Edison International (NYSE:EIX) Shares Bought by Covestor Ltd

Covestor Ltd boosted its position in shares of Edison International (NYSE:EIX) by 67.8% during the 1st quarter, Holdings Channel reports. The institutional investor owned 1,651 shares of the utilities provider’s stock after acquiring an additional 667 shares during the period. Covestor Ltd’s holdings in Edison International were worth $117,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Carson Advisory Inc. grew its position in Edison International by 0.3% during the first quarter. Carson Advisory Inc. now owns 54,625 shares of the utilities provider’s stock valued at $3,864,000 after buying an additional 152 shares during the period. Cohen Capital Management Inc. grew its position in Edison International by 0.5% during the first quarter. Cohen Capital Management Inc. now owns 35,744 shares of the utilities provider’s stock valued at $2,528,000 after buying an additional 161 shares during the period. Orion Portfolio Solutions LLC grew its position in Edison International by 1.1% during the first quarter. Orion Portfolio Solutions LLC now owns 14,743 shares of the utilities provider’s stock valued at $1,043,000 after buying an additional 161 shares during the period. Meeder Advisory Services Inc. grew its position in shares of Edison International by 3.8% in the first quarter. Meeder Advisory Services Inc. now owns 4,496 shares of the utilities provider’s stock valued at $318,000 after purchasing an additional 163 shares during the period. Finally, Oppenheimer & Co. Inc. grew its position in shares of Edison International by 3.1% in the first quarter. Oppenheimer & Co. Inc. now owns 5,563 shares of the utilities provider’s stock valued at $393,000 after purchasing an additional 169 shares during the period. Institutional investors and hedge funds own 88.95% of the company’s stock.

Insiders Place Their Bets

In other Edison International news, SVP Caroline Choi sold 10,004 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $75.77, for a total transaction of $758,003.08. Following the completion of the transaction, the senior vice president now owns 26,918 shares in the company, valued at approximately $2,039,576.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Caroline Choi sold 10,004 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $75.77, for a total value of $758,003.08. Following the completion of the transaction, the senior vice president now owns 26,918 shares in the company, valued at approximately $2,039,576.86. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO J Andrew Murphy sold 58,099 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $75.01, for a total transaction of $4,358,005.99. Following the completion of the transaction, the chief executive officer now owns 19,660 shares of the company’s stock, valued at approximately $1,474,696.60. The disclosure for this sale can be found here. Insiders sold 77,897 shares of company stock worth $5,851,245 in the last 90 days. Corporate insiders own 1.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Mizuho lifted their target price on shares of Edison International from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Morgan Stanley dropped their target price on shares of Edison International from $64.00 to $61.00 and set an “underweight” rating on the stock in a research report on Monday, June 24th. Wells Fargo & Company upgraded shares of Edison International from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $72.00 to $86.00 in a research report on Tuesday, May 14th. Argus lifted their target price on shares of Edison International from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Wednesday, June 12th. Finally, Barclays lifted their target price on shares of Edison International from $72.00 to $75.00 and gave the company an “equal weight” rating in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $77.82.

Edison International Trading Down 0.2 %

Shares of Edison International stock traded down $0.14 on Tuesday, reaching $75.06. The company had a trading volume of 471,613 shares, compared to its average volume of 2,010,442. The firm’s 50 day moving average price is $73.74 and its two-hundred day moving average price is $70.74. The firm has a market cap of $28.88 billion, a PE ratio of 32.98 and a beta of 0.91. Edison International has a 52-week low of $58.82 and a 52-week high of $77.04. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.93 and a current ratio of 1.00.

Edison International (NYSE:EIX) last announced its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.01. The firm had revenue of $4.08 billion during the quarter, compared to analysts’ expectations of $4.16 billion. Edison International had a net margin of 6.14% and a return on equity of 12.48%. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.09 earnings per share. Sell-side analysts predict that Edison International will post 4.92 earnings per share for the current fiscal year.

Edison International Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Monday, July 8th will be issued a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a yield of 4.16%. The ex-dividend date is Monday, July 8th. Edison International’s dividend payout ratio (DPR) is presently 136.84%.

About Edison International

Edison International, through its subsidiaries, engages in the generation and distribution of electric power. The company supplies and delivers electricity to approximately 50,000 square mile area of southern California to residential, commercial, industrial, public authorities, agricultural, and other sectors.