PLDT (NYSE:PHI) Downgraded to Hold at Zacks Investment Research

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Zacks Investment Research downgraded shares of PLDT (NYSE:PHI) from a strong-buy rating to a hold rating in a research note released on Wednesday, Zacks.com reports.

According to Zacks, “PLDT Inc. offers telecommunications services. Its operating segment consists of Wireless, Fixed Line and Others. Wireless segment provides cellular, wireless broadband and other services, and digital platforms and mobile financial services. Fixed Line segment provides local exchange, international long distance, national long distance, data and other network and miscellaneous services. It offers postpaid and prepaid fixed line services. PLDT, Inc., formerly known as Philippine Long Distance Telephone Company, is based in Makati City, the Philippines. “

Separately, CLSA lowered shares of PLDT from an outperform rating to an underperform rating in a research report on Friday, June 7th. Five equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. PLDT presently has an average rating of Sell and a consensus price target of $28.00.

PHI stock traded up $0.24 during midday trading on Wednesday, hitting $24.11. 87,600 shares of the stock traded hands, compared to its average volume of 135,889. The company’s fifty day moving average is $24.46. PLDT has a 1-year low of $19.36 and a 1-year high of $27.65. The firm has a market capitalization of $5.41 billion, a price-to-earnings ratio of 10.62 and a beta of 0.55. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.43 and a current ratio of 0.45.

PLDT (NYSE:PHI) last announced its earnings results on Thursday, May 9th. The technology company reported $0.63 earnings per share (EPS) for the quarter. PLDT had a net margin of 11.31% and a return on equity of 23.17%. The business had revenue of $791.00 million for the quarter. Sell-side analysts anticipate that PLDT will post 2.37 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Signaturefd LLC grew its position in shares of PLDT by 20.7% in the first quarter. Signaturefd LLC now owns 2,448 shares of the technology company’s stock valued at $53,000 after purchasing an additional 420 shares during the period. Icon Wealth Partners LLC purchased a new position in shares of PLDT in the first quarter worth about $41,000. Dimensional Fund Advisors LP lifted its stake in shares of PLDT by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 452,819 shares of the technology company’s stock worth $9,678,000 after buying an additional 3,129 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in shares of PLDT by 41.7% in the first quarter. Quadrant Capital Group LLC now owns 11,888 shares of the technology company’s stock worth $256,000 after buying an additional 3,496 shares in the last quarter. Finally, Deutsche Bank AG purchased a new position in shares of PLDT in the fourth quarter worth about $89,000. Institutional investors and hedge funds own 8.03% of the company’s stock.

PLDT Company Profile

PLDT Inc operates as a telecommunications company in the Philippines. The company operates in three segments: Wireless, Fixed Line, and Others. The Wireless segment offers cellular mobile, Internet broadband distribution, operations support, software development, and satellite information and messaging services; and sells Wi-Fi access equipment.

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