Overview

• Telefónica’s share price climbed about 13% to €4.48 over the six months following Marc Murtra’s appointment, outpacing the European telecom sector’s 6% gain and lifting market value to €25.5 billion.
• Major investors Marshall Wace and the Canada Pension Plan Investment Board cut their holdings below 0.5%, leaving BlackRock as the only shareholder above the reporting threshold under CNMV rules.
• Morgan Stanley, JP Morgan and UBS shifted their recommendations on Telefónica to hold or watch positions, while Goldman Sachs upgraded its rating to buy.
• The company completed asset sales in Argentina and Peru and is awaiting regulatory approval for divestments in Colombia, Uruguay and Ecuador to sharpen its portfolio.
• A dividend yield of 6.7% sustained interest among investors seeking resilient returns during market and geopolitical volatility.