PLDT (NYSE:PHI) Sets New 1-Year Low – Here’s What Happened

PLDT Inc. (NYSE:PHI)’s stock price reached a new 52-week low during trading on Friday. The company traded as low as $16.75 and last traded at $17.1720, with a volume of 16693 shares traded. The stock had previously closed at $17.45.

Analysts Set New Price Targets

Several research firms have recently commented on PHI. JPMorgan Chase & Co. lowered PLDT from an “overweight” rating to a “neutral” rating in a research report on Monday, August 17th. Weiss Ratings downgraded PLDT from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, August 31st. TD Cowen reissued a “hold” rating on shares of PLDT in a research note on Thursday, August 13th. Finally, Zacks Research upgraded PLDT from a “strong sell” rating to a “hold” rating in a report on Monday, July 20th. Four research analysts have rated the stock with a Hold rating, According to MarketBeat.com, PLDT has an average rating of “Hold”.

PLDT Stock Performance

The stock has a market capitalization of $3.72 billion, a PE ratio of 7.74, a price-to-earnings-growth ratio of 2.69 and a beta of 0.56. The stock has a fifty day moving average of $18.93 and a 200-day moving average of $19.37. The company has a quick ratio of 0.43, a current ratio of 0.44 and a debt-to-equity ratio of 1.98.

PLDT Cuts Dividend

The business also recently declared a dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, August 27th will be given a $0.7515 dividend. The ex-dividend date of this dividend is Thursday, August 27th. This represents a yield of 841.0%. This is a decrease from PLDT’s previous dividend of $0.7977. PLDT’s dividend payout ratio is 49.10%.

Hedge Funds Weigh In On PLDT

A number of institutional investors and hedge funds have recently made changes to their positions in PHI. EverSource Wealth Advisors LLC grew its holdings in PLDT by 56.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 4,235 shares of the technology company’s stock worth $92,000 after acquiring an additional 1,530 shares during the period. Corient Private Wealth LLC lifted its holdings in PLDT by 16.1% in the fourth quarter. Corient Private Wealth LLC now owns 16,684 shares of the technology company’s stock valued at $363,000 after acquiring an additional 2,312 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of PLDT by 21.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 21,289 shares of the technology company’s stock worth $463,000 after purchasing an additional 3,714 shares in the last quarter. First Trust Advisors LP boosted its position in shares of PLDT by 40.8% during the 1st quarter. First Trust Advisors LP now owns 17,926 shares of the technology company’s stock worth $377,000 after purchasing an additional 5,197 shares in the last quarter. Finally, Engineers Gate Manager LP grew its stake in shares of PLDT by 40.3% during the 2nd quarter. Engineers Gate Manager LP now owns 22,887 shares of the technology company’s stock worth $401,000 after purchasing an additional 6,572 shares during the period. 2.26% of the stock is owned by institutional investors and hedge funds.

About PLDT

PLDT Inc is a Philippine telecommunications and digital services company headquartered in Makati City, Philippines. Formerly known as the Philippine Long Distance Telephone Company, it traces its history to 1928 and has developed into one of the country’s leading providers of fixed-line, wireless, broadband and enterprise communications services.

Through its principal wireless subsidiary, Smart Communications, PLDT provides mobile voice, messaging, data and broadband services under the Smart and TNT brands.