PLDT (NYSE:PHI) Shares Down 3.7% - Here's What Happened

Key Points

• PLDT shares fell 3.7% to about $19.49 in mid-day trading, with volume down 58% from the average session.
• Analyst sentiment remains cautious: four firms rate the stock “Hold,” with JPMorgan downgrading it to “Neutral” and Weiss Ratings lowering its hold assessment.
• PLDT reduced its dividend to $0.7515 from $0.7977, while institutional and hedge fund ownership accounts for 2.26% of the company’s shares.

PLDT Inc. (NYSE:PHI - Get Free Report)'s share price fell 3.7% during mid-day trading on Wednesday. The company traded as low as $19.45 and last traded at $19.4850. Approximately 62,225 shares were traded during mid-day trading, a decline of 58% from the average session volume of 149,113 shares. The stock had previously closed at $20.23.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PHI. Zacks Research upgraded shares of PLDT from a "strong sell" rating to a "hold" rating in a report on Monday, July 20th. JPMorgan Chase & Co. downgraded PLDT from an "overweight" rating to a "neutral" rating in a 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. Finally, TD Cowen reaffirmed a "hold" rating on shares of PLDT in a research report on Thursday, August 13th. Four equities research analysts have rated the stock with a Hold rating. Based on data from MarketBeat, the company has a consensus rating of "Hold".

PLDT Price Performance

The stock has a market cap of $4.16 billion, a P/E ratio of 8.68, a price-to-earnings-growth ratio of 3.04 and a beta of 0.64. The business's 50 day moving average price is $18.47 and its two-hundred day moving average price is $18.99. The company has a current ratio of 0.44, a quick ratio of 0.43 and a debt-to-equity ratio of 1.98.

PLDT Cuts Dividend

The company also recently declared a dividend, which was paid on Friday, September 25th. Investors of record on Thursday, August 27th were paid a $0.7515 dividend. The ex-dividend date of this dividend was Thursday, August 27th. This is a negative change from PLDT's previous dividend of $0.7977. This represents a yield of 841.0%. PLDT's payout ratio is currently 48.65%.

Hedge Funds Weigh In On PLDT

Several large investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC grew its holdings in shares of PLDT by 74.5% in the first quarter. EverSource Wealth Advisors LLC now owns 7,390 shares of the technology company's stock worth $155,000 after acquiring an additional 3,155 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. First Trust Advisors LP lifted its holdings in PLDT by 40.8% in the first quarter. First Trust Advisors LP now owns 17,926 shares of the technology company's stock valued at $377,000 after acquiring an additional 5,197 shares during the period. Engineers Gate Manager LP boosted its position in PLDT by 40.3% in the second 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 last quarter. Finally, PNC Financial Services Group Inc. boosted its position in PLDT by 24.4% in the first quarter. PNC Financial Services Group Inc. now owns 26,494 shares of the technology company's stock worth $557,000 after purchasing an additional 5,205 shares during the last quarter. 2.26% of the stock is currently owned by hedge funds and other institutional investors.

About PLDT

PLDT Inc is a Philippine telecommunications and digital services company serving consumers, businesses and government institutions primarily throughout the Philippines. Its operations include fixed-line telephone services, mobile communications, broadband connectivity, wireless data and digital solutions.

Through its wireless subsidiary Smart Communications, PLDT provides mobile voice, messaging, data and broadband services. The company also offers fiber and other fixed broadband services through PLDT Home, while its enterprise business provides connectivity, information and communications technology services, cloud solutions, cybersecurity, data center services and other digital infrastructure offerings.

PLDT traces its origins to 1928, when the Philippine Long Distance Telephone Company was established.

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