McElfresh Jeffery S., chief operating officer of AT&T (T), has filed 67 Form 4 transactions, all in the single company. The pattern is one-sided: no open-market purchases and no open-market sales. His total sell value of $14.67 million comes entirely from code D transactions, which are sales back to the issuer, and code F transactions, which are shares withheld to cover tax obligations. Neither reflects a discretionary decision to exit a position.
The compensation side is where the volume sits. McElfresh has acquired $1.17 million in stock, almost all through code A grants and awards. Those are recurring and mechanical. In 2026 alone, he received monthly awards ranging from $7,799.94 in February to $377,400 in March. The largest single event was on January 29, 2026, when he had two code D sales back to AT&T, each valued at $4,207,169.85, paired with two code F tax-withholding events at $4,142,423.43 each. That day also included code A grants valued at zero, which typically represent restricted stock units with no immediate value.
The recent trades show no buying bias and no selling bias in the open market. The activity is entirely administrative. Option exercises on February 13 and January 15, 2026, carried zero dollar values, and the accompanying code F withholdings were $320,313.60 and $345,130.98, respectively. The last five filings, from May through September 2026, are all code A awards between $12,499.98 and $62,543.73. There is no signal of conviction in either direction.
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