Commonwealth of Pennsylvania Public School Empls Retrmt SYS Sells 37,498 Shares of Consolidated Edison Inc $ED

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lessened its stake in shares of Consolidated Edison Inc (NYSE:ED) by 5.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 639,705 shares of the utilities provider’s stock after selling 37,498 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Consolidated Edison were worth $72,402,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. GW&K Investment Management LLC grew its position in shares of Consolidated Edison by 28.5% during the 4th quarter. GW&K Investment Management LLC now owns 419 shares of the utilities provider’s stock valued at $42,000 after acquiring an additional 93 shares during the period. Meadowbrook Wealth Management LLC lifted its stake in Consolidated Edison by 2.2% in the fourth quarter. Meadowbrook Wealth Management LLC now owns 4,687 shares of the utilities provider’s stock valued at $466,000 after purchasing an additional 100 shares during the last quarter. bLong Financial LLC grew its holdings in Consolidated Edison by 1.3% during the fourth quarter. bLong Financial LLC now owns 7,775 shares of the utilities provider’s stock valued at $772,000 after purchasing an additional 100 shares during the period. Sachetta LLC increased its position in Consolidated Edison by 72.9% in the first quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock worth $27,000 after buying an additional 102 shares during the last quarter. Finally, Bridgewater Advisors Inc. raised its stake in shares of Consolidated Edison by 1.6% in the fourth quarter. Bridgewater Advisors Inc. now owns 6,635 shares of the utilities provider’s stock valued at $689,000 after buying an additional 105 shares during the period. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of ED traded up $0.97 during midday trading on Friday, hitting $111.24. 1,343,906 shares of the company traded hands, compared to its average volume of 2,254,874. Consolidated Edison Inc has a one year low of $94.96 and a one year high of $116.23. The firm has a market cap of $41.00 billion, a P/E ratio of 18.73, a PEG ratio of 2.82 and a beta of 0.27. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.19 and a quick ratio of 1.09. The stock has a 50-day moving average of $108.12 and a 200-day moving average of $108.15.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Wednesday, May 13th were paid a $0.8875 dividend. The ex-dividend date was Wednesday, May 13th. This represents a $3.55 annualized dividend and a yield of 3.2%. Consolidated Edison’s dividend payout ratio is currently 59.76%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ED. Argus set a $112.00 price target on Consolidated Edison in a research note on Tuesday, June 23rd. Evercore set a $116.00 price objective on shares of Consolidated Edison in a report on Monday, May 11th. Barclays cut their target price on shares of Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating for the company in a research report on Monday, May 11th. Morgan Stanley restated an “underweight” rating on shares of Consolidated Edison in a research note on Wednesday, June 24th. Finally, Wells Fargo & Company set a $98.00 price objective on shares of Consolidated Edison in a research note on Tuesday, April 21st. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $108.07.

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.