M&G Plc Acquires New Position in Edison International (NYSE:EIX)

M&G Plc purchased a new position in Edison International (NYSE:EIX) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,203,323 shares of the utilities provider’s stock, valued at approximately $85,436,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in EIX. Able Wealth Management LLC bought a new position in Edison International in the 4th quarter worth approximately $25,000. Bruce G. Allen Investments LLC bought a new position in Edison International in the 4th quarter worth approximately $27,000. Global Trust Asset Management LLC bought a new position in Edison International in the 1st quarter worth approximately $28,000. WASHINGTON TRUST Co boosted its stake in Edison International by 117.4% in 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 during the period. Finally, Northwest Financial Advisors bought a new position in Edison International in the 4th quarter worth approximately $40,000. 88.95% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO J Andrew Murphy sold 58,099 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $75.01, for a total transaction of $4,358,005.99. Following the transaction, the chief executive officer now owns 19,660 shares in the company, valued at $1,474,696.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO J Andrew Murphy sold 58,099 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $75.01, for a total transaction of $4,358,005.99. Following the sale, the chief executive officer now owns 19,660 shares of the company’s stock, valued at $1,474,696.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Caroline Choi sold 10,004 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $75.77, for a total value of $758,003.08. Following the sale, the senior vice president now directly owns 26,918 shares in the company, valued at approximately $2,039,576.86. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 77,897 shares of company stock worth $5,851,245. Company insiders own 1.03% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. The Goldman Sachs Group assumed coverage on Edison International in a research report on Wednesday, April 10th. They set a “neutral” rating and a $78.00 target price for the company. UBS Group lowered Edison International from a “buy” rating to a “neutral” rating and decreased their price target for the company from $83.00 to $82.00 in a report on Friday. Mizuho increased their price target on Edison International from $75.00 to $85.00 and gave the company a “buy” rating in a report on Friday, May 17th. Barclays increased their price target on Edison International from $72.00 to $75.00 and gave the company an “equal weight” rating in a report on Thursday, May 2nd. Finally, Wells Fargo & Company upgraded Edison International from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $72.00 to $86.00 in a research note on Tuesday, May 14th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $77.82.

Edison International Stock Down 0.2 %

Shares of Edison International stock traded down $0.15 during trading on Friday, hitting $74.94. 1,325,241 shares of the stock traded hands, compared to its average volume of 1,709,771. The firm has a market cap of $28.83 billion, a P/E ratio of 32.87 and a beta of 0.91. The company has a current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 2.04. Edison International has a 52-week low of $58.82 and a 52-week high of $77.04. The stock’s fifty day simple moving average is $73.73 and its 200 day simple moving average is $70.74.

Edison International (NYSE:EIX) last announced its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.12 by $0.01. The firm had revenue of $4.08 billion for the quarter, compared to analyst estimates of $4.16 billion. Edison International had a return on equity of 12.48% and a net margin of 6.14%. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.09 earnings per share. On average, equities 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. Stockholders of record on Monday, July 8th will be paid a dividend of $0.78 per share. The ex-dividend date is Monday, July 8th. This represents a $3.12 annualized dividend and a dividend yield of 4.16%. Edison International’s dividend payout ratio is currently 136.84%.

Edison International Company Profile

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.