Wells Fargo & Company Cuts Edison International (NYSE:EIX) Price Target to $75.00

Edison International (NYSE:EIX) had its target price lowered by Wells Fargo & Company from $94.00 to $75.00 in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the utilities provider’s stock.

Other analysts also recently issued research reports about the company. UBS Group raised Edison International from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $69.00 to $65.00 in a research note on Tuesday, February 18th. Morgan Stanley dropped their price target on Edison International from $71.00 to $48.00 and set an “underweight” rating on the stock in a research report on Friday, February 14th. Jefferies Financial Group assumed coverage on Edison International in a report on Thursday, November 7th. They set a “buy” rating and a $93.00 price objective on the stock. Guggenheim cut Edison International from a “buy” rating to a “neutral” rating in a research note on Thursday, January 23rd. Finally, LADENBURG THALM/SH SH raised shares of Edison International from a “sell” rating to a “neutral” rating and set a $56.50 price target on the stock in a research note on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Edison International has a consensus rating of “Moderate Buy” and an average target price of $78.75.

Edison International Price Performance

Edison International stock opened at $54.45 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.81 and a debt-to-equity ratio of 1.96. The firm has a market capitalization of $21.08 billion, a P/E ratio of 15.97, a PEG ratio of 1.07 and a beta of 0.90. The business has a 50-day moving average of $61.38 and a 200-day moving average of $76.50. Edison International has a 1 year low of $49.06 and a 1 year high of $88.77.

Edison International (NYSE:EIX) last issued its quarterly earnings data on Thursday, February 27th. The utilities provider reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.03). Edison International had a net margin of 8.52% and a return on equity of 13.17%. The firm had revenue of $17.60 billion for the quarter, compared to analyst estimates of $3.92 billion. On average, equities analysts anticipate that Edison International will post 4.95 EPS for the current year.

Edison International Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, April 7th will be issued a dividend of $0.8275 per share. This represents a $3.31 annualized dividend and a yield of 6.08%. The ex-dividend date of this dividend is Monday, April 7th. Edison International’s payout ratio is 97.07%.

Institutional Investors Weigh In On Edison International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EIX. Norges Bank bought a new position in shares of Edison International in the 4th quarter valued at about $323,443,000. Canada Pension Plan Investment Board boosted its position 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 valued at $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 valued at $459,642,000 after purchasing an additional 2,016,017 shares during the last quarter. FMR LLC grew its stake in Edison International by 8.7% in the third quarter. FMR LLC now owns 21,800,874 shares of the utilities provider’s stock valued at $1,898,638,000 after purchasing an additional 1,741,835 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Edison International by 149.3% during the 4th 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 during the last quarter. 88.95% of the stock is currently owned by institutional investors and hedge funds.

Edison International Company 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.