"In my opinion, AT&T is suffering from two terrible management missteps, namely the leveraged acquisitions of DirecTV ($49 billion in 2015) and Time Warner ($85 billion in 2018). AT&T's free cash flows have been boosted by these acquisitions, but its use of leverage has resulted in a company saddled with a debt pile larger than what any non-financial American corporation has ever seen."
"AT&T has a 35-year long history of growing, albeit modestly, dividends; hence, the status of a dividend aristocrat."
"Thus, AT&T may continue to languish at around $30, though its dividend is highly secure. The company will only begin to trend higher once it has reduced its bankruptcy risk, which means it must continue to accelerate its debt repayment."
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