Edison International (NYSE:EIX) Shares Bought by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Edison International (NYSE:EIX) by 0.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 932,866 shares of the utilities provider’s stock after purchasing an additional 8,586 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.24% of Edison International worth $81,243,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of EIX. M&G Plc purchased a new position in Edison International during the first quarter valued at approximately $85,436,000. abrdn plc raised its stake in shares of Edison International by 166.4% in the 3rd quarter. abrdn plc now owns 1,418,526 shares of the utilities provider’s stock valued at $123,149,000 after acquiring an additional 885,955 shares in the last quarter. Capital International Investors lifted its stake in shares of Edison International by 6.4% in the first quarter. Capital International Investors now owns 13,297,917 shares of the utilities provider’s stock worth $940,562,000 after buying an additional 795,950 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its position in Edison International by 117.8% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 781,736 shares of the utilities provider’s stock worth $68,081,000 after acquiring an additional 422,752 shares during the last quarter. Finally, Capital Research Global Investors lifted its position in shares of Edison International by 1.7% during the 1st quarter. Capital Research Global Investors now owns 20,344,752 shares of the utilities provider’s stock worth $1,438,984,000 after purchasing an additional 345,189 shares during the last quarter. Institutional investors and hedge funds own 88.95% of the company’s stock.

Insider Transactions at Edison International

In related news, CEO J Andrew Murphy sold 1,362 shares of Edison International stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $85.00, for a total transaction of $115,770.00. Following the completion of the sale, the chief executive officer now directly owns 19,850 shares of the company’s stock, valued at approximately $1,687,250. This trade represents a 6.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Adam S. Umanoff sold 25,619 shares of Edison International stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $83.05, for a total value of $2,127,657.95. The disclosure for this sale can be found here. Insiders have sold 50,878 shares of company stock worth $4,285,422 in the last ninety days. Insiders own 1.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on EIX shares. Jefferies Financial Group initiated coverage on shares of Edison International in a research note on Thursday, November 7th. They set a “buy” rating and a $93.00 target price for the company. Barclays increased their target price on shares of Edison International from $89.00 to $91.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 30th. Guggenheim boosted their price objective on Edison International from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Argus increased their price target on shares of Edison International from $82.00 to $97.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Finally, Wells Fargo & Company lifted their price objective on Edison International from $87.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $88.75.

Edison International Price Performance

NYSE EIX opened at $82.14 on Friday. The stock has a market cap of $31.80 billion, a price-to-earnings ratio of 24.10, a PEG ratio of 1.98 and a beta of 0.92. Edison International has a 52-week low of $63.15 and a 52-week high of $88.77. The business has a 50 day simple moving average of $84.72 and a 200 day simple moving average of $79.50. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.81 and a current ratio of 0.88.

Edison International (NYSE:EIX) last released its earnings results on Tuesday, October 29th. The utilities provider reported $1.51 EPS for the quarter, beating the consensus estimate of $1.38 by $0.13. Edison International had a return on equity of 13.17% and a net margin of 8.52%. The firm had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.01 billion. During the same quarter in the previous year, the business posted $1.38 EPS. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. Analysts anticipate that Edison International will post 4.95 earnings per share for the current fiscal year.

Edison International Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, October 7th were issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 3.80%. The ex-dividend date was Monday, October 7th. Edison International’s payout ratio is presently 91.50%.

Edison International 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.