Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in Consolidated Edison, Inc. (NYSE:ED) by 14.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 131,399 shares of the utilities provider’s stock after buying an additional 16,767 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Consolidated Edison were worth $10,249,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also bought and sold shares of the company. Wealth Quarterback LLC purchased a new position in shares of Consolidated Edison in the 4th quarter worth approximately $20,911,510,000. Norges Bank bought a new stake in Consolidated Edison in the fourth quarter worth $298,802,000. BlackRock Inc. lifted its position in Consolidated Edison by 2.0% in the first quarter. BlackRock Inc. now owns 33,418,851 shares of the utilities provider’s stock worth $2,606,672,000 after buying an additional 658,909 shares during the last quarter. State Street Corp boosted its stake in Consolidated Edison by 2.8% during the fourth quarter. State Street Corp now owns 22,528,391 shares of the utilities provider’s stock worth $2,038,144,000 after buying an additional 610,178 shares during the period. Finally, Panagora Asset Management Inc. increased its position in Consolidated Edison by 54.0% during the fourth quarter. Panagora Asset Management Inc. now owns 1,186,786 shares of the utilities provider’s stock valued at $107,368,000 after acquiring an additional 416,180 shares during the last quarter. Hedge funds and other institutional investors own 59.31% of the company’s stock.
Several equities research analysts have recently issued reports on the stock. Mizuho lowered their target price on shares of Consolidated Edison from $83.50 to $73.50 and set a “neutral” rating for the company in a report on Tuesday, May 12th. Cfra decreased their price objective on shares of Consolidated Edison from $92.00 to $74.00 and set a “hold” rating for the company in a research note on Friday. Citigroup cut their target price on Consolidated Edison from $89.00 to $78.50 and set a “neutral” rating on the stock in a research note on Thursday, April 2nd. Bank of America reiterated a “buy” rating and issued a $85.00 price target (down from $91.00) on shares of Consolidated Edison in a report on Friday, May 8th. Finally, Wells Fargo & Co dropped their price objective on Consolidated Edison from $99.00 to $78.00 and set an “equal weight” rating for the company in a report on Monday, May 11th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $79.09.
Shares of Consolidated Edison stock traded up $0.26 on Friday, hitting $70.18. 1,397,037 shares of the company traded hands, compared to its average volume of 2,116,714. The company has a current ratio of 0.80, a quick ratio of 0.74 and a debt-to-equity ratio of 1.10. The company has a market cap of $23.36 billion, a PE ratio of 18.09, a PEG ratio of 8.08 and a beta of 0.23. The stock’s 50 day moving average price is $79.53 and its 200-day moving average price is $85.83. Consolidated Edison, Inc. has a 52 week low of $62.03 and a 52 week high of $95.10.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, May 7th. The utilities provider reported $1.35 EPS for the quarter, missing the consensus estimate of $1.43 by ($0.08). Consolidated Edison had a return on equity of 7.92% and a net margin of 10.53%. The firm had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.60 billion. During the same quarter in the previous year, the business earned $1.39 earnings per share. As a group, research analysts anticipate that Consolidated Edison, Inc. will post 4.33 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Wednesday, May 13th will be paid a dividend of $0.765 per share. The ex-dividend date is Tuesday, May 12th. This represents a $3.06 annualized dividend and a dividend yield of 4.36%. Consolidated Edison’s dividend payout ratio is currently 70.02%.
Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,622 customers in parts of Manhattan.
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