DALLAS, April 22, 2026, 07:10 CDT
AT&T topped forecasts for first-quarter wireless subscriber gains and stuck to its 2026 guidance Wednesday. This comes as MarketBeat reports since Monday pointed to reductions in stakes by Meritage Portfolio Management, TD Waterhouse Canada, and Zurcher Kantonalbank.
This is relevant because the headlines are drawn from outdated data. According to SEC filings, all three 13Fs—these are quarterly disclosures showing U.S. stock holdings for big funds—landed on Jan. 27, reflecting portfolios as of Dec. 31. That’s ahead of AT&T shutting down Lumen’s mass-markets fiber operation on Feb. 2, and before the latest earnings report hit on Wednesday.
AT&T is betting that packaging wireless and home internet will keep its momentum alive in the tough U.S. telecom space. Revenue climbed 2.9% to $31.5 billion, with adjusted earnings at 57 cents a share. The company tacked on 294,000 new monthly bill-paying wireless phone customers—topping what analysts had forecast—and stuck to its full-year adjusted EPS outlook of $2.25 to $2.35, along with a free cash flow target of at least $18 billion.
The advanced connectivity division—covering domestic 5G and fiber—delivered 4.7% growth in revenue. About 45% of advanced home internet customers also pick up AT&T wireless, what the company calls convergence, with households opting for both. “We saw our best first quarter ever for Advanced Connectivity internet customer net additions,” Chief Executive John Stankey said. AT&T Newsroom
Zurcher pared back its AT&T position by 5%, now holding 4.92 million shares valued at around $122.2 million. TD Waterhouse went further, cutting 43.8%—they’re down to 750,386 shares, worth about $18.65 million. Meritage made the deepest move, shedding 91% and leaving just 19,891 shares, roughly $494,000. According to the reports, institutions and hedge funds collectively hold 57.1% of AT&T.
13F filings, being backward-looking by nature, don’t capture fund moves following AT&T’s Lumen deal or last Wednesday’s earnings. Think of them as a snapshot of positions at year-end—useful for context, but not a real-time read on institutional sentiment for the stock.
The landscape stays challenging. According to Reuters, carriers are still pouring money into device subsidies, plan discounts, and network investments to retain subscribers. AT&T extended subsidies on Apple’s newest iPhones into the first quarter—T-Mobile did the same—while also tweaking pricing across its wireless plans.
There were some weak points in the quarter. Free cash flow slipped to $2.5 billion, down from $3.1 billion a year ago, as higher capital spending took a bite. Legacy revenue continued its decline with AT&T retiring more of its aging copper network. Essentially, the company is pouring more money into fiber, just as its traditional business fades out—tightening the margin for error on both pricing and customer growth.
Early Wednesday, AT&T was changing hands at $25.88, giving the company a market cap around $185.5 billion. The operating update stands out as the clearer short-term indicator for now. Most of the recent filing headlines just reflect positions held by a handful of large investors as of the end of last year.
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