Heard Capital LLC Buys 94,172 Shares of Prologis, Inc. (NYSE:PLD)

Heard Capital LLC raised its stake in Prologis, Inc. (NYSE:PLD) by 15.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 685,717 shares of the real estate investment trust’s stock after purchasing an additional 94,172 shares during the quarter. Prologis comprises approximately 6.4% of Heard Capital LLC’s holdings, making the stock its 5th biggest holding. Heard Capital LLC owned approximately 0.07% of Prologis worth $84,089,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PLD. William Blair Investment Management LLC increased its holdings in Prologis by 1.6% in the 2nd quarter. William Blair Investment Management LLC now owns 126,164 shares of the real estate investment trust’s stock valued at $15,471,000 after purchasing an additional 2,047 shares in the last quarter. ExodusPoint Capital Management LP acquired a new stake in shares of Prologis in the second quarter valued at about $9,724,000. Osaic Holdings Inc. raised its holdings in shares of Prologis by 205.5% during the 2nd quarter. Osaic Holdings Inc. now owns 1,134,228 shares of the real estate investment trust’s stock valued at $43,035,000 after buying an additional 762,995 shares during the period. Bessemer Group Inc. lifted its position in Prologis by 19.8% during the 2nd quarter. Bessemer Group Inc. now owns 2,199,130 shares of the real estate investment trust’s stock worth $269,681,000 after acquiring an additional 363,925 shares in the last quarter. Finally, Davis R M Inc. purchased a new position in Prologis in the 2nd quarter worth approximately $231,000. Institutional investors and hedge funds own 90.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PLD shares. Mizuho reiterated a “buy” rating and set a $140.00 price objective on shares of Prologis in a research note on Wednesday, September 13th. Barclays cut their target price on Prologis from $159.00 to $153.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 17th. Evercore ISI reduced their price objective on shares of Prologis from $132.00 to $125.00 in a research note on Monday, October 9th. Raymond James cut their target price on shares of Prologis from $145.00 to $130.00 and set a “strong-buy” rating on the stock in a research note on Monday, October 23rd. Finally, StockNews.com upgraded Prologis from a “sell” rating to a “hold” rating in a research note on Friday, November 3rd. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $139.60.

Prologis Stock Performance

Shares of PLD traded up $0.28 during mid-day trading on Monday, reaching $110.35. 1,138,888 shares of the company’s stock traded hands, compared to its average volume of 2,978,103. Prologis, Inc. has a 12 month low of $96.64 and a 12 month high of $136.67. The stock has a market capitalization of $101.96 billion, a P/E ratio of 33.97, a price-to-earnings-growth ratio of 2.31 and a beta of 1.02. The business’s 50-day moving average price is $109.32 and its 200-day moving average price is $118.50. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.43 and a current ratio of 0.43.

Prologis (NYSE:PLD) last announced its earnings results on Tuesday, October 17th. The real estate investment trust reported $1.30 EPS for the quarter, topping the consensus estimate of $1.26 by $0.04. Prologis had a return on equity of 5.21% and a net margin of 38.24%. The firm had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the previous year, the company earned $1.73 earnings per share. The firm’s quarterly revenue was up 53.8% compared to the same quarter last year. Equities analysts predict that Prologis, Inc. will post 5.6 earnings per share for the current year.

Prologis Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Monday, September 18th were issued a dividend of $0.87 per share. The ex-dividend date of this dividend was Friday, September 15th. This represents a $3.48 annualized dividend and a yield of 3.15%. Prologis’s payout ratio is 107.41%.

Prologis Profile

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At September 30, 2023, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (114 million square meters) in 19 countries.