Principal Financial Group Inc. Cuts Stock Position in Edison International (NYSE:EIX)

Principal Financial Group Inc. lowered its stake in shares of Edison International (NYSE:EIX - Free Report) by 4.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 435,699 shares of the utilities provider's stock after selling 19,687 shares during the period. Principal Financial Group Inc. owned about 0.11% of Edison International worth $25,671,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Edison International during the 4th quarter worth approximately $323,443,000. Canada Pension Plan Investment Board raised its holdings in Edison International by 364.1% during the fourth quarter. Canada Pension Plan Investment Board now owns 3,369,535 shares of the utilities provider's stock worth $269,024,000 after purchasing an additional 2,643,571 shares during the last quarter. Northern Trust Corp boosted its position in Edison International by 53.9% during the fourth quarter. Northern Trust Corp now owns 5,757,034 shares of the utilities provider's stock worth $459,642,000 after purchasing an additional 2,016,017 shares in the last quarter. Ameriprise Financial Inc. boosted its position in Edison International by 149.3% during the fourth quarter. Ameriprise Financial Inc. now owns 2,793,795 shares of the utilities provider's stock worth $223,057,000 after purchasing an additional 1,673,204 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Edison International by 3.3% in the fourth quarter. Vanguard Group Inc. now owns 48,589,777 shares of the utilities provider's stock valued at $3,879,408,000 after purchasing an additional 1,559,501 shares during the last quarter. Hedge funds and other institutional investors own 88.95% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on EIX shares. Morgan Stanley cut their price target on Edison International from $52.00 to $51.00 and set an "underweight" rating for the company in a research note on Wednesday, June 18th. JPMorgan Chase & Co. cut their target price on shares of Edison International from $75.00 to $71.00 and set a "neutral" rating for the company in a research report on Monday, May 19th. Wolfe Research downgraded shares of Edison International from an "outperform" rating to a "peer perform" rating in a report on Monday, June 9th. Barclays raised their price objective on shares of Edison International from $64.00 to $67.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Finally, Evercore ISI reaffirmed an "outperform" rating on shares of Edison International in a research note on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $76.82.

Edison International Trading Down 0.4%

NYSE:EIX traded down $0.22 during mid-day trading on Friday, reaching $51.07. The company's stock had a trading volume of 2,947,865 shares, compared to its average volume of 3,382,886. The company has a debt-to-equity ratio of 2.06, a current ratio of 0.96 and a quick ratio of 0.89. The stock has a market cap of $19.65 billion, a P/E ratio of 7.24, a P/E/G ratio of 1.19 and a beta of 0.75. The company's fifty day simple moving average is $53.38 and its two-hundred day simple moving average is $56.86. Edison International has a twelve month low of $47.73 and a twelve month high of $88.77.

Edison International (NYSE:EIX - Get Free Report) last released its earnings results on Tuesday, April 29th. The utilities provider reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.16. Edison International had a net margin of 16.84% and a return on equity of 13.21%. The business had revenue of $3.81 billion for the quarter, compared to analysts' expectations of $4.29 billion. During the same period last year, the company earned $1.13 earnings per share. The company's quarterly revenue was down 6.5% on a year-over-year basis. On average, equities analysts predict that Edison International will post 4.95 EPS for the current year.

Edison International Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, July 7th will be paid a dividend of $0.8275 per share. The ex-dividend date is Monday, July 7th. This represents a $3.31 annualized dividend and a dividend yield of 6.48%. Edison International's dividend payout ratio is presently 46.95%.

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.