The Manufacturers Life Insurance Company decreased its holdings in Consolidated Edison, Inc. (NYSE:ED) by 7.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 274,585 shares of the utilities provider’s stock after selling 20,993 shares during the period. The Manufacturers Life Insurance Company’s holdings in Consolidated Edison were worth $23,287,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in ED. Norges Bank purchased a new stake in Consolidated Edison during the 4th quarter worth $266,741,000. Oregon Public Employees Retirement Fund boosted its position in shares of Consolidated Edison by 7,452.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,577,390 shares of the utilities provider’s stock valued at $34,000 after purchasing an additional 2,543,263 shares in the last quarter. Millennium Management LLC raised its stake in shares of Consolidated Edison by 2,195.8% in the fourth quarter. Millennium Management LLC now owns 1,142,312 shares of the utilities provider’s stock worth $87,341,000 after purchasing an additional 1,092,555 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Consolidated Edison by 3.8% in the fourth quarter. BlackRock Inc. now owns 28,920,573 shares of the utilities provider’s stock worth $2,211,265,000 after acquiring an additional 1,052,035 shares during the period. Finally, D. E. Shaw & Co. Inc. bought a new stake in Consolidated Edison during the fourth quarter valued at about $73,086,000. 59.44% of the stock is owned by hedge funds and other institutional investors.
ED stock opened at $87.78 on Friday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.54 and a current ratio of 0.60. Consolidated Edison, Inc. has a 52 week low of $72.35 and a 52 week high of $90.51. The stock has a market cap of $28.69 billion, a price-to-earnings ratio of 20.32, a P/E/G ratio of 10.02 and a beta of 0.13.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.39 EPS for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.04. The firm had revenue of $3.51 billion for the quarter, compared to the consensus estimate of $3.39 billion. Consolidated Edison had a net margin of 11.03% and a return on equity of 8.31%. During the same period in the previous year, the firm posted $1.38 earnings per share. On average, research analysts expect that Consolidated Edison, Inc. will post 4.38 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Wednesday, May 15th will be paid a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is 68.52%.
Several equities research analysts have recently weighed in on the company. Mizuho assumed coverage on Consolidated Edison in a report on Monday, March 11th. They issued a “neutral” rating and a $85.00 price target on the stock. ValuEngine lowered Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Thursday, April 4th. Bank of America upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $96.00 to $94.00 in a research note on Friday, April 26th. They noted that the move was a valuation call. Zacks Investment Research cut Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Monday, February 25th. Finally, Credit Suisse Group lifted their price objective on Consolidated Edison from $77.00 to $78.00 and gave the stock an “underperform” rating in a report on Monday, February 25th. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $79.26.
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Consolidated Edison 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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