PLDT (NYSE:PHI) Sees Large Volume Increase – Here’s What Happened

PLDT Inc. (NYSE:PHI) shares saw unusually-high trading volume on Tuesday. Approximately 209,081 shares were traded during mid-day trading, an increase of 37% from the average daily volume of 152,248 shares. The stock last traded at $18.02 and had previously closed at $18.44.

Wall Street Analysts Forecast Growth

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

PLDT Trading Down 1.9%

The company has a market cap of $3.77 billion, a price-to-earnings ratio of 7.85, a PEG ratio of 2.87 and a beta of 0.64. The company has a quick ratio of 0.43, a current ratio of 0.44 and a debt-to-equity ratio of 1.98. The business’s fifty day simple moving average is $18.40 and its two-hundred day simple moving average is $20.03.

PLDT Cuts Dividend

The company also recently disclosed a dividend, which was paid on Friday, September 25th. Shareholders of record on Thursday, August 27th were issued a dividend of $0.7515 per share. 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 dividend yield of 841.0%. PLDT’s dividend payout ratio is 49.10%.

Hedge Funds Weigh In On PLDT

A number of hedge funds have recently modified their holdings of the business. Signaturefd LLC increased its stake in PLDT by 91.7% in the third quarter. Signaturefd LLC now owns 3,711 shares of the technology company’s stock valued at $66,000 after purchasing an additional 1,775 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of PLDT by 74.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 7,390 shares of the technology company’s stock valued at $155,000 after buying 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 boosted its holdings in PLDT by 40.8% during the first quarter. First Trust Advisors LP now owns 17,926 shares of the technology company’s stock worth $377,000 after buying an additional 5,197 shares in the last quarter. Finally, Engineers Gate Manager LP grew its holdings in shares of PLDT by 40.3% in the 2nd quarter. Engineers Gate Manager LP now owns 22,887 shares of the technology company’s stock worth $401,000 after acquiring an additional 6,572 shares during the period. 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.