Public Sector Pension Investment Board Sells 77,975 Shares of Duke Energy Corporation (NYSE:DUK)

Key Points

• The Public Sector Pension Investment Board reduced its stake in Duke Energy by 27.3% in Q1, holding now 207,443 shares worth approximately $25.3 million.
• Duke Energy reported quarterly earnings of $1.25 per share, missing expectations by $0.04, while revenues exceeded estimates at $7.51 billion, up by 4.7% year-over-year.
• The company announced a dividend increase to $1.065 per share, offering an annualized yield of 3.4%, with the ex-dividend date set for August 15th.

Public Sector Pension Investment Board lowered its stake in shares of Duke Energy Corporation (NYSE:DUK - Free Report) by 27.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 207,443 shares of the utilities provider's stock after selling 77,975 shares during the period. Public Sector Pension Investment Board's holdings in Duke Energy were worth $25,302,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of DUK. Eagle Global Advisors LLC acquired a new position in Duke Energy during the 1st quarter worth $1,365,000. Cypress Capital Group increased its holdings in shares of Duke Energy by 50.0% during the 1st quarter. Cypress Capital Group now owns 29,435 shares of the utilities provider's stock worth $3,590,000 after purchasing an additional 9,815 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors increased its holdings in shares of Duke Energy by 4.9% during the 1st quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 5,810 shares of the utilities provider's stock worth $704,000 after purchasing an additional 269 shares during the period. Meridian Wealth Management LLC increased its holdings in shares of Duke Energy by 2.5% during the 1st quarter. Meridian Wealth Management LLC now owns 14,033 shares of the utilities provider's stock worth $1,712,000 after purchasing an additional 340 shares during the period. Finally, Independent Advisor Alliance increased its stake in Duke Energy by 0.9% in the first quarter. Independent Advisor Alliance now owns 135,059 shares of the utilities provider's stock valued at $16,473,000 after acquiring an additional 1,191 shares during the period. Institutional investors and hedge funds own 65.31% of the company's stock.

Duke Energy Stock Performance

DUK stock traded down $0.94 during trading hours on Friday, reaching $122.26. The stock had a trading volume of 4,006,872 shares, compared to its average volume of 3,595,607. The stock has a market capitalization of $95.07 billion, a PE ratio of 19.88, a price-to-earnings-growth ratio of 3.03 and a beta of 0.36. The company has a debt-to-equity ratio of 1.55, a current ratio of 0.66 and a quick ratio of 0.42. The stock has a 50-day simple moving average of $118.93 and a 200 day simple moving average of $117.88. 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 quarterly earnings results on Tuesday, August 5th. The utilities provider reported $1.25 EPS for the quarter, missing analysts' consensus estimates of $1.29 by ($0.04). The firm had revenue of $7.51 billion during 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%. The business's revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.18 EPS. Analysts predict that Duke Energy Corporation will post 6.33 EPS for the current fiscal 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 given a $1.065 dividend. This is an increase from Duke Energy's previous quarterly dividend of $1.05. The ex-dividend date is Friday, August 15th. This represents a $4.26 dividend on an annualized basis and a dividend yield of 3.5%. Duke Energy's dividend payout ratio is presently 67.97%.

Insider Activity

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

Analyst Upgrades and Downgrades

DUK has been the topic of several research analyst reports. UBS Group reaffirmed a "neutral" rating and set a $127.00 price objective (up from $124.00) on shares of Duke Energy in a research note on Friday, July 11th. The Goldman Sachs Group set a $132.00 target price on shares of Duke Energy in a research report on Tuesday, July 1st. Scotiabank upped their target price on shares of Duke Energy from $120.00 to $128.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 6th. BMO Capital Markets upped their target price on shares of Duke Energy from $131.00 to $132.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. upped their target price on shares of Duke Energy from $122.00 to $127.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus 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.