Empowered Funds LLC bought a new stake in PPL Corporation (NYSE:PPL – Free Report) in the second quarter, Holdings Channel.com reports. The firm bought 39,559 shares of the utilities provider’s stock, valued at approximately $1,438,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of PPL. Legal & General Group Plc purchased a new position in PPL in the 2nd quarter worth approximately $187,326,000. Reaves W H & Co. Inc. lifted its position in PPL by 2.0% during the fourth quarter. Reaves W H & Co. Inc. now owns 4,424,814 shares of the utilities provider’s stock worth $154,957,000 after buying an additional 88,531 shares in the last quarter. Deutsche Bank AG boosted its stake in PPL by 23.7% during the second quarter. Deutsche Bank AG now owns 2,056,733 shares of the utilities provider’s stock worth $74,762,000 after buying an additional 393,748 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in PPL by 9.3% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,837,296 shares of the utilities provider’s stock worth $66,786,000 after buying an additional 157,005 shares during the last quarter. Finally, Cullen Capital Management LLC purchased a new stake in PPL in the 2nd quarter valued at $54,611,000. 76.99% of the stock is owned by hedge funds and other institutional investors.
PPL Stock Performance
NYSE PPL opened at $35.09 on Friday. The stock has a fifty day simple moving average of $35.55 and a 200-day simple moving average of $36.66. The company has a current ratio of 0.91, a quick ratio of 0.73 and a debt-to-equity ratio of 1.32. The stock has a market cap of $26.41 billion, a PE ratio of 20.76, a P/E/G ratio of 3.43 and a beta of 0.57. PPL Corporation has a twelve month low of $33.17 and a twelve month high of $40.10.
PPL Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Thursday, September 10th will be paid a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Thursday, September 10th. PPL’s payout ratio is 67.46%.
Analyst Ratings Changes
A number of analysts have issued reports on PPL shares. Morgan Stanley cut their target price on PPL from $43.00 to $42.00 and set an “overweight” rating for the company in a research note on Friday, August 21st. BMO Capital Markets dropped their price objective on shares of PPL from $40.00 to $38.00 and set an “outperform” rating for the company in a report on Monday, August 10th. Weiss Ratings cut shares of PPL from a “buy (b+)” rating to a “buy (b)” rating in a research report on Thursday, June 18th. Bank of America decreased their target price on shares of PPL from $42.00 to $39.00 and set a “buy” rating on the stock in a report on Monday, July 20th. Finally, Evercore set a $42.00 price target on shares of PPL in a research note on Monday, August 17th. Ten analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, PPL presently has an average rating of “Moderate Buy” and an average price target of $41.00.
Check Out Our Latest Stock Analysis on PPL
Insider Activity at PPL
In related news, CFO Ashley Johnson sold 34,993 shares of the stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $22.08, for a total transaction of $772,645.44. Following the completion of the transaction, the chief financial officer owned 561,482 shares of the company’s stock, valued at approximately $12,397,522.56. This trade represents a 5.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kristen Robinson sold 37,107 shares of the stock in a transaction that occurred on Wednesday, July 15th. The stock was sold at an average price of $25.05, for a total transaction of $929,530.35. Following the transaction, the director directly owned 222,897 shares of the company’s stock, valued at $5,583,569.85. The trade was a 14.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.34% of the company’s stock.
PPL Company Profile
PPL Corporation is an energy company that owns and operates electric transmission and distribution infrastructure and provides related customer services. The company’s core business centers on delivering electricity to residential, commercial and industrial customers through regulated utility operations, maintaining grid reliability, responding to outages and managing customer billing and account services.
PPL’s activities include construction and maintenance of distribution and transmission lines, meter and grid management, and programs to support energy efficiency and the interconnection of distributed resources.
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