In this article, we discuss 5 best dividend stocks on Robinhood. If you want to read our detailed analysis of these stocks, go directly to read 10 Best Dividend Stocks on Robinhood.
5. Edison International (NYSE:EIX)
Number of Hedge Fund Holders: 22
Dividend Yield as of June 6: 4.01%
Edison International (NYSE:EIX) is an American utility company that specializes in renewable energy and invests in energy services and technologies. At the end of March 2022, the company experienced a decline in hedge fund positions, as 22 hedge funds in Insider Monkey’s database reported owning stakes in the company, down from 25 in the previous quarter. These stakes hold a collective value of over $1.36 billion.
In December 2021, Edison International (NYSE:EIX) raised its quarterly dividend by 6% to $0.70 per share. This was the company’s 18th consecutive annual dividend increase. In the past 10 years, the Dividend Contender has grown its dividend by 7.5%. The stock has an attractive dividend yield of 4.01%, recorded on June 6.
In Q1 2022, Edison International (NYSE:EIX) reported solid earnings, posting an EPS of $1.07, which beat estimates by $0.26. The company generated revenue of $3.97 billion, presenting a 34% growth from the prior-year period and beating consensus by $630 million. Edison International (NYSE:EIX) expects its EPS to reach within the range of $4.40 to $4.70 for FY22.
Earlier in 2022, Edison International (NYSE:EIX) allocated over $2.2 billion for wildfire mitigation capital projects in 2022 and 2023. In May, Citigroup raised its price target on the stock to $79, with a Buy rating on the shares, appreciating the company’s continued wildfire mitigation efforts.
“Defensive sectors such as utilities underperformed the broader market, with our California-based utilities, Edison International, generating modestly below-sector returns on continuing wildfire concerns, despite significantly improved financial exposure due to the 2019 legislation AB 1054. The legislation was a major positive step toward reducing wildfire risk to California public utilities, which we expect to be reflected in improved valuations over time.”