SVB Wealth LLC Acquires 19,468 Shares of Duke Energy Corporation $DUK

Key Points

• SVB Wealth LLC increased its Duke Energy stake by 73.9% in the first quarter, buying 19,468 additional shares to bring its total holding to 45,796 shares valued at about $6.0 million.
• Duke Energy reported better-than-expected quarterly results, with EPS of $1.93 versus estimates of $1.87 and revenue of $9.18 billion, up 11.3% year over year.
• The company also paid a quarterly dividend of $1.065 per share, equal to an annualized yield of 3.4%, while analysts currently rate the stock a consensus Moderate Buy with an average price target of $138.07.

SVB Wealth LLC lifted its holdings in shares of Duke Energy Corporation (NYSE:DUK - Free Report) by 73.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 45,796 shares of the utilities provider's stock after acquiring an additional 19,468 shares during the quarter. SVB Wealth LLC's holdings in Duke Energy were worth $5,997,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of DUK. Vanguard Group Inc. raised its stake in shares of Duke Energy by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 78,258,757 shares of the utilities provider's stock worth $9,172,709,000 after purchasing an additional 1,957,592 shares during the period. Amundi increased its holdings in Duke Energy by 56.9% during the fourth quarter. Amundi now owns 2,662,460 shares of the utilities provider's stock worth $312,067,000 after buying an additional 965,808 shares during the last quarter. Franklin Resources Inc. increased its holdings in Duke Energy by 13.1% during the fourth quarter. Franklin Resources Inc. now owns 8,236,893 shares of the utilities provider's stock worth $965,446,000 after buying an additional 954,907 shares during the last quarter. Milford Funds Ltd. bought a new stake in Duke Energy in the fourth quarter worth about $97,905,000. Finally, Cohen & Steers Inc. boosted its stake in Duke Energy by 83.3% in the fourth quarter. Cohen & Steers Inc. now owns 1,711,445 shares of the utilities provider's stock valued at $200,598,000 after acquiring an additional 777,878 shares during the last quarter. 65.31% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Louis E. Renjel sold 3,500 shares of the company's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $125.15, for a total transaction of $438,025.00. Following the sale, the chief executive officer directly owned 21,415 shares in the company, valued at $2,680,087.25. This represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Harry K. Sideris sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $124.37, for a total transaction of $2,487,400.00. Following the completion of the transaction, the chief executive officer owned 96,102 shares of the company's stock, valued at $11,952,205.74. This trade represents a 17.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.12% of the company's stock.

Duke Energy Stock Down 0.2%

Duke Energy stock opened at $123.57 on Tuesday. The firm has a 50 day simple moving average of $125.24 and a 200 day simple moving average of $124.11. The company has a current ratio of 0.66, a quick ratio of 0.44 and a debt-to-equity ratio of 1.45. Duke Energy Corporation has a 1-year low of $113.89 and a 1-year high of $134.49. The firm has a market capitalization of $96.33 billion, a price-to-earnings ratio of 18.92 and a beta of 0.39.

Duke Energy (NYSE:DUK - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The utilities provider reported $1.93 EPS for the quarter, topping analysts' consensus estimates of $1.87 by $0.06. Duke Energy had a return on equity of 9.73% and a net margin of 15.49%.The firm had revenue of $9.18 billion during the quarter, compared to analyst estimates of $8.44 billion. During the same period last year, the company earned $1.76 earnings per share. The business's revenue for the quarter was up 11.3% on a year-over-year basis. On average, analysts predict that Duke Energy Corporation will post 6.71 earnings per share for the current year.

Duke Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 16th. Shareholders of record on Friday, May 15th were issued a dividend of $1.065 per share. This represents a $4.26 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Friday, May 15th. Duke Energy's payout ratio is presently 65.24%.

Analyst Upgrades and Downgrades

DUK has been the subject of several research analyst reports. Wells Fargo & Company raised their price target on shares of Duke Energy from $135.00 to $136.00 and gave the stock an "equal weight" rating in a research note on Monday, April 20th. BMO Capital Markets reduced their price objective on Duke Energy from $139.00 to $138.00 in a report on Wednesday, May 6th. UBS Group decreased their target price on Duke Energy from $137.00 to $135.00 in a research report on Monday, May 11th. Wall Street Zen upgraded Duke Energy from a "sell" rating to a "hold" rating in a research note on Saturday, March 28th. Finally, Barclays dropped their price target on Duke Energy from $143.00 to $134.00 and set an "overweight" rating on the stock in a research report on Thursday. Nine investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $138.07.

Duke Energy Profile

Duke Energy Corporation is a U.S.-based electric power holding company headquartered in Charlotte, North Carolina. The company's core business is the generation, transmission and distribution of electricity to residential, commercial and industrial customers. Duke Energy operates a mix of regulated electric utilities and non-regulated energy businesses, providing essential energy infrastructure and services across multiple states.

Its operating activities include owning and operating generation assets across a portfolio that encompasses nuclear, natural gas, coal, hydroelectric and an expanding array of renewable resources, as well as battery storage and grid modernization projects.

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