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

AT&T (NYSE:T) had its target price hoisted by Citigroup from $21.00 to $24.00 in a research note issued to investors on Wednesday, Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

Other equities analysts also recently issued research reports about the company. Scotiabank downgraded AT&T from a strong-buy rating to a hold rating in a research report on Tuesday, August 6th. UBS Group reiterated a buy rating and set a $24.00 price objective on shares of AT&T in a research report on Tuesday, June 18th. JPMorgan Chase & Co. lifted their price objective on AT&T from $21.00 to $24.00 and gave the stock an overweight rating in a research report on Thursday, July 25th. Oppenheimer lifted their price objective on AT&T from $21.00 to $23.00 and gave the stock an outperform rating in a research report on Thursday, July 25th. Finally, Daiwa America upgraded AT&T to a hold rating in a research report on Friday, July 26th. Nine 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, AT&T currently has a consensus rating of Moderate Buy and an average target price of $22.31.

AT&T Stock Up 0.2 %

Shares of T opened at $21.64 on Wednesday. The company has a current ratio of 0.70, a quick ratio of 0.66 and a debt-to-equity ratio of 1.05. AT&T has a 12 month low of $14.12 and a 12 month high of $21.86. The stock’s 50 day moving average is $19.59 and its two-hundred day moving average is $18.17. The firm has a market cap of $155.13 billion, a P/E ratio of 11.63, a PEG ratio of 3.65 and a beta of 0.59.

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 the consensus estimate of $0.57. The company 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%. AT&T’s quarterly revenue was down .3% compared to the same quarter last year. During the same period last year, the company earned $0.63 earnings per share. Analysts predict that AT&T will post 2.2 earnings per share for the current fiscal year.

AT&T Announces Dividend

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 dividend of $0.2775 per share. The ex-dividend date of this dividend 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%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in AT&T by 0.4% during the 1st 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 during the last quarter. Bank of New York Mellon Corp lifted its holdings in AT&T by 7.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 81,076,641 shares of the technology company’s stock worth $1,549,375,000 after buying an additional 5,592,123 shares during the last quarter. Norges Bank purchased a new stake in AT&T during the 4th quarter worth about $1,118,288,000. Legal & General Group Plc lifted its holdings in AT&T by 2.7% during the 2nd quarter. Legal & General Group Plc now owns 60,109,127 shares of the technology company’s stock worth $1,148,689,000 after buying an additional 1,569,374 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in AT&T by 2.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 51,558,884 shares of the technology company’s stock worth $985,307,000 after buying an additional 1,007,228 shares during the last quarter. 57.10% of the stock is owned by institutional investors and hedge funds.

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.