JP Morgan Downgrades PLDT to Neutral Rating

JPMorgan Chase & Co. has downgraded Philippine Long Distance Telephone Company (PLDT) from an 'overweight' rating to a 'neutral' rating in its latest report, according to MarketBeat.

According to the report, PLDT's current market cap stands at $4.17 billion, with a price-to-earnings ratio of 8.70 and a beta of 0.60.

PLDT operates two main business segments: its fixed-line and broadband operations under the PLDT brand and its wireless services through subsidiary Smart Communications.

Several hedge funds have recently added to or reduced their stakes in the stock, with Renaissance Technologies LLC raising its stake by 1.3% during the first quarter, Invesco Ltd. boosting its stake by 14.1% in the third quarter, and UBS Group AG growing its holdings by 41.4% during the same period.