Canada Pension Plan Investment Board Lowers Position in Edison International (NYSE:EIX)

Canada Pension Plan Investment Board lessened its stake in Edison International (NYSE:EIX) by 15.6% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 729,233 shares of the utilities provider’s stock after selling 135,155 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Edison International were worth $51,579,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Able Wealth Management LLC purchased a new position in shares of Edison International in the fourth quarter worth $25,000. Global Trust Asset Management LLC bought a new position in Edison International during the first quarter valued at $28,000. WASHINGTON TRUST Co increased its position in Edison International by 117.4% during the fourth quarter. WASHINGTON TRUST Co now owns 500 shares of the utilities provider’s stock valued at $36,000 after acquiring an additional 270 shares during the last quarter. Northwest Financial Advisors bought a new position in Edison International during the fourth quarter valued at $40,000. Finally, GAMMA Investing LLC bought a new position in Edison International during the fourth quarter valued at $48,000. Hedge funds and other institutional investors own 88.95% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Barclays boosted their price objective 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. Mizuho upped their price target on shares of Edison International from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Guggenheim upped their price target on shares of Edison International from $80.00 to $83.00 and gave the stock a “buy” rating in a report on Friday. Wells Fargo & Company upped their price target on shares of Edison International from $86.00 to $87.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Argus upped their price target on shares of Edison International from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Wednesday, June 12th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Edison International has a consensus rating of “Hold” and a consensus price target of $77.82.

Edison International Stock Performance

EIX stock opened at $78.51 on Friday. The firm has a market cap of $30.21 billion, a price-to-earnings ratio of 34.43 and a beta of 0.91. The firm has a 50-day simple moving average of $73.81 and a two-hundred day simple moving average of $70.86. Edison International has a one year low of $58.82 and a one year high of $79.50. 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 Thursday, July 25th. The utilities provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.05 by $0.18. The firm had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.12 billion. Edison International had a net margin of 6.60% and a return on equity of 13.07%. Edison International’s revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm posted $1.01 EPS. On average, equities analysts forecast that Edison International will post 4.92 EPS for the current fiscal year.

Edison International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Monday, July 8th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Monday, July 8th. This represents a $3.12 annualized dividend and a yield of 3.97%. Edison International’s dividend payout ratio (DPR) is presently 136.84%.

Insider Buying and Selling

In related news, CEO J Andrew Murphy sold 58,099 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $75.01, for a total value of $4,358,005.99. Following the transaction, the chief executive officer now owns 19,660 shares in the company, valued at approximately $1,474,696.60. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CEO J Andrew Murphy sold 58,099 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $75.01, for a total value of $4,358,005.99. Following the transaction, the chief executive officer now owns 19,660 shares in the company, valued at approximately $1,474,696.60. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Caroline Choi sold 10,004 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 77,897 shares of company stock worth $5,851,245. 1.03% of the stock is owned by company insiders.

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.