Magellan Asset Management Ltd Sells 12,678 Shares of PPL Corporation (NYSE:PPL)

Key Points

• Magellan Asset Management Ltd has decreased its stake in PPL Corporation by 2.6%, selling 12,678 shares, and now owns approximately 481,746 shares valued at about $17.4 million.
• PPL Corporation reported $0.32 EPS for the last quarter, falling short of analysts' expectations of $0.37, though its revenue increased by 7.7% year-over-year.
• The company has recently issued a quarterly dividend of $0.2725 per share, offering an annualized yield of 3.0%, with a payout ratio of 81.34%.

Magellan Asset Management Ltd decreased its position in PPL Corporation (NYSE:PPL - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 481,746 shares of the utilities provider's stock after selling 12,678 shares during the period. Magellan Asset Management Ltd owned about 0.07% of PPL worth $17,396,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. increased its holdings in PPL by 141.0% during the 1st quarter. Pinnacle Bancorp Inc. now owns 723 shares of the utilities provider's stock valued at $26,000 after purchasing an additional 423 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in PPL by 94.3% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 818 shares of the utilities provider's stock worth $30,000 after buying an additional 397 shares during the period. TruNorth Capital Management LLC acquired a new stake in PPL during the 1st quarter worth $32,000. HM Payson & Co. raised its stake in PPL by 1,057.6% during the 1st quarter. HM Payson & Co. now owns 984 shares of the utilities provider's stock worth $36,000 after buying an additional 899 shares during the period. Finally, AllSquare Wealth Management LLC acquired a new stake in shares of PPL in the 1st quarter valued at about $45,000. Institutional investors and hedge funds own 76.99% of the company's stock.

Insider Buying and Selling

In related news, COO David J. Bonenberger sold 2,165 shares of the stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $35.86, for a total transaction of $77,636.90. Following the completion of the sale, the chief operating officer directly owned 45,560 shares of the company's stock, valued at approximately $1,633,781.60. This trade represents a 4.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.28% of the company's stock.

PPL Stock Performance

PPL stock opened at $36.38 on Friday. The stock has a 50-day moving average price of $34.73 and a 200-day moving average price of $34.74. PPL Corporation has a 1-year low of $29.97 and a 1-year high of $36.99. The company has a current ratio of 0.59, a quick ratio of 0.49 and a debt-to-equity ratio of 1.07. The firm has a market cap of $26.90 billion, a PE ratio of 27.15, a price-to-earnings-growth ratio of 2.61 and a beta of 0.64.

PPL (NYSE:PPL - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.05). The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $1.99 billion. PPL had a return on equity of 8.81% and a net margin of 11.22%. The firm's revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.38 EPS. As a group, equities research analysts expect that PPL Corporation will post 1.83 earnings per share for the current year.

PPL Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 10th were issued a dividend of $0.2725 per share. This represents a $1.09 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Tuesday, June 10th. PPL's payout ratio is currently 81.34%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Guggenheim lifted their target price on PPL from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. Morgan Stanley cut their price target on PPL from $38.00 to $37.00 and set an "overweight" rating for the company in a research note on Wednesday, June 18th. Barclays upgraded PPL from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 7th. Finally, Wall Street Zen upgraded PPL from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $36.70.

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.

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