AT&T (NYSE:T) Price Target Raised to $31.00

AT&T (NYSE:T - Free Report) had its target price upped by Wells Fargo & Company from $30.00 to $31.00 in a report published on Thursday morning,Benzinga reports. They currently have an overweight rating on the technology company's stock.

A number of other brokerages have also recently issued reports on T. TD Securities lifted their price objective on shares of AT&T from $29.00 to $30.00 and gave the company a "hold" rating in a report on Thursday, April 24th. Bank of America initiated coverage on shares of AT&T in a report on Monday. They set a "buy" rating and a $32.00 price objective for the company. Morgan Stanley reiterated an "overweight" rating and set a $31.00 price objective (up from $30.00) on shares of AT&T in a report on Thursday, April 24th. Williams Trading set a $30.00 price target on shares of AT&T in a report on Thursday, April 24th. Finally, UBS Group restated a "buy" rating and set a $31.00 price target (up from $30.00) on shares of AT&T in a report on Wednesday, June 18th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $29.12.

AT&T Stock Down 2.4%

T traded down $0.65 during midday trading on Thursday, hitting $26.97. The company had a trading volume of 42,400,401 shares, compared to its average volume of 36,465,219. AT&T has a 52 week low of $18.14 and a 52 week high of $29.19. The company has a quick ratio of 0.65, a current ratio of 0.70 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $194.07 billion, a price-to-earnings ratio of 16.55, a PEG ratio of 3.51 and a beta of 0.42. The stock's 50 day moving average price is $27.84 and its 200 day moving average price is $26.27.

AT&T (NYSE:T - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The technology company reported $0.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.52 by ($0.01). The business had revenue of $30.63 billion for the quarter, compared to analyst estimates of $30.39 billion. AT&T had a net margin of 9.64% and a return on equity of 13.63%. The firm's quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.55 earnings per share. On average, research analysts anticipate that AT&T will post 2.14 earnings per share for the current fiscal year.

AT&T Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be issued a $0.2775 dividend. This represents a $1.11 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date is Thursday, July 10th. AT&T's payout ratio is 68.10%.

Hedge Funds Weigh In On AT&T

Institutional investors and hedge funds have recently made changes to their positions in the business. Keystone Financial Group boosted its position in AT&T by 196.3% during the 4th quarter. Keystone Financial Group now owns 216,980 shares of the technology company's stock valued at $5,322,000 after buying an additional 143,744 shares during the period. Capstone Wealth Management LLC purchased a new stake in AT&T during the 1st quarter valued at $201,000. World Investment Advisors boosted its position in AT&T by 36.4% during the 4th quarter. World Investment Advisors now owns 237,477 shares of the technology company's stock valued at $5,407,000 after buying an additional 63,359 shares during the period. DigitalBridge Group Inc. boosted its position in AT&T by 14.6% during the 4th quarter. DigitalBridge Group Inc. now owns 2,865,814 shares of the technology company's stock valued at $65,255,000 after buying an additional 365,776 shares during the period. Finally, Huber Capital Management LLC boosted its position in AT&T by 2.7% during the 4th quarter. Huber Capital Management LLC now owns 577,985 shares of the technology company's stock valued at $13,161,000 after buying an additional 15,000 shares during the period. Institutional investors own 57.10% of the company's stock.

AT&T Company Profile

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.