Telefonica SA (NYSE:TEF) dropped 3.4% during 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 trading hands. The stock had previously closed at $10.01.

TEF has been the subject of several research reports. Nomura lowered shares of Telefonica SA from a “neutral” rating to a “reduce” rating in a research 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 report 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 price target for the company in a research report on Monday, April 18th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Telefonica SA in a research report on Wednesday, May 11th. Finally, Goldman Sachs Group Inc. lowered shares of Telefonica SA from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 28th. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of €11.00 ($12.22).

The company has a market capitalization of $57.20 billion and a P/E ratio of 1394.29. The stock’s 50-day moving average price is $9.56 and its 200 day moving average price is $10.29.

Other large investors have modified their holdings of the company. Deere & Co. increased its stake in shares of Telefonica SA by 209.3% in the fourth quarter. Deere & Co. now owns 228,417 shares of the company’s stock valued at $2,526,000 after buying an additional 154,563 shares in the last quarter. Dimensional Fund Advisors LP increased its stake 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 valued at $9,531,000 after buying an additional 84,811 shares in the last quarter. Morgan Stanley increased its stake 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 valued at $14,643,000 after buying an additional 329,986 shares in the last quarter. Finally, Comerica Bank increased its stake in shares of Telefonica SA by 3.2% in the fourth quarter. Comerica Bank now owns 264,031 shares of the company’s stock valued at $2,733,000 after buying an additional 8,228 shares in 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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