AT&T (NYSE:T) Price Target Increased to $24.00 by Analysts at Citigroup

AT&T (NYSE:T) had its price objective hoisted by Citigroup from $21.00 to $24.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other analysts also recently commented on T. TD Cowen upped their price objective on AT&T from $21.00 to $23.00 and gave the company a hold rating in a research note on Thursday, July 25th. The Goldman Sachs Group began coverage on AT&T in a research report on Monday, July 1st. They set a buy rating and a $22.00 target price on the stock. Moffett Nathanson boosted their target price on AT&T from $17.00 to $18.00 and gave the stock a neutral rating in a research report on Thursday, August 15th. 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. Finally, Scotiabank cut AT&T from a strong-buy rating to a hold rating in a report on Tuesday, August 6th. Nine investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $22.31.

AT&T Stock Up 0.2 %

AT&T stock opened at $21.64 on Wednesday. AT&T has a fifty-two week low of $14.12 and a fifty-two week high of $21.86. 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 company has a market capitalization of $155.13 billion, a P/E ratio of 11.63, a PEG ratio of 3.65 and a beta of 0.59. The stock has a 50-day simple moving average of $19.59 and a 200-day simple moving average of $18.17.

AT&T (NYSE:T) last posted its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. The firm had revenue of $29.80 billion during the quarter, compared to the consensus estimate 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 was down .3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.63 EPS. Equities research analysts expect that AT&T will post 2.2 earnings per share for the current year.

AT&T Dividend Announcement

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Heritage Wealth Management Inc. purchased a new position in shares of AT&T during the 2nd quarter worth $1,871,000. Sanctuary Advisors LLC purchased a new position in shares of AT&T during the 2nd quarter worth $18,285,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of AT&T during the 2nd quarter worth $232,000. New Wave Wealth Advisors LLC purchased a new position in shares of AT&T during the 2nd quarter worth $763,000. Finally, New Century Financial Group LLC raised its position in shares of AT&T by 6.9% in the 2nd quarter. New Century Financial Group LLC now owns 64,631 shares of the technology company’s stock worth $1,235,000 after buying an additional 4,179 shares during the period. Hedge funds and other 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.