AT&T (NYSE:T) Price Target Increased to $23.00 by Analysts at TD Cowen

AT&T (NYSE:T) had its target price increased by research analysts at TD Cowen from $21.00 to $23.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “hold” rating on the technology company’s stock. TD Cowen’s price objective would suggest a potential upside of 20.17% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. BNP Paribas upgraded AT&T from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 11th. Evercore ISI boosted their target price on AT&T from $18.00 to $19.00 and gave the stock an “in-line” rating in a research report on Thursday. UBS Group reiterated a “buy” rating and set a $24.00 target price on shares of AT&T in a research report on Tuesday, June 18th. Royal Bank of Canada boosted their target price on AT&T from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research report on Thursday. Finally, The Goldman Sachs Group assumed coverage on AT&T in a report on Monday, July 1st. They issued a “buy” rating and a $22.00 price target on the stock. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, AT&T presently has an average rating of “Moderate Buy” and an average target price of $22.33.

AT&T Stock Performance

T stock traded down $0.02 during trading on Thursday, hitting $19.14. The company had a trading volume of 37,490,609 shares, compared to its average volume of 36,756,293. The firm has a market cap of $137.24 billion, a PE ratio of 10.29, a price-to-earnings-growth ratio of 3.44 and a beta of 0.58. AT&T has a 1-year low of $13.89 and a 1-year high of $19.74. The firm has a 50-day moving average price of $18.25 and a 200-day moving average price of $17.44. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 1.06.

AT&T (NYSE:T) last issued its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.57 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.57. AT&T had a return on equity of 14.63% and a net margin of 11.13%. The firm had revenue of $29.80 billion for the quarter, compared to analysts’ expectations of $30.05 billion. During the same quarter in the previous year, the firm posted $0.63 EPS. The firm’s revenue for the quarter was down .3% on a year-over-year basis. On average, analysts expect that AT&T will post 2.23 earnings per share for the current year.

Institutional Investors Weigh In On AT&T

A number of institutional investors and hedge funds have recently bought and sold shares of T. Norges Bank purchased a new position in shares of AT&T during the 4th quarter worth $1,118,288,000. Thornburg Investment Management Inc. purchased a new position in shares of AT&T during the 4th quarter worth $316,472,000. Kodai Capital Management LP purchased a new position in shares of AT&T during the 4th quarter worth $152,109,000. Point72 Asset Management L.P. raised its position in shares of AT&T by 120.8% in the 4th quarter. Point72 Asset Management L.P. now owns 9,086,854 shares of the technology company’s stock worth $152,477,000 after buying an additional 4,970,954 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of AT&T by 5.6% in the 1st quarter. Bank of New York Mellon Corp now owns 75,484,518 shares of the technology company’s stock worth $1,328,528,000 after buying an additional 4,014,873 shares during the period. Hedge funds and other institutional investors own 57.10% of the company’s stock.

About AT&T

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.