Cornerstone Wealth Management LLC Lowers Position in Duke Energy Co. (NYSE:DUK)

18 Oct 2024, 10:32 by Teresa Graham · The Cerbat Gem

Cornerstone Wealth Management LLC reduced its stake in Duke Energy Co. (NYSE:DUK – Free Report) by 1.0% in the third quarter, HoldingsChannel reports. The institutional investor owned 12,638 shares of the utilities provider’s stock after selling 122 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Duke Energy were worth $1,457,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. raised its position in Duke Energy by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 70,675,702 shares of the utilities provider’s stock valued at $6,835,047,000 after buying an additional 324,289 shares during the last quarter. Capital Research Global Investors raised its position in Duke Energy by 3.2% in the 1st quarter. Capital Research Global Investors now owns 11,493,340 shares of the utilities provider’s stock valued at $1,111,521,000 after buying an additional 352,320 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Duke Energy by 1.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 2,471,035 shares of the utilities provider’s stock valued at $247,672,000 after buying an additional 40,243 shares during the last quarter. Mackenzie Financial Corp raised its position in Duke Energy by 65.7% in the 2nd quarter. Mackenzie Financial Corp now owns 2,052,969 shares of the utilities provider’s stock valued at $205,769,000 after buying an additional 813,744 shares during the last quarter. Finally, Capital Wealth Planning LLC grew its stake in Duke Energy by 1.6% in the 1st quarter. Capital Wealth Planning LLC now owns 1,973,369 shares of the utilities provider’s stock valued at $190,845,000 after purchasing an additional 31,309 shares during the period. 65.31% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Duke Energy

In other Duke Energy news, EVP Louis E. Renjel sold 540 shares of Duke Energy stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $113.64, for a total transaction of $61,365.60. Following the completion of the sale, the executive vice president now directly owns 19,884 shares in the company, valued at $2,259,617.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

DUK has been the subject of a number of recent analyst reports. Morgan Stanley upped their price objective on Duke Energy from $114.00 to $120.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Jefferies Financial Group initiated coverage on Duke Energy in a research note on Thursday, September 19th. They issued a “buy” rating and a $138.00 price objective for the company. BMO Capital Markets upped their price objective on Duke Energy from $120.00 to $126.00 and gave the company an “outperform” rating in a research note on Wednesday, September 18th. The Goldman Sachs Group upped their price objective on Duke Energy from $102.00 to $113.00 and gave the company a “neutral” rating in a research note on Monday, August 12th. Finally, Mizuho upgraded Duke Energy from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $116.00 to $121.00 in a research note on Tuesday. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Duke Energy currently has an average rating of “Moderate Buy” and an average price target of $121.85.

Check Out Our Latest Analysis on DUK

Duke Energy Price Performance

DUK stock opened at $120.58 on Friday. The firm has a 50 day moving average of $114.84 and a 200-day moving average of $106.50. The company has a current ratio of 0.81, a quick ratio of 0.53 and a debt-to-equity ratio of 1.56. Duke Energy Co. has a 12 month low of $85.79 and a 12 month high of $120.81. The firm has a market capitalization of $93.06 billion, a P/E ratio of 30.30, a price-to-earnings-growth ratio of 3.06 and a beta of 0.46.

Duke Energy (NYSE:DUK – Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The utilities provider reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.16. Duke Energy had a net margin of 14.29% and a return on equity of 9.71%. The company had revenue of $7.17 billion during the quarter, compared to analyst estimates of $6.84 billion. During the same period last year, the business earned $0.91 earnings per share. Duke Energy’s revenue was up 9.0% compared to the same quarter last year. As a group, sell-side analysts predict that Duke Energy Co. will post 5.97 earnings per share for the current fiscal year.

Duke Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be given a dividend of $1.045 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $4.18 annualized dividend and a yield of 3.47%. Duke Energy’s payout ratio is presently 105.03%.

About Duke Energy

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