Telefonica SA (NYSE:TEF) shares dropped 3.4% during mid-day trading on Thursday . The stock traded as low as $9.61 and last traded at $9.67, with a volume of 1,448,322 shares changing hands. The stock had previously closed at $10.01.

TEF has been the topic of several research reports. Nomura cut Telefonica SA from a “neutral” rating to a “reduce” rating in a report on Tuesday, April 5th. Credit Suisse Group AG raised shares of Telefonica SA from an “underperform” rating to a “neutral” rating in a research note on Wednesday, April 6th. Zacks Investment Research raised shares of Telefonica SA from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research note on Monday, April 18th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Telefonica SA in a research note on Wednesday, May 11th. Finally, Goldman Sachs Group Inc. downgraded shares of Telefonica SA from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 28th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of €11.00 ($12.22).

The company’s 50-day moving average is $9.58 and its 200-day moving average is $10.29. The company has a market cap of $47.78 billion and a price-to-earnings ratio of 30.00.

Other institutional investors have made changes to their positions in the company. Morgan Stanley boosted its position in shares of Telefonica SA by 33.2% in the fourth quarter. Morgan Stanley now owns 1,323,952 shares of the company’s stock worth $14,643,000 after buying an additional 329,986 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Telefonica SA by 10.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 861,732 shares of the company’s stock worth $9,531,000 after buying an additional 84,811 shares during the last quarter. Comerica Bank boosted its position in shares of Telefonica SA by 3.2% in the fourth quarter. Comerica Bank now owns 264,031 shares of the company’s stock worth $2,733,000 after buying an additional 8,228 shares during the last quarter. Finally, Deere & Co. boosted its position in shares of Telefonica SA by 209.3% in the fourth quarter. Deere & Co. now owns 228,417 shares of the company’s stock worth $2,526,000 after buying an additional 154,563 shares during the last quarter.

Telefonica, SA is an integrated and diversified telecommunications group operating in Europe and Latin America. The Company’s services and products include Mobile business, Fixed-line telephony business and Digital services. The Company’s segments include Telefonica Spain, Telefonica Brazil, Telefonica Germany, Telefonica UK and Telefonica Hispanoamerica.

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