OppenheimerFunds Inc. Acquires 374,243 Shares of PPL Corp (NYSE:PPL)
OppenheimerFunds Inc. lifted its holdings in PPL Corp (NYSE:PPL) by 51.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,102,936 shares of the utilities provider’s stock after purchasing an additional 374,243 shares during the period. OppenheimerFunds Inc.’s holdings in PPL were worth $35,007,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Liberty Wealth Management LLC purchased a new stake in PPL in the 4th quarter worth approximately $27,000. Sandy Spring Bank increased its holdings in PPL by 109.1% in the 4th quarter. Sandy Spring Bank now owns 1,171 shares of the utilities provider’s stock worth $34,000 after acquiring an additional 611 shares in the last quarter. Private Capital Group LLC increased its holdings in PPL by 68.6% in the 1st quarter. Private Capital Group LLC now owns 1,111 shares of the utilities provider’s stock worth $35,000 after acquiring an additional 452 shares in the last quarter. Berman Capital Advisors LLC purchased a new stake in PPL in the 4th quarter worth approximately $39,000. Finally, Resources Investment Advisors Inc. increased its holdings in PPL by 129.8% in the 1st quarter. Resources Investment Advisors Inc. now owns 1,241 shares of the utilities provider’s stock worth $39,000 after acquiring an additional 701 shares in the last quarter. Hedge funds and other institutional investors own 72.91% of the company’s stock.
PPL traded up $0.50 during trading on Wednesday, reaching $31.11. 61,605 shares of the company traded hands, compared to its average volume of 4,612,471. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.60 and a quick ratio of 0.53. PPL Corp has a 12-month low of $25.68 and a 12-month high of $32.88. The firm has a market cap of $22.42 billion, a P/E ratio of 12.96 and a beta of 0.52.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 10th will be issued a dividend of $0.4125 per share. This represents a $1.65 dividend on an annualized basis and a yield of 5.30%. The ex-dividend date is Friday, June 7th. PPL’s dividend payout ratio (DPR) is currently 68.75%.
Several equities research analysts recently issued reports on the stock. Royal Bank of Canada lowered shares of PPL from an “outperform” rating to a “sector perform” rating and increased their target price for the stock from $32.00 to $33.00 in a report on Friday, March 8th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of PPL from a “hold” rating to a “sell” rating in a report on Tuesday, May 21st. Mizuho assumed coverage on shares of PPL in a report on Monday, June 3rd. They issued a “neutral” rating and a $30.00 target price for the company. SunTrust Banks reissued a “buy” rating and issued a $35.00 target price on shares of PPL in a report on Wednesday, February 13th. Finally, Raymond James reaffirmed an “average” rating on shares of PPL in a report on Monday, May 6th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company’s stock. PPL presently has an average rating of “Hold” and an average target price of $33.90.
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PPL Company Profile
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 414,000 electric and 328,000 natural gas customers in Louisville and adjacent areas in Kentucky; 527,000 electric customers in central, southeastern, and western Kentucky; and 28,000 electric customers in 5 counties in southwestern Virginia.
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