Meiji Yasuda Life Insurance Co trimmed its stake in shares of Edison International (NYSE:EIX) by 19.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,820 shares of the utilities provider’s stock after selling 700 shares during the quarter. Meiji Yasuda Life Insurance Co’s holdings in Edison International were worth $220,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently made changes to their positions in EIX. Guardian Life Insurance Co. of America raised its position in shares of Edison International by 0.6% during the 1st quarter. Guardian Life Insurance Co. of America now owns 1,256 shares of the utilities provider’s stock worth $100,000 after purchasing an additional 8 shares during the period. Parallel Advisors LLC raised its position in shares of Edison International by 41.7% during the 1st quarter. Parallel Advisors LLC now owns 2,517 shares of the utilities provider’s stock worth $198,000 after purchasing an additional 741 shares during the period. Wayne Hummer Investments L.L.C. acquired a new stake in shares of Edison International during the 1st quarter worth approximately $200,000. Gofen & Glossberg LLC IL acquired a new stake in shares of Edison International during the 1st quarter worth approximately $201,000. Finally, Bailard Inc. acquired a new stake in shares of Edison International during the 1st quarter worth approximately $201,000. Institutional investors and hedge funds own 81.53% of the company’s stock.
Edison International (NYSE:EIX) opened at 78.28 on Friday. The company has a market capitalization of $25.50 billion, a price-to-earnings ratio of 18.51 and a beta of 0.24. The firm’s 50-day moving average price is $80.05 and its 200-day moving average price is $79.66. Edison International has a 52 week low of $67.44 and a 52 week high of $82.82.
Edison International (NYSE:EIX) last issued its quarterly earnings results on Thursday, July 27th. The utilities provider reported $0.85 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.85. The business had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.92 billion. Edison International had a net margin of 12.64% and a return on equity of 10.58%. Edison International’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.85 earnings per share. On average, equities analysts expect that Edison International will post $4.23 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be issued a $0.5425 dividend. This represents a $2.17 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend is Thursday, September 28th. Edison International’s dividend payout ratio is currently 50.82%.
In related news, insider Ronald L. Litzinger sold 224,715 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $80.54, for a total value of $18,098,546.10. Following the completion of the sale, the insider now owns 14,121 shares of the company’s stock, valued at $1,137,305.34. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.41% of the company’s stock.
A number of brokerages have recently weighed in on EIX. Jefferies Group LLC upgraded Edison International from a “hold” rating to a “buy” rating and increased their price target for the stock from $85.00 to $90.00 in a research report on Friday, August 11th. Morgan Stanley increased their price target on Edison International from $86.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 10th. Royal Bank Of Canada reiterated a “buy” rating and set a $84.00 price target on shares of Edison International in a research report on Sunday, September 17th. BMO Capital Markets reiterated a “buy” rating and set a $85.00 price target on shares of Edison International in a research report on Thursday, August 17th. Finally, Mizuho reissued a “buy” rating and issued a $87.00 price objective (up from $84.00) on shares of Edison International in a report on Wednesday, August 23rd. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $84.15.
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About Edison International
Edison International is the holding company of Southern California Edison Company (SCE). As of December 31, 2016, SCE, a public utility, was primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. The Company is also the parent company of Edison Energy Group, Inc (Edison Energy Group), a holding company for subsidiaries engaged in pursuing competitive business opportunities across energy services and distributed solar to commercial and industrial customers.
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