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

AT&T (NYSE:T) had its target price decreased by Wells Fargo & Company from $25.00 to $24.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 7.87% from the stock’s previous close.

Several other research firms have also issued reports on T. Citigroup raised their price target on shares of AT&T from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Tigress Financial raised their price target on shares of AT&T from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, September 27th. Redburn Atlantic raised shares of AT&T to a “strong sell” rating in a research report on Monday, September 16th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of AT&T from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Finally, Oppenheimer raised their price objective on shares of AT&T from $21.00 to $23.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $23.00.

AT&T Stock Performance

Shares of T stock traded down $0.24 on Thursday, hitting $22.25. The company’s stock had a trading volume of 2,604,220 shares, compared to its average volume of 35,585,383. 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 stock’s 50 day moving average is $21.09 and its 200-day moving average is $19.06. AT&T has a fifty-two week low of $14.74 and a fifty-two week high of $22.58. The company has a market capitalization of $159.54 billion, a PE ratio of 12.79, a PEG ratio of 3.73 and a beta of 0.60.

AT&T (NYSE:T) last announced its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. The firm had revenue of $30.20 billion for the quarter, compared to the consensus estimate of $30.50 billion. AT&T had a net margin of 10.41% and a return on equity of 14.16%. The business’s revenue for the quarter was down .5% on a year-over-year basis. During the same period in the prior year, the company posted $0.64 earnings per share. Equities research analysts expect that AT&T will post 2.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in T. Vanguard Group Inc. lifted its position in AT&T by 0.4% during the first quarter. Vanguard Group Inc. now owns 624,994,998 shares of the technology company’s stock worth $10,999,912,000 after buying an additional 2,588,539 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of AT&T by 7.4% in the second quarter. Bank of New York Mellon Corp now owns 81,076,641 shares of the technology company’s stock valued at $1,549,375,000 after buying an additional 5,592,123 shares in the last quarter. Legal & General Group Plc grew its stake in shares of AT&T by 2.7% in the second quarter. Legal & General Group Plc now owns 60,109,127 shares of the technology company’s stock valued at $1,148,689,000 after buying an additional 1,569,374 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of AT&T by 2.0% in the second quarter. Ameriprise Financial Inc. now owns 51,558,884 shares of the technology company’s stock valued at $985,307,000 after buying an additional 1,007,228 shares in the last quarter. Finally, LSV Asset Management grew its stake in shares of AT&T by 1.1% in the second quarter. LSV Asset Management now owns 30,092,610 shares of the technology company’s stock valued at $575,070,000 after buying an additional 315,580 shares in the last quarter. 57.10% of the stock is owned by institutional investors and hedge funds.

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.