Wells Fargo & Company Lowers AT&T (NYSE:T) Price Target to $24.00

AT&T (NYSE:T) had its price objective lowered by Wells Fargo & Company from $25.00 to $24.00 in a research report sent to investors on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

A number of other equities research analysts also recently weighed in on T. Deutsche Bank Aktiengesellschaft lifted their target price on AT&T from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Oppenheimer boosted their target price on shares of AT&T from $21.00 to $23.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. raised their price target on shares of AT&T from $21.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Royal Bank of Canada upped their price objective on shares of AT&T from $18.00 to $19.00 and gave the company a “sector perform” rating in a report on Thursday, July 25th. Finally, Daiwa America upgraded AT&T to a “hold” rating in a research note on Friday, July 26th. 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 issued a strong buy rating to the stock. Based on 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 1.7 %

NYSE:T opened at $21.83 on Thursday. AT&T has a 52 week low of $14.74 and a 52 week high of $22.58. 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 firm’s fifty day moving average is $21.20 and its 200-day moving average is $19.13. The firm has a market cap of $156.52 billion, a P/E ratio of 11.74, a P/E/G ratio of 3.67 and a beta of 0.60.

AT&T (NYSE:T) last issued its quarterly earnings results on Wednesday, October 23rd. The technology company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $30.50 billion. During the same quarter in the prior year, the firm posted $0.64 earnings per share. The business’s quarterly revenue was down .5% compared to the same quarter last year. Equities analysts expect that AT&T will post 2.22 earnings per share for the current year.

AT&T Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a dividend of $0.2775 per share. This represents a $1.11 annualized dividend and a yield of 5.08%. The ex-dividend date is Thursday, October 10th. AT&T’s dividend payout ratio (DPR) is presently 59.68%.

Hedge Funds Weigh In On AT&T

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew 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 valued at $10,999,912,000 after buying an additional 2,588,539 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of 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 valued at $1,549,375,000 after purchasing an additional 5,592,123 shares in the last quarter. Legal & General Group Plc grew its position in AT&T by 2.7% during the second 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 in the last quarter. Ameriprise Financial Inc. increased its stake in AT&T by 2.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 51,558,884 shares of the technology company’s stock worth $985,307,000 after acquiring an additional 1,007,228 shares during the last quarter. Finally, LSV Asset Management grew its holdings in shares of AT&T by 1.1% during the second quarter. LSV Asset Management now owns 30,092,610 shares of the technology company’s stock worth $575,070,000 after purchasing an additional 315,580 shares in the last quarter. 57.10% of the stock is owned by hedge funds and other institutional investors.

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.