Daiichi Life Insurance Co. Ltd. purchased a new position in shares of Consolidated Edison Inc (NYSE:ED – Free Report) in the second quarter, according to its most recent filing with the SEC. The firm purchased 70,775 shares of the utilities provider’s stock, valued at approximately $7,830,000.
Several other hedge funds have also recently made changes to their positions in ED. Basepoint Wealth LLC bought a new stake in shares of Consolidated Edison during the 4th quarter valued at about $26,000. JPL Wealth Management LLC acquired a new stake in Consolidated Edison during the third quarter worth approximately $26,000. Sachetta LLC grew its stake in Consolidated Edison by 72.9% during the first quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 102 shares during the period. Keating Financial Advisory Services Inc. bought a new stake in Consolidated Edison in the second quarter worth approximately $30,000. Finally, Godfrey Financial Associates Inc. bought a new stake in Consolidated Edison in the fourth quarter worth approximately $32,000. 66.29% of the stock is owned by institutional investors.
Consolidated Edison Stock Down 1.7%
ED stock opened at $106.52 on Friday. The stock’s 50 day simple moving average is $109.96 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 company has a debt-to-equity ratio of 1.04, a quick ratio of 1.17 and a current ratio of 1.27. The company has a market cap of $39.39 billion, a P/E ratio of 17.49, a price-to-earnings-growth ratio of 2.76 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 given a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 annualized dividend and a yield of 3.3%. Consolidated Edison’s dividend payout ratio (DPR) is presently 58.29%.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on the company. Morgan Stanley cut their price target on Consolidated Edison from $105.00 to $101.00 and set an “underweight” rating on the stock in a report on Friday. The Goldman Sachs Group reiterated a “sell” rating and issued a $105.00 price objective on shares of Consolidated Edison in a research note on Thursday, May 14th. Wells Fargo & Company boosted their target price on shares of Consolidated Edison from $106.00 to $108.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Argus set a $112.00 target price on shares of Consolidated Edison in a research note on Tuesday, June 23rd. Finally, Evercore reissued a “positive” rating and set a $112.00 target price on shares of Consolidated Edison in a research note on Monday, August 17th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $108.93.
Get Our Latest Stock Report on Consolidated Edison
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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