Tortoise Capital Advisors L.L.C. purchased a new position in shares of PPL Co. (NYSE:PPL) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 161,609 shares of the utilities provider’s stock, valued at approximately $4,661,000.
Several other hedge funds have also modified their holdings of PPL. Los Angeles Capital Management LLC raised its stake in shares of PPL by 29.8% in the fourth quarter. Los Angeles Capital Management LLC now owns 342,665 shares of the utilities provider’s stock valued at $9,663,000 after purchasing an additional 78,682 shares in the last quarter. Vantage Consulting Group Inc acquired a new position in shares of PPL in the fourth quarter valued at $40,000. Brown Advisory Inc. acquired a new position in shares of PPL in the fourth quarter valued at $268,000. Charles Schwab Investment Management Inc. raised its stake in shares of PPL by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,569,918 shares of the utilities provider’s stock valued at $100,672,000 after purchasing an additional 46,406 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of PPL by 2.9% in the fourth quarter. Janus Henderson Group PLC now owns 539,142 shares of the utilities provider’s stock valued at $15,203,000 after purchasing an additional 15,168 shares in the last quarter. Institutional investors own 65.79% of the company’s stock.
A number of brokerages recently commented on PPL. Mizuho cut their target price on PPL from $30.00 to $29.00 and set a “neutral” rating for the company in a research note on Wednesday, July 7th. TheStreet lowered PPL from a “b” rating to a “c+” rating in a research note on Thursday, May 6th. Zacks Investment Research upgraded PPL from a “strong sell” rating to a “hold” rating and set a $30.00 price objective for the company in a research note on Wednesday, July 7th. Wells Fargo & Company increased their price objective on PPL from $36.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 13th. Finally, Tudor Pickering reiterated a “buy” rating on shares of PPL in a research note on Wednesday, May 5th. Ten analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $33.75.
PPL (NYSE:PPL) last announced its earnings results on Thursday, May 6th. The utilities provider reported $0.28 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.43). The business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $2.21 billion. PPL had a positive return on equity of 12.02% and a negative net margin of 14.33%. PPL’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.67 EPS. As a group, research analysts expect that PPL Co. will post 1.63 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, July 1st. Investors of record on Thursday, June 10th were issued a $0.415 dividend. This represents a $1.66 annualized dividend and a yield of 5.92%. The ex-dividend date was Wednesday, June 9th. PPL’s dividend payout ratio is 69.17%.
PPL Corporation, a utility holding company, delivers electricity and natural gas in the United States and the United Kingdom. The company operates through three segments: U.K. Regulated, Kentucky Regulated, and Pennsylvania Regulated. It serves approximately 425,000 electric and 332,000 natural gas customers in Louisville and adjacent areas in Kentucky; 536,000 electric customers in central, southeastern, and western Kentucky; and 28,000 electric customers in five counties in southwestern Virginia.
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