Vestcor Inc Trims Stock Position in Duke Energy Corporation (NYSE:DUK)

Vestcor Inc lowered its holdings in shares of Duke Energy Corporation (NYSE:DUK - Free Report) by 4.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 115,438 shares of the utilities provider's stock after selling 5,346 shares during the period. Vestcor Inc's holdings in Duke Energy were worth $14,080,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Vermillion Wealth Management Inc. acquired a new position in shares of Duke Energy in the 4th quarter valued at about $27,000. Wayfinding Financial LLC acquired a new position in Duke Energy during the first quarter valued at approximately $27,000. N.E.W. Advisory Services LLC acquired a new position in Duke Energy during the 1st quarter valued at $27,000. Mattson Financial Services LLC bought a new stake in Duke Energy in the 4th quarter valued at $28,000. Finally, Hoey Investments Inc. bought a new stake in Duke Energy in the fourth quarter valued at $36,000. 65.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of Duke Energy from $127.00 to $138.00 and gave the company an "overweight" rating in a research note on Wednesday, May 7th. Citigroup increased their price target on shares of Duke Energy from $130.00 to $142.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Raymond James Financial started coverage on shares of Duke Energy in a report on Friday, June 13th. They issued a "market perform" rating on the stock. UBS Group reiterated a "neutral" rating and issued a $127.00 price target (up from $124.00) on shares of Duke Energy in a research report on Friday, July 11th. Finally, JPMorgan Chase & Co. raised their target price on Duke Energy from $122.00 to $127.00 and gave the company a "neutral" rating in a report on Tuesday, July 15th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $127.25.

Duke Energy Stock Performance

NYSE:DUK traded up $1.09 during mid-day trading on Wednesday, hitting $120.58. The company's stock had a trading volume of 3,431,658 shares, compared to its average volume of 2,369,901. The stock has a market cap of $93.72 billion, a price-to-earnings ratio of 20.00, a PEG ratio of 2.99 and a beta of 0.37. Duke Energy Corporation has a 1 year low of $105.20 and a 1 year high of $125.27. The business's fifty day moving average is $117.01 and its two-hundred day moving average is $116.68. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.77 and a quick ratio of 0.50.

Duke Energy (NYSE:DUK - Get Free Report) last released its earnings results on Tuesday, May 6th. The utilities provider reported $1.76 earnings per share for the quarter, beating the consensus estimate of $1.59 by $0.17. The business had revenue of $8.25 billion for the quarter, compared to the consensus estimate of $7.70 billion. Duke Energy had a return on equity of 9.88% and a net margin of 15.40%. The business's quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.44 earnings per share. Analysts anticipate that Duke Energy Corporation will post 6.33 EPS for the current fiscal year.

Duke Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Friday, August 15th will be paid a $1.065 dividend. The ex-dividend date of this dividend is Friday, August 15th. This is a boost from Duke Energy's previous quarterly dividend of $1.05. This represents a $4.26 dividend on an annualized basis and a dividend yield of 3.53%. Duke Energy's payout ratio is presently 69.32%.

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.