Zacks Investment Research lowered shares of PLDT (NYSE:PHI) from a buy rating to a hold rating in a report published on Thursday. The firm currently has $34.00 price target on the technology company’s stock.
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. “
Several other equities analysts have also weighed in on the stock. Bank of America upgraded shares of PLDT from an underperform rating to a neutral rating in a research report on Thursday, December 14th. Citigroup upgraded shares of PLDT from a sell rating to a neutral rating in a research report on Wednesday, December 6th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $34.00.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Citigroup Inc. grew its position in PLDT by 14.5% during the second quarter. Citigroup Inc. now owns 3,654 shares of the technology company’s stock valued at $129,000 after buying an additional 462 shares during the period. SG Americas Securities LLC bought a new position in PLDT during the second quarter worth about $145,000. Dynamic Technology Lab Private Ltd bought a new position in PLDT during the second quarter worth about $218,000. Allianz Asset Management GmbH boosted its position in PLDT by 51.0% during the third quarter. Allianz Asset Management GmbH now owns 8,885 shares of the technology company’s stock worth $284,000 after purchasing an additional 3,000 shares during the period. Finally, M&T Bank Corp bought a new position in PLDT during the second quarter worth about $368,000. Institutional investors own 9.03% of the company’s stock.
PLDT Company Profile
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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