AT&T (NYSE:T) Given New $24.00 Price Target at Oppenheimer

AT&T (NYSE:T) had its price objective lifted by Oppenheimer from $23.00 to $24.00 in a research report sent to investors on Thursday, Benzinga reports. Oppenheimer currently has an outperform rating on the technology company’s stock.

T has been the topic of a number of other research reports. JPMorgan Chase & Co. lifted their target price on AT&T from $21.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Hsbc Global Res upgraded AT&T to a “strong-buy” rating in a research note on Tuesday, October 1st. Barclays raised their price target on AT&T from $22.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday. Redburn Atlantic upgraded AT&T to a “strong sell” rating in a research note on Monday, September 16th. Finally, Tigress Financial raised their price target on AT&T from $29.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, September 27th. 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 assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $23.40.

AT&T Stock Down 1.7 %

Shares of AT&T stock opened at $21.83 on Thursday. The business’s 50 day simple moving average is $21.20 and its 200 day simple moving average is $19.15. AT&T has a 52-week low of $14.74 and a 52-week high of $22.58. The firm has a market cap of $156.52 billion, a PE ratio of 11.74, a P/E/G ratio of 3.67 and a beta of 0.60. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.66 and a current ratio of 0.70.

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

AT&T Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a dividend of $0.2775 per share. The ex-dividend date is Thursday, October 10th. This represents a $1.11 annualized dividend and a dividend yield of 5.08%. AT&T’s dividend payout ratio is currently 59.68%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in T. Mercer Global Advisors Inc. ADV boosted its stake in AT&T by 1,379.0% in the 2nd 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 during the period. AQR Capital Management LLC boosted its stake in AT&T by 43.3% in the 2nd quarter. AQR Capital Management LLC now owns 21,853,624 shares of the technology company’s stock valued at $414,563,000 after purchasing an additional 6,602,586 shares during the period. Bank of New York Mellon Corp boosted its stake in AT&T by 7.4% in the 2nd 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 purchasing an additional 5,592,123 shares during the period. Thornburg Investment Management Inc. raised its holdings in 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 acquiring an additional 4,511,725 shares in the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new position in AT&T in the 2nd quarter valued at $78,570,000. 57.10% of the stock is currently owned by institutional investors.

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.