Swiss National Bank Increases Position in Consolidated Edison Inc $ED

Swiss National Bank lifted its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 7.2% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,059,300 shares of the utilities provider’s stock after buying an additional 71,000 shares during the period. Swiss National Bank’s holdings in Consolidated Edison were worth $119,892,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mediolanum International Funds Ltd raised its holdings in shares of Consolidated Edison by 31.4% during the first quarter. Mediolanum International Funds Ltd now owns 108,186 shares of the utilities provider’s stock valued at $12,267,000 after acquiring an additional 25,851 shares during the last quarter. Heartland Bank & Trust Co purchased a new stake in shares of Consolidated Edison during the first quarter worth approximately $288,000. Cornerstone Planning Group LLC increased its position in shares of Consolidated Edison by 53.4% during the first quarter. Cornerstone Planning Group LLC now owns 701 shares of the utilities provider’s stock worth $76,000 after purchasing an additional 244 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new position in Consolidated Edison in the 1st quarter valued at $54,000. Finally, Angeles Wealth Management LLC acquired a new position in Consolidated Edison in the 1st quarter valued at $424,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on ED. KeyCorp raised their price target on shares of Consolidated Edison from $96.00 to $97.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 21st. The Goldman Sachs Group reiterated a “sell” rating and issued a $105.00 price objective on shares of Consolidated Edison in a report on Thursday, May 14th. Argus set a $112.00 target price on shares of Consolidated Edison in a research note on Tuesday, June 23rd. Evercore set a $116.00 target price on Consolidated Edison in a report on Monday, May 11th. Finally, Wells Fargo & Company set a $98.00 price target on Consolidated Edison in a research report on Tuesday, April 21st. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat.com, Consolidated Edison has an average rating of “Reduce” and a consensus price target of $108.07.

Consolidated Edison Price Performance

Shares of ED opened at $111.16 on Tuesday. The firm has a 50-day simple moving average of $108.59 and a two-hundred day simple moving average of $108.73. The stock has a market cap of $40.97 billion, a PE ratio of 18.71, a P/E/G ratio of 2.86 and a beta of 0.27. Consolidated Edison Inc has a 1-year low of $94.96 and a 1-year high of $116.23. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.19 and a quick ratio of 1.09.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be issued a $0.8875 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.2%. Consolidated Edison’s payout ratio is 59.76%.

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.