Duke Energy Corporation (NYSE:DUK) Shares Sold by Prudential PLC

Key Points

• Prudential PLC reduced its stake in Duke Energy by 26.5%, selling 18,343 shares and holding 50,917 shares worth $6.21 million as of the end of the first quarter.
• Wall Street analysts have shown optimism for Duke Energy, with multiple firms raising their price targets; Barclays and Citigroup adjusted their targets to $131.00 and $142.00 respectively.
• Duke Energy recently declared an increased quarterly dividend of $1.065 per share, representing an annual yield of 3.4%, which reflects the company's strong financial management despite a quarterly earnings miss.

Prudential PLC lowered its holdings in shares of Duke Energy Corporation (NYSE:DUK - Free Report) by 26.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,917 shares of the utilities provider's stock after selling 18,343 shares during the period. Prudential PLC's holdings in Duke Energy were worth $6,210,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. N.E.W. Advisory Services LLC acquired a new stake in Duke Energy during the first quarter valued at $27,000. Wayfinding Financial LLC bought a new position in Duke Energy during the first quarter valued at about $27,000. Mattson Financial Services LLC bought a new stake in shares of Duke Energy in the 4th quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Duke Energy in the 4th quarter valued at approximately $27,000. Finally, American National Bank & Trust bought a new stake in Duke Energy during the 1st quarter worth approximately $36,000. Institutional investors own 65.31% of the company's stock.

Duke Energy Price Performance

Shares of NYSE DUK traded down $2.00 during trading on Friday, hitting $122.26. The company had a trading volume of 4,023,961 shares, compared to its average volume of 3,380,039. The stock has a fifty day simple moving average of $119.07 and a two-hundred day simple moving average of $118.01. The company has a quick ratio of 0.42, a current ratio of 0.66 and a debt-to-equity ratio of 1.55. The firm has a market capitalization of $95.07 billion, a price-to-earnings ratio of 19.88, a price-to-earnings-growth ratio of 2.95 and a beta of 0.36. Duke Energy Corporation has a fifty-two week low of $105.20 and a fifty-two week high of $127.85.

Duke Energy (NYSE:DUK - Get Free Report) last announced its earnings results on Tuesday, August 5th. The utilities provider reported $1.25 earnings per share for the quarter, missing the consensus estimate of $1.29 by ($0.04). Duke Energy had a return on equity of 9.85% and a net margin of 15.51%. The business had revenue of $7.51 billion for the quarter, compared to analysts' expectations of $7.07 billion. During the same period in the previous year, the company earned $1.18 earnings per share. Duke Energy's quarterly revenue was up 4.7% on a year-over-year basis. On average, research analysts expect 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. Shareholders of record on Friday, August 15th will be paid a dividend of $1.065 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $4.26 annualized dividend and a dividend yield of 3.5%. This is an increase from Duke Energy's previous quarterly dividend of $1.05. Duke Energy's dividend payout ratio is 69.27%.

Insider Activity

In related news, EVP Thomas Preston Jr. Gillespie sold 6,700 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $124.26, for a total value of $832,542.00. Following the sale, the executive vice president directly owned 46,422 shares of the company's stock, valued at approximately $5,768,397.72. This trade represents a 12.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Barclays reaffirmed an "overweight" rating and set a $131.00 price objective (up previously from $122.00) on shares of Duke Energy in a report on Wednesday. Wells Fargo & Company raised their price objective on Duke Energy from $127.00 to $138.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. lifted their price target on Duke Energy from $122.00 to $127.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Morgan Stanley lowered their price objective on Duke Energy from $125.00 to $124.00 and set an "equal weight" rating on the stock in a research note on Wednesday, June 18th. Finally, Citigroup upped their target price on Duke Energy from $130.00 to $142.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $129.80.

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.