Ontario Teachers Pension Plan Board acquired a new position in shares of Consolidated Edison Inc (NYSE:ED – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,388,306 shares of the utilities provider’s stock, valued at approximately $153,588,000. Consolidated Edison comprises 1.0% of Ontario Teachers Pension Plan Board’s investment portfolio, making the stock its 15th biggest holding.
A number of other large investors also recently added to or reduced their stakes in ED. Hurlow Wealth Management Group Inc. acquired a new stake in shares of Consolidated Edison during the 2nd quarter worth approximately $444,000. Meeder Advisory Services Inc. bought a new stake in shares of Consolidated Edison during the second quarter worth approximately $1,420,000. Meeder Asset Management Inc. acquired a new position in Consolidated Edison in the second quarter valued at approximately $4,707,000. Citizens Financial Group Inc. RI acquired a new position in Consolidated Edison in the second quarter valued at approximately $2,456,000. Finally, Nuance Investments LLC bought a new position in Consolidated Edison in the second quarter valued at approximately $1,552,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.
Consolidated Edison Stock Up 0.1%
Consolidated Edison stock opened at $109.13 on Wednesday. The company’s 50 day simple moving average is $109.95 and its 200 day simple moving average is $109.88. Consolidated Edison Inc has a fifty-two week low of $94.96 and a fifty-two week high of $116.23. The firm has a market capitalization of $40.36 billion, a price-to-earnings ratio of 17.92, a PEG ratio of 2.83 and a beta of 0.27. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.27 and a quick ratio of 1.17.
Consolidated Edison Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be issued a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 annualized dividend and a dividend yield of 3.3%. Consolidated Edison’s payout ratio is 58.29%.
Analyst Upgrades and Downgrades
A number of analysts have commented on ED shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Consolidated Edison in a report on Tuesday, July 21st. The Goldman Sachs Group reissued a “sell” rating and issued a $105.00 price target on shares of Consolidated Edison in a research note on Thursday, May 14th. Mizuho set a $114.00 price target on Consolidated Edison in a research report on Monday, July 27th. KeyCorp decreased their price objective on Consolidated Edison from $97.00 to $94.00 and set an “underweight” rating for the company in a research note on Thursday, July 23rd. Finally, Wells Fargo & Company upped their price objective on Consolidated Edison from $106.00 to $108.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $108.80.
Get Our Latest Research Report on Consolidated Edison
About Consolidated Edison
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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