OppenheimerFunds Inc. Purchases 76,163 Shares of PPL Corp (PPL)
OppenheimerFunds Inc. raised its position in PPL Corp (NYSE:PPL) by 21.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 426,051 shares of the utilities provider’s stock after purchasing an additional 76,163 shares during the quarter. OppenheimerFunds Inc. owned 0.06% of PPL worth $12,053,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. raised its stake in shares of PPL by 17.2% in the 1st quarter. BlackRock Inc. now owns 60,971,163 shares of the utilities provider’s stock valued at $1,724,873,000 after purchasing an additional 8,934,723 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of PPL by 37.9% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 13,865,118 shares of the utilities provider’s stock valued at $429,125,000 after purchasing an additional 3,808,000 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of PPL by 5.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 11,280,008 shares of the utilities provider’s stock valued at $319,112,000 after purchasing an additional 540,362 shares during the period. Wells Fargo & Company MN raised its stake in shares of PPL by 4.8% in the 4th quarter. Wells Fargo & Company MN now owns 8,546,957 shares of the utilities provider’s stock valued at $264,528,000 after purchasing an additional 389,800 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of PPL by 4.5% in the 4th quarter. Geode Capital Management LLC now owns 8,349,801 shares of the utilities provider’s stock valued at $257,959,000 after purchasing an additional 360,229 shares during the period. 71.33% of the stock is currently owned by hedge funds and other institutional investors.
PPL stock opened at $26.14 on Wednesday. PPL Corp has a 52 week low of $25.30 and a 52 week high of $39.90. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.59 and a quick ratio of 0.52. The stock has a market cap of $17.97 billion, a P/E ratio of 11.62, a price-to-earnings-growth ratio of 1.87 and a beta of 0.52.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 2nd. Investors of record on Friday, June 8th will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 6.27%. The ex-dividend date is Thursday, June 7th. PPL’s payout ratio is currently 72.89%.
A number of analysts recently issued reports on PPL shares. Zacks Investment Research downgraded PPL from a “hold” rating to a “sell” rating in a research report on Tuesday, June 5th. Royal Bank of Canada raised PPL from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $28.32 to $33.00 in a research report on Tuesday, March 6th. ValuEngine downgraded PPL from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd. UBS Group lowered their target price on PPL from $37.00 to $34.00 and set a “buy” rating on the stock in a research report on Friday, June 8th. Finally, Evercore ISI raised PPL from an “in-line” rating to an “outperform” rating in a research report on Wednesday, May 9th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $36.95.
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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