Covington Capital Management boosted its stake in shares of Edison International (NYSE:EIX – Get Rating) by 19.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,226 shares of the utilities provider’s stock after purchasing an additional 1,000 shares during the quarter. Covington Capital Management’s holdings in Edison International were worth $394,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently added to or reduced their stakes in the stock. Godsey & Gibb Associates purchased a new stake in Edison International in the first quarter valued at about $25,000. San Luis Wealth Advisors LLC purchased a new position in shares of Edison International in the first quarter worth about $25,000. Prospera Financial Services Inc purchased a new position in shares of Edison International in the first quarter worth about $27,000. Riverview Trust Co purchased a new position in shares of Edison International in the first quarter worth about $33,000. Finally, CVA Family Office LLC raised its stake in shares of Edison International by 144.7% in the first quarter. CVA Family Office LLC now owns 465 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 275 shares during the last quarter. Institutional investors own 87.21% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have recently issued reports on the company. Mizuho reduced their price objective on Edison International from $72.00 to $71.00 and set a “neutral” rating for the company in a research note on Wednesday, August 24th. Barclays reduced their price target on Edison International from $73.00 to $67.00 and set an “equal weight” rating for the company in a research report on Monday, July 18th. Bank of America reiterated an “underperform” rating on shares of Edison International in a research report on Thursday, July 14th. Evercore ISI reduced their price target on Edison International to $71.00 in a research report on Tuesday, August 9th. Finally, Morgan Stanley cut Edison International from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $69.00 to $62.00 in a research report on Tuesday, September 6th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Edison International has a consensus rating of “Hold” and an average price target of $72.44.
Edison International Price Performance
Edison International (NYSE:EIX – Get Rating) last posted its quarterly earnings data on Thursday, July 28th. The utilities provider reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.04. The firm had revenue of $4.01 billion for the quarter, compared to the consensus estimate of $3.57 billion. Edison International had a return on equity of 12.42% and a net margin of 3.63%. The company’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.94 EPS. Equities analysts expect that Edison International will post 4.43 EPS for the current year.
Edison International Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be paid a dividend of $0.70 per share. The ex-dividend date is Thursday, September 29th. This represents a $2.80 annualized dividend and a yield of 4.15%. Edison International’s payout ratio is 212.12%.
About Edison International
Edison International, through its subsidiaries, generates and distributes electric power. It delivers electricity to 15 million residential, commercial, industrial, public authorities, agricultural, and other customers across Southern, Central, and Coastal California. The company also provides energy solutions to commercial and industrial users.
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