Healthcare of Ontario Pension Plan Trust Fund reduced its stake in Consolidated Edison Inc (NYSE:ED – Free Report) by 69.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 186,480 shares of the utilities provider’s stock after selling 422,488 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Consolidated Edison were worth $21,106,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of ED. Compound Planning Inc. lifted its holdings in Consolidated Edison by 3.7% during the first quarter. Compound Planning Inc. now owns 6,223 shares of the utilities provider’s stock worth $704,000 after acquiring an additional 223 shares during the period. Modern Wealth Management LLC grew its stake in Consolidated Edison by 47.2% in the 1st quarter. Modern Wealth Management LLC now owns 7,703 shares of the utilities provider’s stock valued at $878,000 after purchasing an additional 2,469 shares during the period. Keebeck Wealth Management bought a new position in Consolidated Edison in the 1st quarter valued at $243,000. Bank of Nova Scotia increased its position in shares of Consolidated Edison by 58.0% during the 1st quarter. Bank of Nova Scotia now owns 154,063 shares of the utilities provider’s stock valued at $17,437,000 after purchasing an additional 56,566 shares during the last quarter. Finally, Sei Investments Co. increased its position in shares of Consolidated Edison by 21.2% during the 1st quarter. Sei Investments Co. now owns 284,415 shares of the utilities provider’s stock valued at $32,190,000 after purchasing an additional 49,816 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of research analysts have weighed in on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Consolidated Edison in a research note on Tuesday, July 21st. Argus set a $112.00 price target on shares of Consolidated Edison in a research note on Tuesday, June 23rd. Barclays lowered their price target on shares of Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating on the stock in a report on Monday, May 11th. Morgan Stanley reiterated an “underweight” rating on shares of Consolidated Edison in a research note on Wednesday. Finally, KeyCorp reduced their price objective on Consolidated Edison from $97.00 to $94.00 and set an “underweight” rating for the company in a report on Thursday. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have issued a Sell rating to the company’s stock. According to MarketBeat.com, Consolidated Edison presently has an average rating of “Reduce” and an average target price of $107.87.
Consolidated Edison Trading Down 0.0%
Shares of ED stock opened at $112.97 on Monday. Consolidated Edison Inc has a 12-month low of $94.96 and a 12-month high of $116.23. The company has a quick ratio of 1.09, a current ratio of 1.19 and a debt-to-equity ratio of 1.00. The business has a 50-day moving average price of $109.04 and a two-hundred day moving average price of $109.09. The firm has a market cap of $41.63 billion, a P/E ratio of 19.02, a price-to-earnings-growth ratio of 2.93 and a beta of 0.27.
Consolidated Edison Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be paid a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a yield of 3.1%. Consolidated Edison’s dividend payout ratio (DPR) is presently 59.76%.
Consolidated Edison Profile
Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.
The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.
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