Shares of Telefonica Brasil SA (NYSE:VIV) dropped 2.3% during mid-day trading on Wednesday . The stock traded as low as $12.95 and last traded at $13.12, with a volume of 1,223,893 shares traded. The stock had previously closed at $13.43.

VIV has been the subject of several recent research reports. Barclays PLC boosted their price objective on Telefonica Brasil SA from $11.50 to $15.00 in a research report on Friday, April 1st. Zacks Investment Research upgraded Telefonica Brasil SA from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research report on Monday. Morgan Stanley downgraded Telefonica Brasil SA from an “overweight” rating to an “equal weight” rating in a research report on Wednesday. Goldman Sachs Group Inc. reiterated a “neutral” rating on shares of Telefonica Brasil SA in a research report on Tuesday, June 28th. Finally, Credit Suisse Group AG downgraded Telefonica Brasil SA from an “outperform” rating to a “neutral” rating in a report on Wednesday, May 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $13.40.

The stock has a 50-day moving average price of $12.12 and a 200-day moving average price of $10.88. The stock has a market capitalization of $22.26 billion and a price-to-earnings ratio of 17.05.

A number of large investors have recently modified their holdings of the stock. State of New Jersey Common Pension Fund D raised its stake in shares of Telefonica Brasil SA by 16.9% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 567,300 shares of the company’s stock worth $5,123,000 after buying an additional 82,100 shares during the period. Bank of Montreal Can raised its stake in shares of Telefonica Brasil SA by 275.1% in the fourth quarter. Bank of Montreal Can now owns 379,567 shares of the company’s stock worth $3,427,000 after buying an additional 278,385 shares during the period. Boston Partners raised its stake in shares of Telefonica Brasil SA by 9.2% in the fourth quarter. Boston Partners now owns 237,193 shares of the company’s stock worth $2,142,000 after buying an additional 20,000 shares during the period. Pzena Investment Management LLC raised its stake in shares of Telefonica Brasil SA by 14.4% in the fourth quarter. Pzena Investment Management LLC now owns 4,484,102 shares of the company’s stock worth $40,491,000 after buying an additional 565,830 shares during the period. Finally, NWI Management LP raised its stake in shares of Telefonica Brasil SA by 18.4% in the fourth quarter. NWI Management LP now owns 450,000 shares of the company’s stock worth $4,063,000 after buying an additional 70,000 shares during the period.

Telefonica Brasil SA is a mobile telecommunications company in Brazil. The Company is a fixed telecommunications company in the state of Sao Paulo. The Company markets its mobile services under its, Vivo brand. It offers its clients a portfolio of products, including mobile and fixed voice, mobile data, fixed broadband, ultra-fast broadband (UBB) (based on its Fiber to the Home infrastructure (FTTH)), Pay TV, information technology and digital services (such as e-health, cloud and financial services).

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