Baird Financial Group Inc. Reduces Holdings in PPL Co. (NYSE:PPL)

Baird Financial Group Inc. lessened its position in shares of PPL Co. (NYSE:PPLGet Rating) by 83.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,045 shares of the utilities provider’s stock after selling 159,251 shares during the period. Baird Financial Group Inc.’s holdings in PPL were worth $843,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. lifted its position in shares of PPL by 7.9% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 96,533 shares of the utilities provider’s stock valued at $2,619,000 after buying an additional 7,045 shares during the last quarter. Bank of Nova Scotia raised its stake in shares of PPL by 1,003.0% during the 2nd quarter. Bank of Nova Scotia now owns 1,312,867 shares of the utilities provider’s stock valued at $35,618,000 after purchasing an additional 1,193,843 shares during the period. Kentucky Retirement Systems Insurance Trust Fund raised its stake in shares of PPL by 13.5% during the 2nd quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 25,142 shares of the utilities provider’s stock valued at $682,000 after purchasing an additional 2,983 shares during the period. Kentucky Retirement Systems raised its stake in shares of PPL by 14.1% during the 2nd quarter. Kentucky Retirement Systems now owns 54,618 shares of the utilities provider’s stock valued at $1,482,000 after purchasing an additional 6,767 shares during the period. Finally, State of Michigan Retirement System raised its stake in shares of PPL by 11.2% during the 2nd quarter. State of Michigan Retirement System now owns 241,248 shares of the utilities provider’s stock valued at $6,545,000 after purchasing an additional 24,300 shares during the period. Hedge funds and other institutional investors own 69.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. TheStreet lowered PPL from a “b” rating to a “c” rating in a research note on Thursday, October 20th. Wells Fargo & Company decreased their price objective on PPL from $34.00 to $30.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 19th. Morgan Stanley boosted their price objective on PPL from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Friday, November 11th. StockNews.com assumed coverage on PPL in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, Guggenheim decreased their target price on PPL from $33.00 to $27.00 in a research note on Monday, October 24th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $29.67.

Insider Transactions at PPL

In other news, CFO Joseph P. Bergstein, Jr. sold 20,645 shares of the company’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $30.41, for a total value of $627,814.45. Following the completion of the transaction, the chief financial officer now directly owns 31,469 shares in the company, valued at approximately $956,972.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.17% of the company’s stock.

PPL Price Performance

PPL opened at $28.09 on Monday. The stock has a 50-day moving average price of $26.75 and a 200-day moving average price of $27.95. PPL Co. has a 12-month low of $23.47 and a 12-month high of $30.99. The company has a current ratio of 0.82, a quick ratio of 0.69 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $20.68 billion, a P/E ratio of 29.57 and a beta of 0.77.

PPL Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Friday, December 9th will be issued a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend is Thursday, December 8th. PPL’s payout ratio is currently 94.74%.

PPL Company Profile

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PPL Corporation, a utility holding company, delivers electricity and natural gas in the United States and the United Kingdom. The company operates through two segments: Kentucky Regulated and Pennsylvania Regulated. It serves approximately 429,000 electric and 333,000 natural gas customers in Louisville and adjacent areas in Kentucky; 538,000 electric customers in central, southeastern, and western Kentucky; and 28,000 electric customers in five counties in southwestern Virginia.

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Institutional Ownership by Quarter for PPL (NYSE:PPL)

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