PLDT (NYSE:PHI) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of PLDT (NYSE:PHI) from a strong-buy rating to a hold rating in a research note released on Wednesday morning, 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 downgraded shares of PLDT from an outperform rating to an underperform rating in a research note 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 stock. The stock presently has an average rating of Sell and an average target price of $28.00.

PHI stock opened at $24.26 on Wednesday. The firm has a 50 day simple moving average of $24.44. The firm has a market capitalization of $5.24 billion, a price-to-earnings ratio of 10.28 and a beta of 0.55. PLDT has a 12 month low of $19.36 and a 12 month high of $27.65. The company has a quick ratio of 0.43, a current ratio of 0.45 and a debt-to-equity ratio of 1.46.

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

Institutional investors and hedge funds have recently made changes to their positions in the stock. Icon Wealth Partners LLC purchased a new position in shares of PLDT during the first quarter valued at approximately $41,000. Signaturefd LLC lifted its stake in shares of PLDT by 20.7% during the first quarter. Signaturefd LLC now owns 2,448 shares of the technology company’s stock valued at $53,000 after buying an additional 420 shares during the period. Deutsche Bank AG purchased a new position in shares of PLDT during the fourth quarter valued at approximately $89,000. Greenleaf Trust purchased a new position in shares of PLDT during the first quarter valued at approximately $223,000. Finally, Wetherby Asset Management Inc. purchased a new position in shares of PLDT during the first quarter valued at approximately $244,000. 8.03% of the stock is currently owned by institutional investors and hedge funds.

About PLDT

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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