Cornerstone Advisors LLC Trims Stock Position in Duke Energy Corporation (NYSE:DUK)

Key Points

• Cornerstone Advisors LLC has reduced its holdings in Duke Energy by 16.6%, selling 6,100 shares during the 1st quarter, leaving it with 30,600 shares valued at approximately $3.73 million.
• Duke Energy announced a quarterly dividend increase to $1.065 per share, set to be paid on September 16th, representing an annualized dividend yield of 3.4%.
• Following its recent earnings report, Duke Energy's stock has received various ratings changes, with target price adjustments up to $142, indicating a consensus of a Moderate Buy from analysts.

Cornerstone Advisors LLC lessened its stake in Duke Energy Corporation (NYSE:DUK - Free Report) by 16.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,600 shares of the utilities provider's stock after selling 6,100 shares during the period. Cornerstone Advisors LLC's holdings in Duke Energy were worth $3,732,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Vermillion Wealth Management Inc. acquired a new stake in shares of Duke Energy in the 4th quarter valued at about $27,000. Wayfinding Financial LLC purchased a new stake in Duke Energy in the first quarter valued at approximately $27,000. N.E.W. Advisory Services LLC acquired a new stake in shares of Duke Energy in the first quarter valued at approximately $27,000. Mattson Financial Services LLC acquired a new stake in shares of Duke Energy in the fourth quarter valued at approximately $28,000. Finally, Redwood Park Advisors LLC acquired a new position in shares of Duke Energy in the 4th quarter valued at $36,000. Hedge funds and other institutional investors own 65.31% of the company's stock.

Duke Energy Price Performance

Shares of NYSE DUK traded up $0.61 during midday trading on Thursday, hitting $125.82. The company had a trading volume of 2,831,941 shares, compared to its average volume of 3,175,662. The firm has a market capitalization of $97.84 billion, a price-to-earnings ratio of 20.46, a price-to-earnings-growth ratio of 3.03 and a beta of 0.36. Duke Energy Corporation has a twelve month low of $105.20 and a twelve month high of $127.85. The business has a 50-day simple moving average of $118.08 and a two-hundred day simple moving average of $117.37. The company has a quick ratio of 0.50, a current ratio of 0.66 and a debt-to-equity ratio of 1.55.

Duke Energy (NYSE:DUK - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The utilities provider reported $1.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.29 by ($0.04). The company had revenue of $7.51 billion for the quarter, compared to analyst estimates of $7.07 billion. Duke Energy had a net margin of 15.51% and a return on equity of 9.85%. Duke Energy's revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.18 earnings per share. Equities research analysts anticipate that Duke Energy Corporation will post 6.33 earnings per share for the current year.

Duke Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Friday, August 15th will be paid a dividend of $1.065 per share. This is a boost from Duke Energy's previous quarterly dividend of $1.05. The ex-dividend date of this dividend is Friday, August 15th. This represents a $4.26 annualized dividend and a dividend yield of 3.4%. Duke Energy's dividend payout ratio is presently 67.97%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Barclays decreased their price target on shares of Duke Energy from $123.00 to $122.00 and set an "overweight" rating for the company in a research note on Tuesday, July 1st. The Goldman Sachs Group set a $132.00 target price on shares of Duke Energy in a research note on Tuesday, July 1st. BMO Capital Markets boosted their price target on Duke Energy from $131.00 to $132.00 and gave the company an "outperform" rating in a research report on Wednesday. Citigroup increased their price objective on Duke Energy from $130.00 to $142.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Finally, Raymond James Financial assumed coverage on Duke Energy in a report on Friday, June 13th. They issued a "market perform" rating on the stock. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Duke Energy currently has an average rating of "Moderate Buy" and a consensus target price of $128.31.

About Duke Energy

Duke Energy Corporation, together with its subsidiaries, operates as an energy company in the United States. It operates through two segments: Electric Utilities and Infrastructure (EU&I), and Gas Utilities and Infrastructure (GU&I). The EU&I segment generates, transmits, distributes, and sells electricity in the Carolinas, Florida, and the Midwest.