Let’s take a look at how institutional investors played out their holdings in PPL Corporation (PPL) in the first quarter. According to a recent 13F filing, the Vanguard Group held 7.4%, or 51.4 million of PPL’s total outstanding shares, at the end of the first quarter. It added net 1 million shares during the quarter.
BlackRock Institutional Trust added net 7.6 million shares of PPL in the first quarter, which took its total stake to 6.8%.
Fidelity Management added a noteworthy 7.8 million shares of PPL during the quarter and took its total holdings to 3.5%. It held a 2.4% stake in PPL at the end of the fourth quarter.
Invesco Advisers sold net 1 million shares in the first quarter and held 2.7% of PPL’s total outstanding shares. It held 2.9% of PPL’s total outstanding shares in the fourth quarter.
PPL is one of the most battered stocks in the S&P 500 Utilities Index (XLU) this year. It has fallen 10% so far this year, largely due to volatile exchange rate movements and an overall weakness in utilities. However, at 6%, it’s one of the top-yielding utilities among its peers. Its regulated operations in Kentucky and Pennsylvania, along with the United Kingdom, facilitate stable earnings, which eventually bode well for stable dividends.
Treasury yields are racing toward new highs, which make utilities less attractive. To know more, read Utility Stocks Slipped as Treasury Yields Raced to a Record High.