California State Teachers Retirement System Grows Holdings in Duke Energy Corporation $DUK

Key Points

• California State Teachers Retirement System dramatically increased its Duke Energy stake by 12,624.6% in the second quarter, acquiring 113.8 million additional shares. It now owns 114.7 million shares, or 14.72% of the company, valued at approximately $14.5 billion.
• Duke Energy reported quarterly adjusted earnings of $1.43 per share, exceeding the $1.30 analyst consensus, while revenue rose 1.1% year over year to $7.59 billion.
• The company raised its quarterly dividend from $1.06 to $1.085 per share, equivalent to a $4.34 annual payout and a 3.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $137.94.

California State Teachers Retirement System boosted its holdings in shares of Duke Energy Corporation (NYSE:DUK - Free Report) by 12,624.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 114,736,922 shares of the utilities provider's stock after acquiring an additional 113,835,227 shares during the period. California State Teachers Retirement System owned 14.72% of Duke Energy worth $14,523,400,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of DUK. Geode Capital Management LLC boosted its position in shares of Duke Energy by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 19,292,633 shares of the utilities provider's stock worth $2,266,675,000 after purchasing an additional 230,375 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Duke Energy by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,931,127 shares of the utilities provider's stock valued at $1,046,818,000 after buying an additional 58,375 shares in the last quarter. Franklin Resources Inc. raised its stake in Duke Energy by 13.1% during the fourth quarter. Franklin Resources Inc. now owns 8,236,893 shares of the utilities provider's stock valued at $965,446,000 after buying an additional 954,907 shares during the last quarter. Northern Trust Corp boosted its holdings in Duke Energy by 0.4% in the third quarter. Northern Trust Corp now owns 7,758,700 shares of the utilities provider's stock worth $960,139,000 after acquiring an additional 31,703 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Duke Energy in the second quarter worth $605,680,000. Institutional investors own 65.31% of the company's stock.

Duke Energy Stock Performance

DUK stock opened at $120.11 on Tuesday. The company has a market cap of $93.65 billion, a P/E ratio of 18.03, a price-to-earnings-growth ratio of 2.80 and a beta of 0.37. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.66 and a quick ratio of 0.43. Duke Energy Corporation has a 1 year low of $113.89 and a 1 year high of $134.49. The stock's fifty day moving average price is $124.59 and its 200-day moving average price is $126.39.

Duke Energy (NYSE:DUK - Get Free Report) last posted its earnings results on Monday, August 3rd. The utilities provider reported $1.43 earnings per share for the quarter, beating analysts' consensus estimates of $1.30 by $0.13. Duke Energy had a return on equity of 9.78% and a net margin of 15.78%.The company had revenue of $7.59 billion for the quarter, compared to the consensus estimate of $7.66 billion. During the same quarter in the prior year, the company earned $1.25 earnings per share. Duke Energy's revenue was up 1.1% on a year-over-year basis. On average, equities analysts forecast that Duke Energy Corporation will post 6.72 earnings per share for the current year.

Duke Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Friday, August 14th will be issued a dividend of $1.085 per share. This is an increase from Duke Energy's previous quarterly dividend of $1.06. This represents a $4.34 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Friday, August 14th. Duke Energy's dividend payout ratio is currently 65.17%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on DUK shares. Truist Financial reduced their price target on Duke Energy from $138.00 to $135.00 and set a "buy" rating for the company in a report on Monday, August 17th. Mizuho set a $136.00 price objective on shares of Duke Energy in a research report on Wednesday, August 5th. BTIG Research restated a "buy" rating on shares of Duke Energy in a research note on Thursday, July 23rd. BMO Capital Markets decreased their target price on shares of Duke Energy from $134.00 to $132.00 and set an "outperform" rating for the company in a report on Wednesday, August 5th. Finally, Jefferies Financial Group dropped their target price on shares of Duke Energy from $143.00 to $138.00 in a research note on Monday, May 11th. Ten research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $137.94.

About Duke Energy

Duke Energy Corporation is a U.S.-based electric power holding company headquartered in Charlotte, North Carolina. The company's core business is the generation, transmission and distribution of electricity to residential, commercial and industrial customers. Duke Energy operates a mix of regulated electric utilities and non-regulated energy businesses, providing essential energy infrastructure and services across multiple states.

Its operating activities include owning and operating generation assets across a portfolio that encompasses nuclear, natural gas, coal, hydroelectric and an expanding array of renewable resources, as well as battery storage and grid modernization projects.

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