Mediolanum International Funds Ltd Grows Stock Position in Pacific Gas & Electric Co. (NYSE:PCG)

Key Points

• Mediolanum International Funds Ltd increased its stake in Pacific Gas & Electric Co. by 203.3%, owning 508,341 shares worth approximately $8.64 million after purchasing an additional 340,761 shares in the first quarter.
• Multiple other investors have also significantly increased their positions in Pacific Gas & Electric, with institutional and hedge fund ownership now at 78.56%.
• Recent research reports have seen analysts adjust their price targets for Pacific Gas & Electric, with a consensus target of $20.55, while the stock is currently trading around $14.09.

Mediolanum International Funds Ltd increased its stake in shares of Pacific Gas & Electric Co. (NYSE:PCG - Free Report) by 203.3% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 508,341 shares of the utilities provider's stock after purchasing an additional 340,761 shares during the period. Mediolanum International Funds Ltd's holdings in Pacific Gas & Electric were worth $8,642,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Stevens Capital Management LP raised its holdings in shares of Pacific Gas & Electric by 217.6% in the 1st quarter. Stevens Capital Management LP now owns 41,121 shares of the utilities provider's stock valued at $706,000 after acquiring an additional 28,174 shares in the last quarter. Assetmark Inc. increased its position in shares of Pacific Gas & Electric by 33.1% during the 1st quarter. Assetmark Inc. now owns 122,313 shares of the utilities provider's stock valued at $2,101,000 after purchasing an additional 30,438 shares during the last quarter. First Pacific Advisors LP increased its position in shares of Pacific Gas & Electric by 0.8% during the 1st quarter. First Pacific Advisors LP now owns 1,089,398 shares of the utilities provider's stock valued at $18,716,000 after purchasing an additional 8,971 shares during the last quarter. Readystate Asset Management LP bought a new position in shares of Pacific Gas & Electric during the 1st quarter valued at about $1,495,000. Finally, KLP Kapitalforvaltning AS increased its position in shares of Pacific Gas & Electric by 1.0% during the 1st quarter. KLP Kapitalforvaltning AS now owns 1,683,600 shares of the utilities provider's stock valued at $28,960,000 after purchasing an additional 16,900 shares during the last quarter. Hedge funds and other institutional investors own 78.56% of the company's stock.

Pacific Gas & Electric Trading Up 0.6%

NYSE:PCG traded up $0.09 during midday trading on Wednesday, hitting $14.08. The stock had a trading volume of 8,211,731 shares, compared to its average volume of 23,001,156. The company has a quick ratio of 0.90, a current ratio of 0.95 and a debt-to-equity ratio of 1.79. The company has a market capitalization of $37.67 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 1.04 and a beta of 0.55. The stock has a 50-day moving average of $14.56 and a 200 day moving average of $15.88. Pacific Gas & Electric Co. has a one year low of $12.97 and a one year high of $21.72.

Pacific Gas & Electric Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a $0.025 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.71%. Pacific Gas & Electric's payout ratio is 9.17%.

Analyst Ratings Changes

Several equities analysts have recently commented on PCG shares. Mizuho increased their price objective on Pacific Gas & Electric from $20.00 to $21.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. Evercore ISI increased their price objective on Pacific Gas & Electric from $15.00 to $17.00 and gave the stock an "in-line" rating in a report on Monday, April 28th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $24.00 price target on shares of Pacific Gas & Electric in a research note on Friday, April 25th. Barclays lowered their target price on Pacific Gas & Electric from $22.00 to $20.00 and set an "overweight" rating for the company in a research note on Tuesday, July 22nd. Finally, BMO Capital Markets lowered their price objective on Pacific Gas & Electric from $23.00 to $22.00 and set an "outperform" rating for the company in a research note on Monday, April 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $20.55.

Pacific Gas & Electric Company Profile

PG&E Corp. operates as a holding company, which engages in generation, transmission, and distribution of electricity and natural gas to customers. It specializes in energy, utility, power, gas, electricity, solar and sustainability. The company was founded in 1995 and is headquartered in Oakland, CA.