AT&T (NYSE:T) Given New $24.00 Price Target at Citigroup

AT&T (NYSE:T) had its price target raised by equities research analysts at Citigroup from $21.00 to $24.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Citigroup’s target price suggests a potential upside of 12.68% from the company’s current price.

Several other research firms have also recently weighed in on T. Moffett Nathanson raised their price target on AT&T from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. BNP Paribas raised shares of AT&T from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 11th. Evercore ISI boosted their price target on shares of AT&T from $18.00 to $19.00 and gave the stock an “in-line” rating in a research note on Thursday, July 25th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of AT&T from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, Royal Bank of Canada upped their target price on shares of AT&T from $18.00 to $19.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 25th. Nine research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $22.31.

AT&T Price Performance

NYSE:T traded down $0.41 during mid-day trading on Wednesday, hitting $21.30. 15,751,262 shares of the stock traded hands, compared to its average volume of 36,016,742. The business’s 50-day moving average price is $19.42 and its 200 day moving average price is $18.09. The company has a quick ratio of 0.66, a current ratio of 0.70 and a debt-to-equity ratio of 1.05. The company has a market cap of $152.72 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 3.57 and a beta of 0.59. AT&T has a 12-month low of $14.12 and a 12-month high of $21.86.

AT&T (NYSE:T) last released its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.57 EPS for the quarter, meeting analysts’ consensus estimates of $0.57. The firm had revenue of $29.80 billion during the quarter, compared to analyst estimates of $30.05 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 .3% on a year-over-year basis. During the same period in the previous year, the business earned $0.63 EPS. On average, analysts expect that AT&T will post 2.2 EPS for the current fiscal year.

Institutional Investors Weigh In On AT&T

Institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in AT&T in the fourth quarter valued at $1,118,288,000. Mercer Global Advisors Inc. ADV boosted its stake in shares of AT&T by 1,379.0% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 14,159,133 shares of the technology company’s stock valued at $270,581,000 after purchasing an additional 13,201,774 shares in the last quarter. Kodai Capital Management LP purchased a new position in shares of AT&T during the fourth quarter valued at about $152,109,000. AQR Capital Management LLC raised its stake in AT&T by 43.3% in the second quarter. AQR Capital Management LLC now owns 21,853,624 shares of the technology company’s stock worth $414,563,000 after buying an additional 6,602,586 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in 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 worth $1,549,375,000 after buying an additional 5,592,123 shares in the last quarter. 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.