Cornerstone Wealth Management LLC bought a new position in PPL Corp (NYSE:PPL) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 96,841 shares of the utilities provider’s stock, valued at approximately $3,369,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of PPL. Live Your Vision LLC boosted its holdings in PPL by 75.3% during the 2nd quarter. Live Your Vision LLC now owns 4,190 shares of the utilities provider’s stock valued at $119,000 after acquiring an additional 1,800 shares during the period. McKinley Carter Wealth Services Inc. acquired a new stake in shares of PPL during the 1st quarter worth about $120,000. Smithfield Trust Co. raised its position in shares of PPL by 131.1% during the 1st quarter. Smithfield Trust Co. now owns 4,958 shares of the utilities provider’s stock worth $141,000 after acquiring an additional 2,813 shares in the last quarter. GSB Wealth Management LLC acquired a new stake in shares of PPL during the 2nd quarter worth about $200,000. Finally, Point View Wealth Management Inc. acquired a new stake in shares of PPL during the 1st quarter worth about $204,000. Hedge funds and other institutional investors own 70.79% of the company’s stock.
PPL has been the topic of several research analyst reports. Deutsche Bank lowered PPL from a “buy” rating to a “hold” rating in a research report on Wednesday. Morgan Stanley lifted their price target on PPL from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Monday, July 16th. Zacks Investment Research upgraded PPL from a “sell” rating to a “hold” rating in a research note on Tuesday, July 10th. UBS Group lowered their target price on PPL from $37.00 to $34.00 and set a “buy” rating on the stock in a research note on Friday, June 8th. Finally, ValuEngine downgraded PPL from a “sell” rating to a “strong sell” rating in a research note on Thursday, May 17th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. PPL presently has an average rating of “Hold” and a consensus price target of $35.22.
PPL (NYSE:PPL) last issued its earnings results on Tuesday, August 7th. The utilities provider reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.01. The company had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.75 billion. PPL had a return on equity of 15.30% and a net margin of 18.08%. research analysts predict that PPL Corp will post 2.34 EPS for the current year.
PPL Corporation, a utility holding company, delivers electricity and natural gas in the United States and the United Kingdom. The company operates in three segments: U.K. Regulated, Kentucky Regulated, and Pennsylvania Regulated. It serves 411,000 electric and 326,000 natural gas customers in Louisville and adjacent areas in Kentucky; 525,000 customers in central, southeastern, and western Kentucky; and approximately 28,000 customers in 5 counties in southwestern Virginia, and 3 customers in Tennessee.
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