Scotiabank Increases AT&T (NYSE:T) Price Target to $23.00

AT&T (NYSE:T) had its price target lifted by stock analysts at Scotiabank from $22.50 to $23.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “sector outperform” rating on the technology company’s stock. Scotiabank’s target price would indicate a potential upside of 21.95% from the stock’s current price.

A number of other analysts have also weighed in on T. StockNews.com lowered AT&T from a “buy” rating to a “hold” rating in a report on Friday, May 3rd. Oppenheimer restated an “outperform” rating and set a $21.00 target price on shares of AT&T in a report on Tuesday, June 25th. Deutsche Bank Aktiengesellschaft upped 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. BNP Paribas upgraded AT&T from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 11th. Finally, The Goldman Sachs Group began coverage on AT&T in a report on Monday, July 1st. They set a “buy” rating and a $22.00 target price for the company. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.85.

AT&T Stock Up 0.6 %

Shares of NYSE T opened at $18.86 on Wednesday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.63 and a current ratio of 0.68. The firm has a market capitalization of $135.23 billion, a price-to-earnings ratio of 10.14, a PEG ratio of 3.55 and a beta of 0.58. The stock has a 50 day moving average price of $17.94 and a 200 day moving average price of $17.31. AT&T has a 52-week low of $13.43 and a 52-week high of $19.32.

AT&T (NYSE:T) last announced its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.02. The firm had revenue of $30.03 billion during the quarter, compared to analyst estimates of $30.62 billion. AT&T had a return on equity of 14.63% and a net margin of 11.13%. AT&T’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 earnings per share. Sell-side analysts expect that AT&T will post 2.23 earnings per share for the current year.

Hedge Funds Weigh In On AT&T

Several hedge funds have recently made changes to their positions in the company. Fortitude Family Office LLC grew its stake in AT&T by 1.3% in the 2nd quarter. Fortitude Family Office LLC now owns 42,154 shares of the technology company’s stock valued at $806,000 after acquiring an additional 559 shares during the last quarter. Texas Capital Bank Wealth Management Services Inc grew its stake in AT&T by 1.7% in the 4th quarter. Texas Capital Bank Wealth Management Services Inc now owns 35,098 shares of the technology company’s stock valued at $589,000 after acquiring an additional 598 shares during the last quarter. Klingman & Associates LLC grew its stake in AT&T by 3.1% in the 1st quarter. Klingman & Associates LLC now owns 19,889 shares of the technology company’s stock valued at $350,000 after acquiring an additional 603 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA grew its stake in AT&T by 35.3% in the 4th 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 last quarter. Finally, JB Capital LLC grew its stake in AT&T by 2.4% in the 4th quarter. JB Capital LLC now owns 26,620 shares of the technology company’s stock valued at $447,000 after acquiring an additional 614 shares during the last quarter. 57.10% of the stock is 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.