Citigroup Lowers AT&T (NYSE:T) Price Target to $29.00

AT&T (NYSE:T) had its target price lowered by equities researchers at Citigroup from $32.00 to $29.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Citigroup’s price target suggests a potential upside of 18.54% from the stock’s current price.

T has been the subject of a number of other reports. Williams Trading set a $33.00 price objective on AT&T in a report on Thursday, October 23rd. Wells Fargo & Company cut their target price on AT&T from $31.00 to $29.00 and set an “overweight” rating for the company in a research note on Thursday, October 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of AT&T in a research report on Wednesday, October 8th. Loop Capital set a $29.00 price objective on shares of AT&T in a report on Friday. Finally, The Goldman Sachs Group cut their price objective on shares of AT&T from $33.00 to $29.00 and set a “buy” rating for the company in a research note on Friday, December 19th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $30.24.

AT&T Stock Performance

Shares of T opened at $24.47 on Monday. The firm has a market cap of $173.44 billion, a PE ratio of 7.94, a PEG ratio of 1.42 and a beta of 0.38. The stock’s fifty day moving average price is $25.16 and its two-hundred day moving average price is $27.08. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.01 and a quick ratio of 0.96. AT&T has a 1 year low of $21.38 and a 1 year high of $29.79.

AT&T (NYSE:T) last released its quarterly earnings data on Wednesday, October 22nd. The technology company reported $0.54 EPS for the quarter, hitting the consensus estimate of $0.54. AT&T had a net margin of 17.87% and a return on equity of 12.72%. The company had revenue of $30.71 billion during the quarter, compared to the consensus estimate of $30.85 billion. During the same period last year, the firm earned $0.60 EPS. AT&T’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, equities research analysts forecast that AT&T will post 2.14 EPS for the current year.

Institutional Trading of AT&T

Hedge funds have recently made changes to their positions in the business. J. L. Bainbridge & Co. Inc. lifted its position in shares of AT&T by 1.7% during the second quarter. J. L. Bainbridge & Co. Inc. now owns 21,253 shares of the technology company’s stock worth $615,000 after purchasing an additional 355 shares during the last quarter. Financial & Tax Architects LLC boosted its position in AT&T by 4.9% in the 2nd quarter. Financial & Tax Architects LLC now owns 7,588 shares of the technology company’s stock valued at $220,000 after buying an additional 356 shares during the period. Roberts Glore & Co. Inc. IL grew its stake in AT&T by 2.0% in the 2nd quarter. Roberts Glore & Co. Inc. IL now owns 18,386 shares of the technology company’s stock worth $532,000 after acquiring an additional 357 shares in the last quarter. Investment Partners LTD. grew its stake in AT&T by 3.5% in the 2nd quarter. Investment Partners LTD. now owns 10,464 shares of the technology company’s stock worth $303,000 after acquiring an additional 357 shares in the last quarter. Finally, Parcion Private Wealth LLC increased its position in shares of AT&T by 2.5% during the second quarter. Parcion Private Wealth LLC now owns 14,910 shares of the technology company’s stock worth $431,000 after acquiring an additional 364 shares during the period. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

AT&T Company Profile

AT&T Inc is a global telecommunications company that provides a broad range of communications and digital entertainment services. Its core activities include consumer and business wireless services, broadband and fiber internet, and network infrastructure. The company operates branded wireless services through AT&T Mobility and deploys fixed-line and fiber networks to deliver high-speed internet and related home services.

AT&T’s product and service portfolio spans mobile voice and data plans, smartphones and device sales, home internet (including fiber-to-the-home where available), and managed connectivity solutions for enterprise customers.