Principal Financial Group Inc. Grows Holdings in PPL Co. (NYSE:PPL)

Posted by Defense World Staff on Aug 23rd, 2023

Principal Financial Group Inc. increased its position in shares of PPL Co. (NYSE:PPL – Free Report) by 2.0% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 902,279 shares of the utilities provider’s stock after purchasing an additional 17,852 shares during the period. Principal Financial Group Inc.’s holdings in PPL were worth $25,074,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. State Street Corp increased its stake in shares of PPL by 4.8% during the first quarter. State Street Corp now owns 42,759,744 shares of the utilities provider’s stock valued at $1,229,596,000 after buying an additional 1,971,238 shares during the period. Geode Capital Management LLC increased its stake in shares of PPL by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 15,900,201 shares of the utilities provider’s stock valued at $466,642,000 after buying an additional 373,725 shares during the period. Bank of New York Mellon Corp increased its stake in shares of PPL by 1.0% during the first quarter. Bank of New York Mellon Corp now owns 13,015,502 shares of the utilities provider’s stock valued at $361,701,000 after buying an additional 129,373 shares during the period. Invesco Ltd. increased its stake in shares of PPL by 6.4% during the first quarter. Invesco Ltd. now owns 12,884,134 shares of the utilities provider’s stock valued at $367,969,000 after buying an additional 775,294 shares during the period. Finally, Federated Hermes Inc. increased its stake in shares of PPL by 31.1% during the first quarter. Federated Hermes Inc. now owns 10,050,908 shares of the utilities provider’s stock valued at $279,315,000 after buying an additional 2,386,004 shares during the period. Hedge funds and other institutional investors own 73.46% of the company’s stock.

PPL Price Performance

Shares of PPL stock opened at $25.30 on Wednesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.09 and a quick ratio of 0.90. The company has a market cap of $18.65 billion, a P/E ratio of 24.33, a PEG ratio of 2.15 and a beta of 0.78. The stock’s 50-day moving average is $26.58 and its 200 day moving average is $27.29. PPL Co. has a 1-year low of $23.47 and a 1-year high of $31.74.

PPL (NYSE:PPL – Get Free Report) last issued its quarterly earnings results on Friday, August 4th. The utilities provider reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.03). The business had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.27 billion. PPL had a return on equity of 7.75% and a net margin of 8.79%. PPL’s revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.30 EPS. Research analysts predict that PPL Co. will post 1.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Morgan Stanley raised their price target on PPL from $30.00 to $31.00 and gave the company an “overweight” rating in a research note on Friday, July 21st. TheStreet downgraded PPL from a “b-” rating to a “c” rating in a research report on Friday, August 4th. Guggenheim dropped their price objective on PPL from $34.00 to $31.00 in a research report on Friday, July 7th. Finally, StockNews.com started coverage on PPL in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $31.40.

View Our Latest Stock Report on PPL

PPL Company Profile

(Free Report)

PPL Corporation, an energy company, focuses on providing electricity and natural gas to approximately 3.5 million customers in the United States. It operates through three segments: Kentucky Regulated, Pennsylvania Regulated, and Rhode Island Regulated. The company delivers electricity to customers in Pennsylvania, Kentucky, Virginia, and Rhode Island; delivers natural gas to customers in Kentucky and Rhode Island; and generates electricity from power plants in Kentucky.

Principal Financial Group Inc. Grows Holdings in PPL Co. (NYSE:PPL)

PPL Price Performance

Wall Street Analyst Weigh In

PPL Company Profile

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