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

AT&T (NYSE:T) had its target price upped by research analysts at Scotiabank from $23.00 to $24.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the technology company’s stock. Scotiabank’s target price would indicate a potential upside of 24.42% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. The Goldman Sachs Group assumed coverage on AT&T in a research report on Monday, July 1st. They issued a “buy” rating and a $22.00 price target on the stock. StockNews.com cut shares of AT&T from a “buy” rating to a “hold” rating in a report on Friday, May 3rd. JPMorgan Chase & Co. boosted their price target on shares of AT&T from $21.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday. UBS Group reaffirmed a “buy” rating and set a $24.00 price objective on shares of AT&T in a report on Tuesday, June 18th. Finally, Evercore ISI boosted their target price on AT&T from $18.00 to $19.00 and gave the company an “in-line” rating in a report on Thursday. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, AT&T presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.29.

AT&T Trading Up 0.7 %

NYSE:T traded up $0.13 on Thursday, reaching $19.29. 30,126,553 shares of the company’s stock were exchanged, compared to its average volume of 36,704,434. The business has a fifty day moving average of $18.25 and a 200-day moving average of $17.44. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 1.06. AT&T has a 52-week low of $13.89 and a 52-week high of $19.74. The firm has a market capitalization of $138.31 billion, a price-to-earnings ratio of 10.37, a price-to-earnings-growth ratio of 3.44 and a beta of 0.58.

AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.57 EPS for the quarter, hitting the consensus estimate of $0.57. The business had revenue of $29.80 billion during the quarter, compared to the consensus estimate of $30.05 billion. AT&T had a net margin of 11.13% and a return on equity of 14.63%. The company’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.63 earnings per share. As a group, analysts expect that AT&T will post 2.23 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in T. Frank Rimerman Advisors LLC purchased a new stake in AT&T in the 4th quarter valued at approximately $25,000. Pineridge Advisors LLC purchased a new stake in shares of AT&T in the fourth quarter valued at approximately $25,000. First Pacific Financial grew its holdings in AT&T by 166.7% during the first quarter. First Pacific Financial now owns 1,600 shares of the technology company’s stock worth $28,000 after acquiring an additional 1,000 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its position in AT&T by 176.6% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,867 shares of the technology company’s stock worth $35,000 after acquiring an additional 1,192 shares in the last quarter. Finally, Farmers & Merchants Trust Co of Chambersburg PA lifted its holdings in AT&T by 35.3% in the fourth quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 2,322 shares of the technology company’s stock valued at $39,000 after acquiring an additional 606 shares during the period. 57.10% of the stock is currently 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.