Edison International (NYSE:EIX) Given New $83.00 Price Target at Guggenheim

Edison International (NYSE:EIX) had its price objective boosted by Guggenheim from $80.00 to $83.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the utilities provider’s stock.

EIX has been the topic of several other research reports. Barclays increased their target price on Edison International from $72.00 to $75.00 and gave the company an equal weight rating in a report on Thursday, May 2nd. Morgan Stanley dropped their target price on Edison International from $64.00 to $61.00 and set an underweight rating on the stock in a report on Monday, June 24th. The Goldman Sachs Group initiated coverage on Edison International in a report on Wednesday, April 10th. They issued a neutral rating and a $78.00 target price on the stock. Wells Fargo & Company increased their target price on shares of Edison International from $86.00 to $87.00 and gave the stock an overweight rating in a research note on Friday. Finally, Mizuho increased their target price on shares of Edison International from $75.00 to $85.00 and gave the stock a buy rating in a research note on Friday, May 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average price target of $77.82.

Edison International Stock Up 2.7 %

Edison International stock opened at $78.51 on Friday. Edison International has a twelve month low of $58.82 and a twelve month high of $79.50. The stock’s fifty day simple moving average is $73.81 and its 200-day simple moving average is $70.88. The company has a current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 2.04. The firm has a market capitalization of $30.21 billion, a P/E ratio of 34.43 and a beta of 0.91.

Edison International (NYSE:EIX) last posted its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.01. Edison International had a return on equity of 13.07% and a net margin of 6.60%. The business had revenue of $4.08 billion for the quarter, compared to analyst estimates of $4.16 billion. During the same quarter in the prior year, the company earned $1.09 earnings per share. The company’s revenue was up 2.8% on a year-over-year basis. As a group, equities analysts expect that Edison International will post 4.92 earnings per share for the current fiscal year.

Edison International Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Monday, July 8th will be given a $0.78 dividend. The ex-dividend date is Monday, July 8th. This represents a $3.12 dividend on an annualized basis and a yield of 3.97%. Edison International’s payout ratio is currently 136.84%.

Insider Activity at Edison International

In related news, CEO J Andrew Murphy sold 9,794 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $75.07, for a total value of $735,235.58. Following the completion of the sale, the chief executive officer now owns 19,660 shares in the company, valued at $1,475,876.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Edison International news, CEO J Andrew Murphy sold 9,794 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $75.07, for a total value of $735,235.58. Following the completion of the transaction, the chief executive officer now directly owns 19,660 shares of the company’s stock, valued at $1,475,876.20. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Caroline Choi sold 10,004 shares of the stock in a transaction dated 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 directly owns 26,918 shares of the company’s stock, valued at $2,039,576.86. The disclosure for this sale can be found here. Insiders sold a total of 77,897 shares of company stock worth $5,851,245 over the last 90 days. Company insiders own 1.03% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Able Wealth Management LLC purchased a new position in shares of Edison International during the 4th quarter worth approximately $25,000. Global Trust Asset Management LLC purchased a new position in shares of Edison International during the 1st quarter worth approximately $28,000. Country Trust Bank purchased a new position in shares of Edison International during the 2nd quarter worth approximately $29,000. OFI Invest Asset Management purchased a new position in shares of Edison International during the 2nd quarter worth approximately $32,000. Finally, WASHINGTON TRUST Co increased its stake in shares of Edison International by 117.4% during the 4th quarter. WASHINGTON TRUST Co now owns 500 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 270 shares in the last quarter. 88.95% of the stock is owned by hedge funds and other institutional investors.

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.