Jennison Associates LLC Reduces Holdings in PG&E Co. (NYSE:PCG)

Jennison Associates LLC reduced its stake in shares of PG&E Co. (NYSE:PCG - Free Report) by 13.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,824,447 shares of the utilities provider's stock after selling 2,333,688 shares during the quarter. Jennison Associates LLC owned approximately 0.57% of PG&E worth $267,285,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Raymond James Trust N.A. boosted its stake in PG&E by 4.2% in the 4th quarter. Raymond James Trust N.A. now owns 17,013 shares of the utilities provider's stock worth $307,000 after purchasing an additional 680 shares in the last quarter. Bleakley Financial Group LLC lifted its stake in PG&E by 1.5% during the 4th quarter. Bleakley Financial Group LLC now owns 45,332 shares of the utilities provider's stock valued at $817,000 after acquiring an additional 691 shares during the period. Signaturefd LLC lifted its stake in PG&E by 10.9% during the 3rd quarter. Signaturefd LLC now owns 8,067 shares of the utilities provider's stock valued at $130,000 after acquiring an additional 794 shares during the period. Glenmede Trust Co. NA lifted its stake in PG&E by 5.5% during the 3rd quarter. Glenmede Trust Co. NA now owns 15,982 shares of the utilities provider's stock valued at $258,000 after acquiring an additional 835 shares during the period. Finally, Caprock Group LLC lifted its stake in PG&E by 5.1% during the 4th quarter. Caprock Group LLC now owns 20,496 shares of the utilities provider's stock valued at $370,000 after acquiring an additional 999 shares during the period. Institutional investors own 78.56% of the company's stock.

PG&E Stock Performance

PG&E stock traded up $0.09 during midday trading on Monday, hitting $16.95. The stock had a trading volume of 8,758,700 shares, compared to its average volume of 15,776,275. The firm's fifty day moving average is $16.54 and its two-hundred day moving average is $16.87. The company has a market capitalization of $36.21 billion, a PE ratio of 16.14 and a beta of 1.32. PG&E Co. has a 52-week low of $14.71 and a 52-week high of $18.32. The company has a current ratio of 0.83, a quick ratio of 0.78 and a debt-to-equity ratio of 2.04.

PG&E (NYSE:PCG - Get Free Report) last posted its quarterly earnings results on Thursday, February 22nd. The utilities provider reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. PG&E had a return on equity of 10.84% and a net margin of 9.24%. The business had revenue of $7.04 billion during the quarter, compared to the consensus estimate of $6.43 billion. During the same period in the prior year, the company posted $0.26 EPS. On average, research analysts forecast that PG&E Co. will post 1.35 EPS for the current year.

PG&E Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.24%. PG&E's dividend payout ratio is currently 3.81%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Barclays lowered their target price on shares of PG&E from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Monday, January 22nd. StockNews.com upgraded shares of PG&E from a "sell" rating to a "hold" rating in a research note on Thursday, February 1st. Finally, The Goldman Sachs Group assumed coverage on shares of PG&E in a research note on Wednesday, April 10th. They set a "buy" rating and a $21.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.78.

PG&E Profile

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.