5 Undervalued Non-Tech Stocks to Buy in 2022

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

Number of Hedge Fund Holders: 70

PE Ratio: 8.52 

AT&T Inc. (NYSE:T) is a telecommunications and media firm. On May 18, the company announced that it had reached an agreement with the Dish Network under which the latter will sell internet services of the former. Last year, the two companies had agreed to a $5 billion deal through which Dish made AT&T the primary partner for mobile virtual network operations. The internet services that Dish sells also include premier options like AT&T Fiber with Hyper-Gig speeds. 

On April 25, Goldman Sachs analyst Brett Feldman reinstated coverage of AT&T Inc. (NYSE:T) stock with a Buy rating and a $23 price target, noting the valuation of the stock was attractive compared to large-cap peers. 

At the end of the fourth quarter of 2021, 70 hedge funds in the database of Insider Monkey held stakes worth $4.9 billion in AT&T Inc. (NYSE:T), compared to 66 in the preceding quarter worth $3.2 billion.  

In its Q4 2021 investor letter, Weitz Investment Management, an asset management firm, highlighted a few stocks and AT&T Inc. (NYSE:T) was one of them. Here is what the fund said:

“After several quarters of pandemic-induced outsized growth, new broadband connection growth has slowed for U.S. cable operators. This slower growth has coincided with a renewed push by competitors like Verizon and AT&T Inc. (NYSE:T) to offer high-speed data (either via wireless connects or by building new fiber-optic networks).”