Meiji Yasuda Asset Management Co Ltd. Boosts Holdings in Eversource Energy $ES

Key Points

• Meiji Yasuda Asset Management Co Ltd. increased its stake in Eversource Energy by 3.8%, acquiring 8,504 additional shares during the first quarter, bringing its total ownership to 232,239 shares valued at approximately $14.4 million.
• Several institutional investors, including Ballentine Partners LLC and Farther Finance Advisors LLC, have also significantly raised their positions in Eversource Energy during the first quarter, reflecting growing confidence in the company.
• Wall Street analysts have mixed ratings on Eversource Energy, with a consensus rating of "Hold" and an average price target of $64.38, amidst revisions to price objectives from firms like Bank of America and Mizuho.

Meiji Yasuda Asset Management Co Ltd. increased its stake in Eversource Energy (NYSE:ES - Free Report) by 3.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 232,239 shares of the utilities provider's stock after acquiring an additional 8,504 shares during the quarter. Meiji Yasuda Asset Management Co Ltd. owned approximately 0.06% of Eversource Energy worth $14,424,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Sterling Investment Counsel LLC lifted its holdings in shares of Eversource Energy by 4.9% during the first quarter. Sterling Investment Counsel LLC now owns 4,100 shares of the utilities provider's stock worth $255,000 after purchasing an additional 190 shares during the period. Retirement Planning Co of New England Inc. lifted its holdings in shares of Eversource Energy by 5.6% during the first quarter. Retirement Planning Co of New England Inc. now owns 4,190 shares of the utilities provider's stock worth $260,000 after purchasing an additional 223 shares during the period. Ascent Group LLC lifted its holdings in shares of Eversource Energy by 1.2% during the fourth quarter. Ascent Group LLC now owns 19,663 shares of the utilities provider's stock worth $1,129,000 after purchasing an additional 230 shares during the period. Advisor OS LLC lifted its holdings in shares of Eversource Energy by 4.2% during the first quarter. Advisor OS LLC now owns 5,694 shares of the utilities provider's stock worth $354,000 after purchasing an additional 232 shares during the period. Finally, First Manhattan CO. LLC. lifted its holdings in shares of Eversource Energy by 2.7% during the first quarter. First Manhattan CO. LLC. now owns 9,382 shares of the utilities provider's stock worth $583,000 after purchasing an additional 251 shares during the period. Hedge funds and other institutional investors own 79.99% of the company's stock.

Insiders Place Their Bets

In other news, insider Loretta D. Keane bought 3,780 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was purchased at an average price of $66.07 per share, with a total value of $249,744.60. Following the purchase, the insider owned 12,033 shares of the company's stock, valued at $795,020.31. This trade represents a 45.80% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.41% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on ES. Wall Street Zen raised Eversource Energy from a "sell" rating to a "hold" rating in a report on Friday, May 16th. Mizuho raised their target price on Eversource Energy from $68.00 to $72.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Finally, Bank of America raised their target price on Eversource Energy from $62.00 to $67.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Eversource Energy has a consensus rating of "Hold" and an average target price of $64.38.

Eversource Energy Price Performance

Shares of NYSE:ES traded up $0.60 during midday trading on Friday, hitting $65.65. 2,168,881 shares of the stock were exchanged, compared to its average volume of 2,362,623. The stock has a market cap of $24.37 billion, a P/E ratio of 28.18, a PEG ratio of 2.44 and a beta of 0.64. The company has a current ratio of 0.71, a quick ratio of 0.63 and a debt-to-equity ratio of 1.67. Eversource Energy has a twelve month low of $52.28 and a twelve month high of $68.73. The company has a 50 day moving average price of $65.15 and a 200-day moving average price of $62.73.

Eversource Energy (NYSE:ES - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.01. Eversource Energy had a return on equity of 11.00% and a net margin of 6.60%.The business had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $3.01 billion. During the same quarter in the previous year, the company posted $0.95 EPS. The business's revenue was up 12.0% on a year-over-year basis. Eversource Energy has set its FY 2025 guidance at 4.670-4.820 EPS. On average, research analysts forecast that Eversource Energy will post 4.75 earnings per share for the current year.

Eversource Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 22nd will be paid a $0.7525 dividend. The ex-dividend date of this dividend is Monday, September 22nd. This represents a $3.01 annualized dividend and a yield of 4.6%. Eversource Energy's payout ratio is presently 129.18%.

Eversource Energy Company Profile

Eversource Energy, a public utility holding company, engages in the energy delivery business. The company operates through Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution segments. It is involved in the transmission and distribution of electricity; solar power facilities; and distribution of natural gas.