5 Dividend Stocks to Buy According to Hari Hariharan’s NWI Management

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

Number of Hedge Fund Holders: 74
Dividend Yield as of May 25: 5.25%
NWI Management’s Stake Value: $25,993,000

AT&T Inc. (NYSE:T), an American multinational telecommunications company, reported a 4.8% year-over-year growth in its services revenue in Q1 2022. Moreover, the company also announced a 6.8% growth in its broadband revenue during the quarter.

In March 2022, AT&T Inc. (NYSE:T) announced a quarterly dividend of $0.28 per share, with an annual dividend of $1.11 per share, in line with the company’s previously declared dividend. The stock’s dividend yield, as of May 25, stood at 5.25%. Appreciating the company’s strong subscriber base and solid wireless revenues in Q1, in April, Barclays set a $22 price target on AT&T Inc. (NYSE:T), with an Overweight rating on the shares.

Insider Monkey’s Q1 2022 database shows that AT&T Inc. (NYSE:T) experienced a positive hedge fund sentiment as 74 hedge funds held positions in the company, up from 70 in the previous quarter. These stakes hold a collective value of over $4 billion.

During Q1 2022, NWI Management increased its position in AT&T Inc. (NYSE:T) by 120%. The hedge fund held 1.1 million shares in the company, valued at roughly $26 million. The company represented 2.97% of Hari Hariharan’s portfolio.

Weitz Investment Management mentioned AT&T Inc. (NYSE:T) in its Q4 2021 investor letter. Here is what the firm has to say:

“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 to offer high-speed data (either via wireless connects or by building new fiber-optic networks).”