Citigroup Forecasts Strong Price Appreciation for AT&T (NYSE:T) Stock

AT&T (NYSE:T) had its price target increased by research analysts at Citigroup from $24.00 to $26.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Citigroup’s price target would suggest a potential upside of 11.73% from the company’s previous close.

Several other analysts have also recently issued reports on T. Wells Fargo & Company decreased their price objective on AT&T from $25.00 to $24.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Moffett Nathanson upped their price target on shares of AT&T from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Royal Bank of Canada reissued a “sector perform” rating and issued a $22.00 price objective on shares of AT&T in a research note on Thursday, October 24th. Redburn Atlantic upgraded shares of AT&T to a “strong sell” rating in a research report on Monday, September 16th. Finally, Scotiabank lowered AT&T from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $23.53.

AT&T Stock Performance

NYSE T opened at $23.27 on Wednesday. The company has a quick ratio of 0.67, a current ratio of 0.73 and a debt-to-equity ratio of 1.09. AT&T has a twelve month low of $15.94 and a twelve month high of $23.38. The business has a 50-day moving average price of $22.14 and a 200-day moving average price of $20.09. The firm has a market cap of $166.97 billion, a price-to-earnings ratio of 18.92, a price-to-earnings-growth ratio of 3.47 and a beta of 0.59.

AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The business had revenue of $30.20 billion during the quarter, compared to the consensus estimate of $30.50 billion. AT&T had a return on equity of 13.97% and a net margin of 7.42%. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.64 EPS. As a group, equities research analysts predict that AT&T will post 2.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Chesapeake Wealth Management grew its stake in AT&T by 1.9% in the 3rd quarter. Chesapeake Wealth Management now owns 24,304 shares of the technology company’s stock valued at $535,000 after acquiring an additional 460 shares during the last quarter. Socha Financial Group LLC lifted its holdings in shares of AT&T by 2.5% in the third quarter. Socha Financial Group LLC now owns 18,847 shares of the technology company’s stock valued at $415,000 after purchasing an additional 461 shares in the last quarter. Garden State Investment Advisory Services LLC grew its position in shares of AT&T by 1.4% in the third quarter. Garden State Investment Advisory Services LLC now owns 34,468 shares of the technology company’s stock valued at $759,000 after purchasing an additional 468 shares during the last quarter. Essex Savings Bank increased its stake in shares of AT&T by 2.3% during the 3rd quarter. Essex Savings Bank now owns 21,636 shares of the technology company’s stock worth $476,000 after purchasing an additional 480 shares in the last quarter. Finally, Hayek Kallen Investment Management raised its position in shares of AT&T by 0.8% during the 3rd quarter. Hayek Kallen Investment Management now owns 60,271 shares of the technology company’s stock worth $1,326,000 after purchasing an additional 500 shares during the last quarter. 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.