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

AT&T (NYSE:T) had its price objective cut by research analysts at Wells Fargo & Company from $25.00 to $24.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 9.89% from the company’s previous close.

A number of other analysts have also recently issued reports on the company. Redburn Atlantic raised AT&T to a “strong sell” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. lifted their price objective on shares of AT&T from $21.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Daiwa America upgraded shares of AT&T to a “hold” rating in a research note on Friday, July 26th. Oppenheimer lifted their target price on shares of AT&T from $21.00 to $23.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of AT&T from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. One analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.40.

AT&T Stock Performance

Shares of NYSE T opened at $21.84 on Thursday. 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 stock has a 50 day moving average price of $21.15 and a 200 day moving average price of $19.08. The stock has a market capitalization of $156.60 billion, a PE ratio of 11.74, a price-to-earnings-growth ratio of 3.67 and a beta of 0.60. AT&T has a 52 week low of $14.74 and a 52 week high of $22.58.

AT&T (NYSE:T) last released its quarterly earnings data on Wednesday, October 23rd. The technology company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.57 by $0.03. The company 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 14.16% and a net margin of 10.41%. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.64 EPS. Analysts predict that AT&T will post 2.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AT&T

Several institutional investors and hedge funds have recently added to or reduced their stakes in T. Vanguard Group Inc. boosted its stake in shares of AT&T by 0.4% in 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 purchasing an additional 2,588,539 shares in the last quarter. Bank of New York Mellon Corp boosted its position 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 valued at $1,549,375,000 after buying an additional 5,592,123 shares in the last quarter. Legal & General Group Plc grew its stake in shares of 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 during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of AT&T by 2.0% during the second quarter. Ameriprise Financial Inc. now owns 51,558,884 shares of the technology company’s stock worth $985,307,000 after buying an additional 1,007,228 shares in the last quarter. Finally, LSV Asset Management lifted its stake in shares of AT&T by 1.1% in the 2nd quarter. LSV Asset Management now owns 30,092,610 shares of the technology company’s stock valued at $575,070,000 after acquiring an additional 315,580 shares during the last quarter. 57.10% of the stock is currently owned by 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.