Kentucky Retirement Systems Trims Stock Position in PPL Co. (NYSE:PPL)

Kentucky Retirement Systems lessened its stake in shares of PPL Co. (NYSE:PPL) by 7.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 51,395 shares of the utilities provider’s stock after selling 4,198 shares during the period. Kentucky Retirement Systems’ holdings in PPL were worth $1,700,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Fortitude Family Office LLC boosted its stake in shares of PPL by 195.5% during the third quarter. Fortitude Family Office LLC now owns 780 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 516 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of PPL during the 2nd quarter worth about $29,000. Redwood Wealth Management Group LLC acquired a new stake in shares of PPL during the 2nd quarter worth about $29,000. Ashton Thomas Securities LLC purchased a new stake in shares of PPL during the third quarter worth about $34,000. Finally, Lynx Investment Advisory acquired a new position in shares of PPL in the second quarter valued at approximately $38,000. Hedge funds and other institutional investors own 76.99% of the company’s stock.

PPL Stock Performance

Shares of NYSE:PPL opened at $34.00 on Tuesday. The company has a market cap of $25.09 billion, a P/E ratio of 30.36, a PEG ratio of 2.91 and a beta of 0.81. The business’s 50-day simple moving average is $32.56 and its 200 day simple moving average is $30.51. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.07 and a current ratio of 1.29. PPL Co. has a one year low of $25.35 and a one year high of $34.04.

PPL (NYSE:PPL) last released its quarterly earnings results on Friday, November 1st. The utilities provider reported $0.42 EPS for the quarter, hitting the consensus estimate of $0.42. PPL had a return on equity of 9.20% and a net margin of 9.95%. The business had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $2.10 billion. During the same quarter in the previous year, the firm posted $0.43 earnings per share. The company’s revenue was up 1.1% compared to the same quarter last year. On average, sell-side analysts forecast that PPL Co. will post 1.72 earnings per share for the current fiscal year.

PPL Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Tuesday, September 10th were paid a $0.2575 dividend. The ex-dividend date of this dividend was Tuesday, September 10th. This represents a $1.03 dividend on an annualized basis and a dividend yield of 3.03%. PPL’s dividend payout ratio (DPR) is presently 91.96%.

Wall Street Analyst Weigh In

Several research firms have commented on PPL. Jefferies Financial Group started coverage on shares of PPL in a research note on Thursday, September 19th. They issued a “buy” rating and a $38.00 target price for the company. Morgan Stanley lifted their price target on shares of PPL from $31.00 to $33.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Bank of America upped their price objective on PPL from $34.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, November 4th. JPMorgan Chase & Co. started coverage on PPL in a research report on Friday, October 25th. They set an “overweight” rating and a $37.00 price target for the company. Finally, Wells Fargo & Company raised their price objective on PPL from $35.00 to $37.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $35.50.

PPL Profile

PPL Corporation, an energy company, focuses on providing electricity and natural gas to approximately 3.6 million customers in the United States. It operates through three segments: Kentucky Regulated, Pennsylvania Regulated, and Rhode Island Regulated. The company delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky.