Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Consolidated Edison Inc (NYSE:ED – Free Report) by 4.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 941,617 shares of the utilities provider’s stock after selling 44,527 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Consolidated Edison were worth $106,572,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Revolve Wealth Partners LLC boosted its position in shares of Consolidated Edison by 13.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider’s stock valued at $332,000 after acquiring an additional 441 shares during the period. Empowered Funds LLC increased its position in Consolidated Edison by 42.1% during the first quarter. Empowered Funds LLC now owns 8,978 shares of the utilities provider’s stock worth $993,000 after acquiring an additional 2,659 shares during the period. Woodline Partners LP raised its stake in Consolidated Edison by 40.7% in the 1st quarter. Woodline Partners LP now owns 29,271 shares of the utilities provider’s stock worth $3,237,000 after purchasing an additional 8,468 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in Consolidated Edison in the 2nd quarter worth about $3,256,000. Finally, Baird Financial Group Inc. boosted its holdings in Consolidated Edison by 2.1% in the 2nd quarter. Baird Financial Group Inc. now owns 14,679 shares of the utilities provider’s stock valued at $1,473,000 after purchasing an additional 296 shares during the period. 66.29% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research firms have commented on ED. Evercore set a $116.00 price objective on Consolidated Edison in a research note on Monday, May 11th. Barclays decreased their target price 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 reaffirmed an “underweight” rating on shares of Consolidated Edison in a report on Wednesday, June 24th. Mizuho reissued a “neutral” rating and issued a $105.00 price objective on shares of Consolidated Edison in a research note on Tuesday, June 2nd. Finally, Argus set a $112.00 price objective on shares of Consolidated Edison in a research report on Tuesday, June 23rd. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have given a Sell rating to the company’s stock. According to MarketBeat, Consolidated Edison currently has a consensus rating of “Reduce” and an average target price of $108.07.
Consolidated Edison Trading Up 0.9%
NYSE:ED traded up $0.97 during trading hours on Friday, hitting $111.24. 1,343,906 shares of the company were exchanged, compared to its average volume of 2,254,874. The stock has a market capitalization of $41.00 billion, a price-to-earnings ratio of 18.73, a price-to-earnings-growth ratio of 2.80 and a beta of 0.27. Consolidated Edison Inc has a one year low of $94.96 and a one year high of $116.23. The company has a fifty day simple moving average of $108.12 and a 200 day simple moving average of $108.15. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00.
Consolidated Edison Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Wednesday, May 13th were issued a dividend of $0.8875 per share. This represents a $3.55 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Wednesday, May 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 59.76%.
Consolidated Edison Company 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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