 2,868 |
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 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 |
| Q3 2025 | 1,349 | 1,328 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $1.1bn | $892.6m | 0.80 |
| Q1 2025 | $1.6bn | $1.0bn | 0.64 |
| Q2 2025 | $1.7bn | $1.5bn | 0.86 |
| Q3 2025 | $1.4bn | $1.3bn | 0.95 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +113.6m |
| Amundi | Added | +17.0m |
| BANK OF AMERICA CORP /DE/ | Added | +12.8m |
| BlackRock, Inc. | Added | +12.2m |
| Woodline Partners LP | Added | +7.2m |
| Qube Research & Technologies Ltd | New | +5.9m |
| California Public Employees Retirement System | Added | +4.6m |
| Invesco Ltd. | Added | +4.6m |
| CANADA PENSION PLAN INVESTMENT BOARD | Added | +3.9m |
| D. E. Shaw & Co., Inc. | Added | +3.8m |
Biggest sellers
| ROYAL BANK OF CANADA | Reduced | -39.8m |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | Reduced | -11.8m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Reduced | -9.4m |
| MARSHALL WACE, LLP | Sold out | -8.1m |
| GQG Partners LLC | Reduced | -8.1m |
| BNP PARIBAS FINANCIAL MARKETS | Reduced | -7.2m |
| AustralianSuper Pty Ltd | Reduced | -7.1m |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -6.0m |
| FEDERATED HERMES, INC. | Reduced | -5.8m |
| DIMENSIONAL FUND ADVISORS LP | Reduced | -5.1m |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $361.0m12.8m shares |
| CITADEL ADVISORS LLC | Reduced | $185.7m6.6m shares |
| JANE STREET GROUP, LLC | Reduced | $104.6m3.7m shares |
| IMC-Chicago, LLC | Added | $65.5m2.3m shares |
| Squarepoint Ops LLC | Reduced | $65.0m2.3m shares |
| NATIONAL BANK OF CANADA /FI/ | Added | $56.5m20.0k shares |
| SIMPLEX TRADING, LLC | Added | $44.9m1.6m shares |
| D. E. Shaw & Co., Inc. | Added | $40.0m1.4m shares |
| BANK OF AMERICA CORP /DE/ | Reduced | $35.8m1.3m shares |
| WOLVERINE TRADING, LLC | Reduced | $32.4m1.2m shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $406.0m14.4m shares |
| CITIGROUP INC | Reduced | $119.1m4.2m shares |
| CITADEL ADVISORS LLC | Added | $100.0m3.5m shares |
| Qube Research & Technologies Ltd | Reduced | $54.4m1.9m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $53.9m1.9m shares |
| SIMPLEX TRADING, LLC | Reduced | $48.8m1.7m shares |
| IMC-Chicago, LLC | Reduced | $43.2m1.5m shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $42.7m15.1k shares |
| JANE STREET GROUP, LLC | Added | $38.7m1.4m shares |
| UBS Group AG | Reduced | $35.3m1.2m 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 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 |
|---|---|---|---|---|---|
| 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 | — |
| Q3 2025 | 0 | — | 0 | — | — |
None reported in Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.28% of their portfolio | 660.5m $18.7bn | Reduced -885.2k |
| BlackRock, Inc. 0.29% of their portfolio | 575.0m $16.2bn | Added +12.2m |
| STATE STREET CORP 0.32% of their portfolio | 323.8m $9.1bn | Added +2.7m |
| Newport Trust Company, LLC 11.92% of their portfolio | 185.3m $5.2bn | Reduced -1.8m |
| JPMORGAN CHASE & CO 0.16% of their portfolio | 181.7m $5.1bn | Added +113.6m |
| GEODE CAPITAL MANAGEMENT, LLC 0.31% of their portfolio | 174.0m $4.9bn | Added +1.9m |
| BANK OF AMERICA CORP /DE/ 0.24% of their portfolio | 115.6m $3.3bn | Added +12.8m |
| MORGAN STANLEY 0.19% of their portfolio | 109.8m $3.1bn | Reduced -150.4k |
| GQG Partners LLC 4.63% of their portfolio | 106.8m $3.0bn | Reduced -8.1m |
| Bank of New York Mellon Corp 0.39% of their portfolio | 77.3m $2.2bn | Added +85.2k |
| NORTHERN TRUST CORP 0.26% of their portfolio | 73.1m $2.1bn | Reduced -2.7m |
| Capital Research Global Investors 0.35% of their portfolio | 65.6m $1.9bn | Added +370.5k |
| Invesco Ltd. 0.26% of their portfolio | 57.8m $1.6bn | Added +4.6m |
| AMERIPRISE FINANCIAL INC 0.36% of their portfolio | 54.9m $1.6bn | Reduced -332.0k |
| DIMENSIONAL FUND ADVISORS LP 0.31% of their portfolio | 51.4m $1.5bn | Reduced -5.1m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.23% of their portfolio | 51.4m $1.5bn | Reduced -582.8k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.31% of their portfolio | 49.9m $1.4bn | Reduced -9.4m |
| GOLDMAN SACHS GROUP INC 0.20% of their portfolio | 49.9m $1.4bn | Reduced -741.8k |
| Legal & General Group Plc 0.31% of their portfolio | 48.6m $1.4bn | Added +691.2k |
| Capital World Investors 0.17% of their portfolio | 45.1m $1.3bn | Reduced -86.1k |
| Amundi 0.35% of their portfolio | 42.3m $1.1bn | Added +17.0m |
| FMR LLC 0.06% of their portfolio | 42.2m $1.2bn | Reduced -2.9m |
| Nuveen, LLC 0.27% of their portfolio | 36.5m $1.0bn | Reduced -172.3k |
| ROYAL BANK OF CANADA 0.18% of their portfolio | 35.9m $1.0bn | Reduced -39.8m |
| RAYMOND JAMES FINANCIAL INC 0.26% of their portfolio | 28.5m $805.8m | Added +2.8m |
| THORNBURG INVESTMENT MANAGEMENT INC 10.41% of their portfolio | 28.3m $797.9m | Added +773.0k |
| UBS Group AG 0.15% of their portfolio | 28.1m $792.3m | Added +2.6m |
| DEUTSCHE BANK AG\ 0.26% of their portfolio | 27.2m $768.2m | Reduced -579.2k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.08% of their portfolio | 27.1m $765.8m | Reduced -1.5m |
| California Public Employees Retirement System 0.41% of their portfolio | 24.5m $691.1m | Added +4.6m |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.57% of their portfolio | 24.1m $681.9m | Unchanged |
| LSV ASSET MANAGEMENT 1.43% of their portfolio | 22.9m $646.7m | Reduced -1.0m |
| BARCLAYS PLC 0.23% of their portfolio | 22.2m $627.7m | Reduced -1.8m |
| Swiss National Bank 0.34% of their portfolio | 20.7m $585.8m | Reduced -986.9k |
| FRANKLIN RESOURCES INC 0.14% of their portfolio | 19.5m $550.0m | Reduced -3.8m |
| CITADEL ADVISORS LLC 0.41% of their portfolio | 18.2m $513.5m | Reduced -3.8m |
| Sumitomo Mitsui Trust Group, Inc. 0.29% of their portfolio | 18.1m $512.1m | Added +248.6k |
| HSBC HOLDINGS PLC 0.30% of their portfolio | 18.1m $511.0m | Added +2.3m |
| ALLIANCEBERNSTEIN L.P. 0.15% of their portfolio | 17.1m $484.0m | Reduced -222.5k |
| National Pension Service 0.37% of their portfolio | 16.9m $477.3m | Added +631.8k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.30% of their portfolio | 16.9m $476.1m | Added +1.8m |
| AQR CAPITAL MANAGEMENT LLC 0.29% of their portfolio | 16.1m $455.6m | Added +804.8k |
| Pacer Advisors, Inc. 1.08% of their portfolio | 14.9m $422.0m | Reduced -1.8m |
| ENVESTNET ASSET MANAGEMENT INC 0.12% of their portfolio | 14.8m $416.9m | Reduced -762.3k |
| WELLS FARGO & COMPANY/MN 0.08% of their portfolio | 14.5m $409.8m | Reduced -399.7k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.29% of their portfolio | 14.3m $405.2m | Added +611.1k |
| Robeco Institutional Asset Management B.V. 0.57% of their portfolio | 13.9m $393.3m | Added +397.0k |
| Allianz Asset Management GmbH 0.47% of their portfolio | 13.5m $382.4m | Added +595.7k |
| WELLINGTON MANAGEMENT GROUP LLP 0.07% of their portfolio | 13.3m $375.3m | Added +676.1k |
| RHUMBLINE ADVISERS 0.29% of their portfolio | 12.8m $361.8m | Added +49.7k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.25% of their portfolio | 12.7m $358.9m | Added +3.9m |
| Brandywine Global Investment Management, LLC 2.29% of their portfolio | 11.8m $333.2m | Added +2.1m |
| ACADIAN ASSET MANAGEMENT LLC 0.58% of their portfolio | 11.7m $330.3m | Reduced -2.8m |
| LPL Financial LLC 0.10% of their portfolio | 11.6m $328.9m | Added +473.5k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.34% of their portfolio | 11.6m $327.7m | Added +142.5k |
| BANK OF MONTREAL /CAN/ 0.14% of their portfolio | 11.6m $327.5m | Added +157.0k |
| ASSETMARK, INC 0.66% of their portfolio | 10.9m $307.1m | Added +241.6k |
| Caisse de depot et placement du Quebec 0.55% of their portfolio | 10.9m $306.8m | Added +1.1m |
| MACQUARIE GROUP LTD 0.35% of their portfolio | 10.5m $296.6m | Added +637.0k |
| AMERICAN CENTURY COMPANIES INC 0.15% of their portfolio | 10.3m $290.8m | Added +758.2k |
| Russell Investments Group, Ltd. 0.32% of their portfolio | 10.1m $286.0m | Reduced -759.2k |
| VOYA INVESTMENT MANAGEMENT LLC 0.27% of their portfolio | 9.7m $272.7m | Reduced -2.7m |
| D. E. Shaw & Co., Inc. 0.21% of their portfolio | 9.2m $260.8m | Added +3.8m |
| CANADA LIFE ASSURANCE Co 0.37% of their portfolio | 9.2m $258.1m | Added +279.2k |
| BNP PARIBAS FINANCIAL MARKETS 0.20% of their portfolio | 9.0m $255.2m | Reduced -7.2m |
| NEW YORK STATE COMMON RETIREMENT FUND 0.30% of their portfolio | 8.3m $235.3m | Reduced -438.1k |
| PRINCIPAL FINANCIAL GROUP INC 0.12% of their portfolio | 8.1m $228.9m | Added +55.4k |
| Woodline Partners LP 1.07% of their portfolio | 8.0m $226.7m | Added +7.2m |
| Ensign Peak Advisors, Inc 0.36% of their portfolio | 7.8m $219.6m | Reduced -177.7k |
| CITIGROUP INC 0.15% of their portfolio | 7.7m $216.5m | Added +428.0k |
| Point72 Asset Management, L.P. 0.46% of their portfolio | 7.5m $212.7m | Reduced -918.2k |
| Holocene Advisors, LP 0.47% of their portfolio | 7.2m $203.5m | Added +213.6k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.31% of their portfolio | 7.0m $196.3m | Reduced -713.2k |
| APG Asset Management N.V. 0.46% of their portfolio | 6.8m $163.2m | Added +35.6k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.17% of their portfolio | 6.7m $188.3m | Reduced -11.8m |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.33% of their portfolio | 6.6m $186.7m | Reduced -470.1k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.36% of their portfolio | 6.4m $182.0m | Reduced -58.4k |
| Mitsubishi UFJ Trust & Banking Corp 0.39% of their portfolio | 6.3m $176.7m | Reduced -384.0k |
| TD Asset Management Inc 0.14% of their portfolio | 6.1m $173.3m | Reduced -26.9k |
| Qube Research & Technologies Ltd 0.24% of their portfolio | 5.9m $167.7m | New |
| PRUDENTIAL FINANCIAL INC 0.20% of their portfolio | 5.9m $166.2m | Reduced -3.1m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.14% of their portfolio | 5.8m $164.7m | Reduced -232.3k |
| Cullen Capital Management, LLC 1.80% of their portfolio | 5.8m $164.4m | Reduced -2.1m |
| KBC Group NV 0.39% of their portfolio | 5.8m $163.0m | Added +3.8m |
| MILLENNIUM MANAGEMENT LLC 0.13% of their portfolio | 5.7m $162.3m | Reduced -747.4k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.13% of their portfolio | 5.7m $161.3m | Added +6.0k |
| AVIVA PLC 0.29% of their portfolio | 5.7m $161.2m | Added +347.8k |
| STOREBRAND ASSET MANAGEMENT AS 0.42% of their portfolio | 5.7m $159.7m | Added +254.8k |
| TRUIST FINANCIAL CORP 0.21% of their portfolio | 5.5m $156.2m | Added +130.5k |
| MACKENZIE FINANCIAL CORP 0.19% of their portfolio | 5.5m $155.4m | Reduced -4.4m |
| Korea Investment CORP 0.32% of their portfolio | 5.5m $154.7m | Reduced -348.0k |
| Mariner, LLC 0.20% of their portfolio | 5.4m $151.9m | Added +288.1k |
| FIRST TRUST ADVISORS LP 0.11% of their portfolio | 5.3m $151.0m | Added +286.6k |
| SEI INVESTMENTS CO 0.16% of their portfolio | 5.3m $148.9m | Added +240.9k |
| CI INVESTMENTS INC. 0.53% of their portfolio | 5.2m $146.2m | Reduced -194.0k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.34% of their portfolio | 5.2m $146.2m | Reduced -270.3k |
| Aberdeen Group plc 0.22% of their portfolio | 4.9m $139.5m | Reduced -1.2m |
| Rockefeller Capital Management L.P. 0.27% of their portfolio | 4.9m $138.5m | Reduced -2.0m |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.23% of their portfolio | 4.8m $136.5m | Reduced -309.4k |
| VIRGINIA RETIREMENT SYSTEMS ET Al 0.82% of their portfolio | 4.5m $126.9m | Added +1.7m |