AT&T (NYSE:T) Price Target Raised to $24.00

AT&T (NYSE:T) had its price objective raised by Citigroup from $21.00 to $24.00 in a research report released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

A number of other research firms have also issued reports on T. Oppenheimer raised their target price on AT&T from $21.00 to $23.00 and gave the company an outperform rating in a report on Thursday, July 25th. Barclays raised their target price on AT&T from $20.00 to $22.00 and gave the company an overweight rating in a report on Thursday, July 25th. The Goldman Sachs Group began coverage on AT&T in a report on Monday, July 1st. They issued a buy rating and a $22.00 target price on the stock. Moffett Nathanson raised their target price on AT&T from $17.00 to $18.00 and gave the company a neutral rating in a report on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on AT&T from $24.00 to $26.00 and gave the stock a buy rating in a report on Friday, June 28th. Nine equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $22.31.

AT&T Stock Performance

Shares of NYSE T opened at $21.64 on Wednesday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.66 and a current ratio of 0.70. The firm has a market cap of $155.16 billion, a price-to-earnings ratio of 11.63, a P/E/G ratio of 3.65 and a beta of 0.59. The business’s 50-day simple moving average is $19.59 and its 200-day simple moving average is $18.18. AT&T has a 52 week low of $14.12 and a 52 week high of $21.86.

AT&T (NYSE:T) last issued its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.57 EPS for the quarter, meeting analysts’ consensus estimates of $0.57. The business had revenue of $29.80 billion for the quarter, compared to analyst estimates of $30.05 billion. AT&T had a return on equity of 14.16% and a net margin of 10.41%. The firm’s revenue for the quarter was down .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.63 EPS. As a group, equities research analysts expect that AT&T will post 2.2 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were given a $0.2775 dividend. The ex-dividend date was Wednesday, July 10th. This represents a $1.11 annualized dividend and a yield of 5.13%. AT&T’s payout ratio is 59.68%.

Hedge Funds Weigh In On AT&T

Several institutional investors have recently bought and sold shares of T. Riggs Asset Managment Co. Inc. raised its position in shares of AT&T by 356.5% during the second quarter. Riggs Asset Managment Co. Inc. now owns 1,429 shares of the technology company’s stock worth $27,000 after acquiring an additional 1,116 shares during the last quarter. Pineridge Advisors LLC bought a new stake in shares of AT&T during the fourth quarter worth $25,000. Frank Rimerman Advisors LLC bought a new stake in shares of AT&T during the fourth quarter worth $25,000. American Capital Advisory LLC grew its stake in shares of AT&T by 107.5% during the second quarter. American Capital Advisory LLC now owns 1,558 shares of the technology company’s stock worth $30,000 after purchasing an additional 807 shares during the period. Finally, Altshuler Shaham Ltd acquired a new stake in shares of AT&T during the second quarter worth $30,000. Institutional investors own 57.10% of the company’s stock.

AT&T Company Profile

AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.