Jennison Associates LLC Sells 45,502 Shares of Edison International (NYSE:EIX)

Jennison Associates LLC lessened its position in Edison International (NYSE:EIX - Free Report) by 4.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 874,647 shares of the utilities provider's stock after selling 45,502 shares during the quarter. Jennison Associates LLC owned approximately 0.23% of Edison International worth $76,173,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC acquired a new position in Edison International in the 3rd quarter valued at approximately $26,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Edison International during the second quarter worth $27,000. Eastern Bank acquired a new stake in Edison International during the third quarter valued at $27,000. Country Trust Bank purchased a new position in Edison International in the second quarter valued at about $29,000. Finally, Farmers & Merchants Investments Inc. increased its position in Edison International by 53.8% in the 2nd quarter. Farmers & Merchants Investments Inc. now owns 400 shares of the utilities provider's stock worth $29,000 after purchasing an additional 140 shares during the last quarter. Institutional investors and hedge funds own 88.95% of the company's stock.

Edison International Trading Up 0.6 %

Shares of Edison International stock opened at $86.12 on Thursday. Edison International has a 1 year low of $63.15 and a 1 year high of $88.77. The company's fifty day simple moving average is $84.57 and its 200-day simple moving average is $79.94. The company has a market cap of $33.34 billion, a price-to-earnings ratio of 25.26, a PEG ratio of 2.05 and a beta of 0.92. The company has a current ratio of 0.88, a quick ratio of 0.81 and a debt-to-equity ratio of 1.96.

Edison International (NYSE:EIX - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.13. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.01 billion. Edison International had a net margin of 8.52% and a return on equity of 13.17%. The business's quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the business posted $1.38 EPS. As a group, sell-side analysts expect that Edison International will post 4.95 EPS for the current year.

Edison International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, October 7th were issued a $0.78 dividend. The ex-dividend date of this dividend was Monday, October 7th. This represents a $3.12 annualized dividend and a yield of 3.62%. Edison International's dividend payout ratio (DPR) is 91.50%.

Insider Buying and Selling at Edison International

In other news, VP Adam S. Umanoff sold 25,619 shares of the business's stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $83.05, for a total transaction of $2,127,657.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO J Andrew Murphy sold 1,362 shares of the firm's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $85.00, for a total value of $115,770.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 50,878 shares of company stock valued at $4,285,422 in the last quarter. Corporate insiders own 1.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on EIX. UBS Group lifted their price target on Edison International from $86.00 to $89.00 and gave the company a "neutral" rating in a report on Wednesday, September 4th. Jefferies Financial Group assumed coverage on shares of Edison International in a research note on Thursday, November 7th. They set a "buy" rating and a $93.00 price target on the stock. Wells Fargo & Company lifted their price objective on shares of Edison International from $87.00 to $94.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. Guggenheim increased their target price on shares of Edison International from $80.00 to $83.00 and gave the stock a "buy" rating in a research report on Friday, July 26th. Finally, Bank of America initiated coverage on Edison International in a report on Thursday, September 12th. They set a "buy" rating and a $95.00 target price on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $88.75.

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.