Mackenzie Financial Corp Acquires 257,248 Shares of Evergy Inc. (NASDAQ:EVRG)

Key Points

• Mackenzie Financial Corp significantly increased its stake in Evergy Inc. by 164.7%, acquiring 257,248 additional shares, bringing its total ownership to 0.18% worth approximately $28.5 million.
• Analysts have mixed ratings on Evergy, with Barclays lowering its price target from $73 to $71, while UBS upgraded it from "neutral" to "buy" with a new target of $78.
• Evergy recently declared a quarterly dividend of $0.6675 per share, translating to an annualized yield of 3.83%, with a payout ratio currently at 70.26%.

Mackenzie Financial Corp raised its position in Evergy Inc. (NASDAQ:EVRG - Free Report) by 164.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 413,486 shares of the company's stock after buying an additional 257,248 shares during the period. Mackenzie Financial Corp owned 0.18% of Evergy worth $28,510,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in EVRG. Bfsg LLC bought a new stake in shares of Evergy during the first quarter worth approximately $25,000. Alpine Bank Wealth Management acquired a new position in Evergy during the first quarter valued at approximately $32,000. LRI Investments LLC acquired a new stake in Evergy in the first quarter worth $32,000. Olde Wealth Management LLC acquired a new stake in Evergy in the first quarter worth $32,000. Finally, Colonial Trust Co SC acquired a new stake in Evergy in the fourth quarter worth $32,000. 87.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. UBS Group upgraded shares of Evergy from a "neutral" rating to a "buy" rating and increased their target price for the stock from $68.00 to $78.00 in a report on Monday, April 28th. Mizuho increased their target price on shares of Evergy from $70.00 to $74.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. Citigroup raised their target price on shares of Evergy from $77.00 to $79.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Barclays reduced their price target on shares of Evergy from $73.00 to $71.00 and set an "overweight" rating for the company in a report on Friday, May 30th. Finally, LADENBURG THALM/SH SH upgraded shares of Evergy to a "strong-buy" rating in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $74.06.

Evergy Stock Up 0.6%

Shares of NASDAQ EVRG traded up $0.45 during trading hours on Wednesday, hitting $70.16. The company had a trading volume of 2,167,707 shares, compared to its average volume of 2,123,746. The stock has a market capitalization of $16.14 billion, a P/E ratio of 18.46, a price-to-earnings-growth ratio of 3.05 and a beta of 0.50. The company has a quick ratio of 0.29, a current ratio of 0.55 and a debt-to-equity ratio of 1.24. Evergy Inc. has a 1-year low of $57.25 and a 1-year high of $70.75. The firm's 50 day moving average is $67.92 and its 200-day moving average is $66.97.

Evergy (NASDAQ:EVRG - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.54 EPS for the quarter, missing analysts' consensus estimates of $0.66 by ($0.12). Evergy had a return on equity of 8.84% and a net margin of 14.87%. The business had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the previous year, the business posted $0.54 EPS. On average, analysts expect that Evergy Inc. will post 3.83 earnings per share for the current fiscal year.

Evergy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, May 23rd were issued a dividend of $0.6675 per share. This represents a $2.67 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date of this dividend was Friday, May 23rd. Evergy's payout ratio is currently 70.26%.

Evergy Company Profile

Evergy, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in the United States. The company generates electricity through coal, landfill gas, uranium, and natural gas and oil sources, as well as solar, wind, other renewable sources. It serves residences, commercial firms, industrials, municipalities, and other electric utilities.