Palumbo Wealth Management LLC Acquires 25,875 Shares of Entergy Corporation (NYSE:ETR)

Palumbo Wealth Management LLC boosted its holdings in Entergy Corporation (NYSE:ETR) by 110.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 49,343 shares of the utilities provider’s stock after buying an additional 25,875 shares during the quarter. Entergy accounts for 1.4% of Palumbo Wealth Management LLC’s investment portfolio, making the stock its 15th largest holding. Palumbo Wealth Management LLC’s holdings in Entergy were worth $3,741,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of ETR. Thrivent Financial for Lutherans raised its stake in Entergy by 21.4% in the third quarter. Thrivent Financial for Lutherans now owns 986,546 shares of the utilities provider’s stock valued at $129,840,000 after purchasing an additional 174,093 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Entergy by 40.7% in the 3rd quarter. Empowered Funds LLC now owns 18,597 shares of the utilities provider’s stock worth $2,448,000 after buying an additional 5,381 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Entergy by 4.0% during the 3rd quarter. Principal Financial Group Inc. now owns 280,262 shares of the utilities provider’s stock valued at $36,885,000 after buying an additional 10,697 shares in the last quarter. Ausbil Investment Management Ltd lifted its holdings in shares of Entergy by 11.4% during the 3rd quarter. Ausbil Investment Management Ltd now owns 97,218 shares of the utilities provider’s stock worth $12,795,000 after acquiring an additional 9,986 shares during the last quarter. Finally, Flagship Harbor Advisors LLC grew its position in Entergy by 74.3% in the fourth quarter. Flagship Harbor Advisors LLC now owns 7,959 shares of the utilities provider’s stock worth $603,000 after acquiring an additional 3,393 shares in the last quarter. Institutional investors own 88.07% of the company’s stock.

Insider Activity at Entergy

In other Entergy news, insider Deanna D. Rodriguez sold 6,088 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $73.94, for a total value of $450,146.72. Following the completion of the sale, the insider now directly owns 3,952 shares in the company, valued at $292,210.88. This trade represents a 60.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.39% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Bank of America lowered Entergy from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $69.00 to $77.00 in a research note on Monday, November 4th. Scotiabank reduced their price target on shares of Entergy from $165.00 to $82.00 and set a “sector perform” rating on the stock in a research report on Tuesday, January 7th. BMO Capital Markets lowered their price objective on shares of Entergy from $83.00 to $79.50 and set an “outperform” rating for the company in a report on Monday, November 18th. KeyCorp lowered shares of Entergy from an “overweight” rating to a “sector weight” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company boosted their price target on shares of Entergy from $68.50 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $79.81.

Entergy Trading Down 0.7 %

ETR opened at $82.64 on Friday. Entergy Corporation has a one year low of $48.93 and a one year high of $84.46. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.89 and a quick ratio of 0.59. The business has a 50 day simple moving average of $78.32 and a two-hundred day simple moving average of $70.56. The firm has a market capitalization of $35.44 billion, a price-to-earnings ratio of 20.13, a PEG ratio of 2.53 and a beta of 0.72.

Entergy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 10th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Monday, February 10th. Entergy’s payout ratio is 58.47%.

Entergy Profile

Entergy Corporation, together with its subsidiaries, engages in the production and retail distribution of electricity in the United States. It generates, transmits, distributes, and sells electric power in portions of Arkansas, Louisiana, Mississippi, and Texas, including the City of New Orleans; and distributes natural gas.