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

AT&T (NYSE:T) had its target price cut by Wells Fargo & Company from $25.00 to $24.00 in a report released on Thursday morning, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Other equities analysts also recently issued research reports about the company. Citigroup boosted their target price on AT&T from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Daiwa America raised AT&T to a “hold” rating in a research report on Friday, July 26th. Moffett Nathanson raised their target price on AT&T from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Redburn Atlantic upgraded shares of AT&T to a “strong sell” rating in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. boosted their target price on shares of AT&T from $21.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, AT&T has a consensus rating of “Moderate Buy” and a consensus target price of $23.40.

AT&T Stock Up 0.1 %

Shares of NYSE:T traded up $0.03 during mid-day trading on Thursday, hitting $22.23. 4,757,677 shares of the company traded hands, compared to its average volume of 35,611,234. The stock has a 50-day moving average price of $21.09 and a two-hundred day moving average price of $19.06. AT&T has a 12-month low of $14.74 and a 12-month high of $22.58. The stock has a market cap of $159.39 billion, a P/E ratio of 12.75, a P/E/G ratio of 3.67 and a beta of 0.60. The company has a current ratio of 0.70, a quick ratio of 0.66 and a debt-to-equity ratio of 1.05.

AT&T (NYSE:T) last posted its earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.03. AT&T had a net margin of 10.41% and a return on equity of 14.16%. The firm had revenue of $30.20 billion during the quarter, compared to analyst estimates of $30.50 billion. During the same quarter in the prior year, the business posted $0.64 EPS. The business’s revenue was down .5% compared to the same quarter last year. On average, equities research analysts forecast that AT&T will post 2.22 earnings per share for the current year.

AT&T Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a dividend of $0.2775 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $1.11 annualized dividend and a yield of 4.99%. AT&T’s dividend payout ratio is currently 63.79%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Mercer Global Advisors Inc. ADV raised its position in AT&T by 1,379.0% during the second quarter. Mercer Global Advisors Inc. ADV now owns 14,159,133 shares of the technology company’s stock valued at $270,581,000 after purchasing an additional 13,201,774 shares in the last quarter. AQR Capital Management LLC grew its position in AT&T by 43.3% during the second quarter. AQR Capital Management LLC now owns 21,853,624 shares of the technology company’s stock valued at $414,563,000 after acquiring an additional 6,602,586 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of AT&T by 7.4% during the second quarter. Bank of New York Mellon Corp now owns 81,076,641 shares of the technology company’s stock worth $1,549,375,000 after acquiring an additional 5,592,123 shares in the last quarter. Thornburg Investment Management Inc. boosted its stake in shares of AT&T by 22.0% in the 2nd quarter. Thornburg Investment Management Inc. now owns 24,988,396 shares of the technology company’s stock valued at $477,528,000 after purchasing an additional 4,511,725 shares in the last quarter. Finally, Jupiter Asset Management Ltd. bought a new position in shares of AT&T during the 2nd quarter valued at $78,570,000. Institutional investors own 57.10% of the company’s stock.

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.