Jennison Associates LLC Lowers Position in PPL Corp (PPL)
Jennison Associates LLC trimmed its position in shares of PPL Corp (NYSE:PPL) by 0.3% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 3,029,446 shares of the utilities provider’s stock after selling 8,081 shares during the quarter. Jennison Associates LLC’s holdings in PPL were worth $88,642,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Wetherby Asset Management Inc. boosted its holdings in PPL by 20.0% during the third quarter. Wetherby Asset Management Inc. now owns 9,862 shares of the utilities provider’s stock valued at $289,000 after purchasing an additional 1,643 shares in the last quarter. Candriam Luxembourg S.C.A. boosted its holdings in shares of PPL by 2.7% in the 3rd quarter. Candriam Luxembourg S.C.A. now owns 70,778 shares of the utilities provider’s stock worth $2,071,000 after acquiring an additional 1,877 shares in the last quarter. Accurate Investment Solutions Inc. boosted its holdings in shares of PPL by 1.6% in the 3rd quarter. Accurate Investment Solutions Inc. now owns 119,013 shares of the utilities provider’s stock worth $3,482,000 after acquiring an additional 1,926 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of PPL by 2.8% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 75,864 shares of the utilities provider’s stock worth $2,166,000 after acquiring an additional 2,060 shares in the last quarter. Finally, Valeo Financial Advisors LLC boosted its holdings in shares of PPL by 37.8% in the 2nd quarter. Valeo Financial Advisors LLC now owns 7,551 shares of the utilities provider’s stock worth $219,000 after acquiring an additional 2,070 shares in the last quarter. Hedge funds and other institutional investors own 78.35% of the company’s stock.
Several brokerages have recently commented on PPL. Morgan Stanley boosted their target price on PPL from $29.00 to $30.00 and gave the stock a “hold” rating in a report on Tuesday, September 11th. Citigroup started coverage on PPL in a report on Thursday, August 23rd. They set a “neutral” rating and a $30.00 price objective on the stock. TheStreet raised PPL from a “c+” rating to a “b-” rating in a report on Tuesday, August 28th. Wells Fargo & Co upped their price objective on PPL from $32.00 to $33.00 and gave the stock a “market perform” rating in a report on Monday, September 17th. Finally, Zacks Investment Research raised PPL from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a report on Wednesday, September 12th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. PPL has a consensus rating of “Hold” and an average target price of $34.18.
PPL (NYSE:PPL) last posted its quarterly earnings data on Thursday, November 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.03. The firm had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.98 billion. PPL had a return on equity of 15.23% and a net margin of 19.17%. The business’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.56 EPS. On average, analysts expect that PPL Corp will post 2.34 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Monday, December 10th will be given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 5.32%. PPL’s payout ratio is 72.89%.
PPL Corporation, a utility holding company, delivers electricity and natural gas in the United States and the United Kingdom. The company operates in three segments: U.K. Regulated, Kentucky Regulated, and Pennsylvania Regulated. It serves 411,000 electric and 326,000 natural gas customers in Louisville and adjacent areas in Kentucky; 525,000 customers in central, southeastern, and western Kentucky; and approximately 28,000 customers in 5 counties in southwestern Virginia, and 3 customers in Tennessee.
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