JPMorgan Chase & Co. Boosts AT&T (NYSE:T) Price Target to $24.00

AT&T (NYSE:T) had its target price boosted by JPMorgan Chase & Co. from $21.00 to $24.00 in a research report report published on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

A number of other equities analysts have also recently commented on T. Barclays boosted their price target on AT&T from $20.00 to $22.00 and gave the stock an overweight rating in a report on Thursday. Scotiabank upped their target price on AT&T from $22.50 to $23.00 and gave the stock a sector outperform rating in a report on Wednesday, July 10th. UBS Group reaffirmed a buy rating and issued a $24.00 target price on shares of AT&T in a report on Tuesday, June 18th. BNP Paribas raised AT&T from an underperform rating to a neutral rating in a report on Tuesday, June 11th. Finally, Oppenheimer upped their target price on AT&T from $21.00 to $23.00 and gave the stock an outperform rating in a report on Thursday. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, AT&T presently has a consensus rating of Moderate Buy and an average target price of $22.33.

AT&T Stock Performance

NYSE:T opened at $19.01 on Thursday. The stock has a fifty day moving average price of $18.32 and a 200-day moving average price of $17.47. The company has a market cap of $136.30 billion, a price-to-earnings ratio of 10.22, a PEG ratio of 3.65 and a beta of 0.58. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.63 and a current ratio of 0.70. AT&T has a fifty-two week low of $13.89 and a fifty-two week high of $19.74.

AT&T (NYSE:T) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.57 EPS for the quarter, hitting analysts’ consensus estimates of $0.57. AT&T had a return on equity of 14.16% and a net margin of 10.41%. The company had revenue of $29.80 billion during the quarter, compared to analysts’ expectations of $30.05 billion. During the same quarter in the previous year, the firm earned $0.63 EPS. AT&T’s revenue was down .3% on a year-over-year basis. As a group, equities analysts anticipate that AT&T will post 2.21 EPS for the current fiscal year.

AT&T Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be given a dividend of $0.2775 per share. The ex-dividend date is Wednesday, July 10th. This represents a $1.11 annualized dividend and a dividend yield of 5.84%. AT&T’s payout ratio is 59.68%.

Institutional Investors Weigh In On AT&T

Several institutional investors and hedge funds have recently made changes to their positions in the business. Cantor Fitzgerald Investment Advisors L.P. bought a new position in AT&T in the fourth quarter worth approximately $11,554,000. Provence Wealth Management Group boosted its holdings in AT&T by 55.8% in the fourth quarter. Provence Wealth Management Group now owns 16,217 shares of the technology company’s stock worth $272,000 after acquiring an additional 5,807 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in AT&T by 250.3% in the fourth quarter. Clearbridge Investments LLC now owns 67,303 shares of the technology company’s stock worth $1,129,000 after acquiring an additional 48,091 shares in the last quarter. Retireful LLC bought a new position in AT&T in the fourth quarter worth approximately $1,163,000. Finally, Brighton Jones LLC boosted its holdings in AT&T by 12.6% in the fourth quarter. Brighton Jones LLC now owns 46,265 shares of the technology company’s stock worth $776,000 after acquiring an additional 5,161 shares in the last quarter. Institutional investors own 57.10% of the company’s stock.

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.