Dakota Wealth Management has recently expanded its investment portfolio by acquiring a new position in Entergy Corporation (NYSE:ETR), according to a recent filing with the Securities and Exchange Commission. The institutional investor purchased 4,425 shares of the utility company, which is estimated to be valued at around $368,000.
This move reflects a broader trend among institutional investors and hedge funds, with several making significant alterations to their stakes in Entergy. For instance, Mattson Financial Services LLC doubled its investment during the first quarter, acquiring an additional 150 shares, bringing its total to 300 shares valued at approximately $26,000. Similarly, Atwood & Palmer Inc. boosted its stake by 135.7% in the second quarter, acquiring an additional 190 shares to reach 330 shares valued at $27,000. Other notable firms, such as Migdal Insurance & Financial Holdings Ltd. and Grove Bank & Trust, have also recently increased their holdings, highlighting strong institutional confidence in Entergy. Collectively, institutional investors and hedge funds own approximately 88.07% of the company’s stock.
On the analytical front, several equities research analysts have shared their outlook on Entergy’s stock. Jefferies Financial Group initiated coverage with a “buy” rating and a price target of $109. Meanwhile, JPMorgan Chase & Co. raised its target price to $103 and assigned an “overweight” rating. Additionally, KeyCorp upgraded its rating and also provided a revised target price of $96. The general consensus among analysts shows a positive sentiment toward the company, with 11 analysts recommending a “buy” and five suggesting a “hold,” leading to an average rating of “Moderate Buy” with a target price of $89.80.
In insider trading news, Haley Fisackerly, an insider at Entergy, sold 4,463 shares on July 31 for a total of $403,901.50, though this sale resulted in a 57.36% decrease of her overall holdings.
From a performance standpoint, Entergy’s stock opened at $92.22 and boasts a market capitalization of $41.17 billion, reflecting a price-to-earnings ratio of 22.97. The company’s recent quarterly earnings report revealed earnings per share (EPS) of $1.05, surpassing analysts’ expectations of $0.91, although revenue of $3.02 billion fell short of projections. Entergy has set an EPS guidance of between 3.750 and 3.95 for the upcoming fiscal year, which bodes positively for future performance.
Shareholders have also received dividends, with a recent quarterly dividend of $0.60 per share paid on September 2, reflecting an attractive annualized dividend yield of 2.6%.
Entergy Corporation continues to be a prominent player in the electricity production and distribution field across various states, and the significant interest from institutional investors, combined with a favorable market outlook from analysts, indicates a strong position for the company moving forward.