5 Best Affordable Stocks Under $40

3. AT&T Inc. (NYSE:T)

Share Price as of May 8: $17.11

Number of Hedge Fund Holders: 66

AT&T Inc. (NYSE:T) ranks among the largest wireless carriers in the United States, offering a broad spectrum of telecommunication and technology services, including Virtual Private Networks, AT&T Dedicated Internet, and Ethernet. The company boasts a wireless network that covers over 99% of Americans, according to its website.

On February 1, J.P. Morgan revised its rating on AT&T Inc. (NYSE:T), anticipating sustained and long-term growth prospects, particularly in the wireless and broadband sectors. Analyst Richard Choe of J.P. Morgan expressed confidence in the additional opportunities arising from this expansion within existing markets. Consequently, Choe upgraded AT&T Inc. (NYSE:T) from Neutral to Overweight and adjusted the year-end price target to $21 from $18.

As of the end of Q4 2023, Insider Monkey’s database indicated that 66 hedge funds had stakes in AT&T Inc. (NYSE:T), up from 52 in the previous quarter. The total value of these stakes amounted to nearly $3 billion. Miller Value Partners held approximately $9.26 million in AT&T Inc. (NYSE:T) shares as of the fourth quarter of 2023.