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

AT&T (NYSE:T) had its target price raised by stock analysts at Oppenheimer from $23.00 to $24.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Oppenheimer’s target price suggests a potential upside of 8.50% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Daiwa America upgraded shares of AT&T to a “hold” rating in a report on Friday, July 26th. Royal Bank of Canada raised their price target on shares of AT&T from $18.00 to $19.00 and gave the company a “sector perform” rating in a research report on Thursday, July 25th. Citigroup raised their target price on AT&T from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. JPMorgan Chase & Co. increased their target price on AT&T from $21.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Finally, Wells Fargo & Company lowered their price target on AT&T from $25.00 to $24.00 and set an “overweight” rating on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, AT&T presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.40.

AT&T Trading Down 1.6 %

Shares of T traded down $0.37 during mid-day trading on Thursday, reaching $22.12. 8,293,635 shares of the company were exchanged, compared to its average volume of 35,613,004. The business has a 50 day simple moving average of $21.09 and a two-hundred day simple moving average of $19.06. AT&T has a 52 week low of $14.74 and a 52 week high of $22.58. The stock has a market capitalization of $158.61 billion, a PE ratio of 12.71, a PEG ratio of 3.67 and a beta of 0.60. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.66 and a current ratio of 0.70.

AT&T (NYSE:T) last released its earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.03. AT&T had a net margin of 10.41% and a return on equity of 14.16%. The business had revenue of $30.20 billion for the quarter, compared to analyst estimates of $30.50 billion. During the same quarter in the previous year, the business earned $0.64 earnings per share. AT&T’s revenue for the quarter was down .5% on a year-over-year basis. On average, analysts predict that AT&T will post 2.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On AT&T

Several hedge funds have recently modified their holdings of the stock. Davidson Kempner Capital Management LP purchased a new stake in AT&T during the second quarter worth $23,888,000. Talbot Financial LLC acquired a new stake in shares of AT&T in the third quarter valued at about $7,438,000. Mackenzie Financial Corp raised its position in shares of AT&T by 12.2% during the 2nd quarter. Mackenzie Financial Corp now owns 2,641,856 shares of the technology company’s stock worth $50,486,000 after purchasing an additional 288,093 shares during the last quarter. DRW Securities LLC lifted its position in shares of AT&T by 642.2% in the second quarter. DRW Securities LLC now owns 104,309 shares of the technology company’s stock valued at $1,997,000 after acquiring an additional 90,255 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in AT&T by 4.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 1,037,529 shares of the technology company’s stock valued at $19,827,000 after purchasing an additional 43,062 shares during the last quarter. Institutional investors and hedge funds 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.