Wedge Capital Management L L P NC Invests $12.20 Million in PG&E Co. (NYSE:PCG)

Wedge Capital Management L L P NC purchased a new stake in shares of PG&E Co. (NYSE:PCG - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 604,377 shares of the utilities provider's stock, valued at approximately $12,196,000.

Several other institutional investors have also modified their holdings of PCG. FMR LLC grew its position in shares of PG&E by 5.1% in the third quarter. FMR LLC now owns 176,839,426 shares of the utilities provider's stock valued at $3,496,115,000 after purchasing an additional 8,604,396 shares during the last quarter. King Street Capital Management L.P. acquired a new position in PG&E in the 2nd quarter valued at about $1,964,250,000. State Street Corp lifted its stake in shares of PG&E by 5.0% during the third quarter. State Street Corp now owns 108,953,808 shares of the utilities provider's stock valued at $2,155,093,000 after buying an additional 5,191,463 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of PG&E by 2.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 104,846,953 shares of the utilities provider's stock worth $2,072,824,000 after purchasing an additional 2,936,763 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of PG&E by 1.1% in the third quarter. Geode Capital Management LLC now owns 49,837,059 shares of the utilities provider's stock valued at $981,960,000 after purchasing an additional 536,914 shares during the period. Hedge funds and other institutional investors own 78.56% of the company's stock.

PG&E Stock Up 0.4 %

PG&E stock traded up $0.07 during midday trading on Friday, hitting $17.02. 25,721,458 shares of the company were exchanged, compared to its average volume of 12,319,955. The company has a market cap of $44.51 billion, a PE ratio of 13.30, a price-to-earnings-growth ratio of 1.20 and a beta of 0.98. PG&E Co. has a fifty-two week low of $15.94 and a fifty-two week high of $21.72. The company's fifty day moving average price is $19.99 and its 200-day moving average price is $19.48. The company has a debt-to-equity ratio of 2.02, a current ratio of 1.04 and a quick ratio of 0.99.

PG&E (NYSE:PCG - Get Free Report) last posted its earnings results on Thursday, November 7th. The utilities provider reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.32 by $0.05. The business had revenue of $5.94 billion for the quarter, compared to analysts' expectations of $6.58 billion. PG&E had a net margin of 11.11% and a return on equity of 12.51%. The business's revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.24 earnings per share. On average, research analysts predict that PG&E Co. will post 1.36 EPS for the current fiscal year.

PG&E Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.59%. This is a positive change from PG&E's previous quarterly dividend of $0.01. The ex-dividend date of this dividend was Tuesday, December 31st. PG&E's payout ratio is presently 7.81%.

Analyst Ratings Changes

Several equities analysts recently weighed in on PCG shares. Jefferies Financial Group started coverage on PG&E in a research report on Monday, October 14th. They set a "buy" rating and a $24.00 target price on the stock. Mizuho boosted their price objective on shares of PG&E from $24.00 to $26.00 and gave the company an "outperform" rating in a research note on Wednesday, November 27th. Barclays dropped their price objective on PG&E from $25.00 to $24.00 and set an "overweight" rating for the company in a report on Tuesday, December 17th. BMO Capital Markets started coverage on PG&E in a report on Monday, January 13th. They issued an "outperform" rating and a $21.00 target price on the stock. Finally, UBS Group dropped their price target on PG&E from $26.00 to $24.00 and set a "buy" rating for the company in a research note on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $22.64.

Insider Activity at PG&E

In related news, CEO Patricia K. Poppe sold 55,555 shares of the business's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $20.66, for a total transaction of $1,147,766.30. Following the completion of the transaction, the chief executive officer now owns 1,460,222 shares in the company, valued at $30,168,186.52. The trade was a 3.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.15% of the company's stock.

About PG&E

PG&E Corp. operates as a holding company, which engages in generation, transmission, and distribution of electricity and natural gas to customers. It specializes in energy, utility, power, gas, electricity, solar and sustainability. The company was founded in 1995 and is headquartered in Oakland, CA.