Brookstone Capital Management lessened its position in PPL Co. (NYSE:PPL – Get Rating) by 13.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,388 shares of the utilities provider’s stock after selling 5,111 shares during the quarter. Brookstone Capital Management’s holdings in PPL were worth $880,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the company. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of PPL by 1,256.0% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 6,695,419 shares of the utilities provider’s stock valued at $191,221,000 after purchasing an additional 6,201,657 shares during the period. State Street Corp boosted its position in PPL by 4.8% in the 1st quarter. State Street Corp now owns 42,759,744 shares of the utilities provider’s stock valued at $1,229,596,000 after buying an additional 1,971,238 shares during the period. Los Angeles Capital Management LLC grew its stake in PPL by 14,170.0% in the 1st quarter. Los Angeles Capital Management LLC now owns 1,329,966 shares of the utilities provider’s stock worth $37,984,000 after acquiring an additional 1,320,646 shares in the last quarter. BlackRock Inc. increased its position in shares of PPL by 1.9% during the fourth quarter. BlackRock Inc. now owns 64,561,072 shares of the utilities provider’s stock worth $1,940,706,000 after acquiring an additional 1,194,864 shares during the period. Finally, Invesco Ltd. raised its stake in shares of PPL by 6.4% during the first quarter. Invesco Ltd. now owns 12,884,134 shares of the utilities provider’s stock valued at $367,969,000 after acquiring an additional 775,294 shares in the last quarter. 69.45% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
PPL has been the topic of several research reports. Mizuho reduced their price objective on PPL from $30.00 to $29.00 and set a “neutral” rating on the stock in a report on Thursday, July 14th. The Goldman Sachs Group began coverage on PPL in a research note on Monday, May 30th. They set a “buy” rating on the stock. Bank of America raised shares of PPL from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $29.00 to $33.00 in a research note on Monday, August 15th. Wells Fargo & Company raised their target price on shares of PPL from $33.00 to $34.00 in a research report on Tuesday, June 7th. Finally, StockNews.com downgraded shares of PPL from a “buy” rating to a “hold” rating in a research note on Thursday, August 4th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $30.75.
PPL Price Performance
PPL Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 9th will be issued a dividend of $0.225 per share. The ex-dividend date is Thursday, September 8th. This represents a $0.90 annualized dividend and a dividend yield of 3.17%. PPL’s dividend payout ratio (DPR) is presently 91.84%.
Insider Activity at PPL
In other PPL news, CFO Joseph P. Bergstein, Jr. sold 20,645 shares of PPL stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $30.41, for a total transaction of $627,814.45. Following the completion of the transaction, the chief financial officer now owns 31,469 shares in the company, valued at approximately $956,972.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other PPL news, CEO Vincent Sorgi sold 27,600 shares of PPL stock in a transaction on Friday, August 12th. The shares were sold at an average price of $30.00, for a total value of $828,000.00. Following the completion of the transaction, the chief executive officer now owns 111,462 shares of the company’s stock, valued at $3,343,860. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Joseph P. Bergstein, Jr. sold 20,645 shares of the firm’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $30.41, for a total value of $627,814.45. Following the sale, the chief financial officer now owns 31,469 shares in the company, valued at $956,972.29. The disclosure for this sale can be found here. Insiders sold 76,275 shares of company stock worth $2,267,778 over the last three months. Company insiders own 0.17% of the company’s stock.
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 two segments: Kentucky Regulated and Pennsylvania Regulated. It serves approximately 429,000 electric and 333,000 natural gas customers in Louisville and adjacent areas in Kentucky; 538,000 electric customers in central, southeastern, and western Kentucky; and 28,000 electric customers in five counties in southwestern Virginia.
- Get a free copy of the StockNews.com research report on PPL (PPL)
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