PLDT Inc. (PHI) Stock Rating Lowered by Zacks Investment Research

PLDT Inc. (NYSE:PHI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Saturday.

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. “

A number of other brokerages have also recently weighed in on PHI. Macquarie upgraded PLDT from a “neutral” rating to an “outperform” rating in a research report on Friday, May 26th. CLSA raised PLDT from a “sell” rating to a “buy” rating in a report on Wednesday, May 24th. Credit Suisse Group lowered PLDT from a “neutral” rating to an “underperform” rating in a report on Wednesday, May 10th. Finally, TheStreet raised PLDT from a “d+” rating to a “c-” rating in a report on Monday, June 5th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. PLDT has a consensus rating of “Hold” and a consensus price target of $39.00.

Analyst Recommendations for PLDT (NYSE:PHI)

PLDT (NYSE:PHI) opened at 37.55 on Friday. PLDT has a 52 week low of $25.50 and a 52 week high of $46.13. The firm has a 50 day moving average price of $35.29 and a 200 day moving average price of $31.38. The stock has a market capitalization of $8.11 billion, a P/E ratio of 21.64 and a beta of 1.13.

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A number of institutional investors have recently modified their holdings of PHI. Comerica Bank raised its position in shares of PLDT by 12.5% in the fourth quarter. Comerica Bank now owns 12,307 shares of the technology company’s stock worth $362,000 after buying an additional 1,365 shares during the last quarter. Macquarie Group Ltd. raised its position in shares of PLDT by 14.8% in the fourth quarter. Macquarie Group Ltd. now owns 69,700 shares of the technology company’s stock worth $1,920,000 after buying an additional 9,000 shares during the last quarter. Two Sigma Investments LP purchased a new position in shares of PLDT during the fourth quarter worth about $2,547,000. Dimensional Fund Advisors LP raised its position in shares of PLDT by 7.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 317,463 shares of the technology company’s stock worth $8,747,000 after buying an additional 22,184 shares during the last quarter. Finally, Lazard Asset Management LLC raised its position in shares of PLDT by 6.3% in the first quarter. Lazard Asset Management LLC now owns 9,410,197 shares of the technology company’s stock worth $302,631,000 after buying an additional 556,470 shares during the last quarter. 10.15% of the stock is owned by hedge funds and other institutional investors.

About PLDT

PLDT, Inc, formerly Philippine Long Distance Telephone Company (PLDT), is a telecommunications service provider in the Philippines. The Company operates through three business segments: Wireless, Fixed Line and Others. The Company, through its business segments, offers a range of telecommunications services across the Philippines’ fiber optic backbone and wireless and fixed line networks.

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