Invesco Ltd. cut its stake in shares of Consolidated Edison, Inc. (NYSE:ED – Get Rating) by 2.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,540,519 shares of the utilities provider’s stock after selling 120,086 shares during the quarter. Invesco Ltd. owned about 1.28% of Consolidated Edison worth $429,897,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the stock. Achmea Investment Management B.V. grew its holdings in shares of Consolidated Edison by 43.7% during the first quarter. Achmea Investment Management B.V. now owns 57,541 shares of the utilities provider’s stock valued at $5,448,000 after buying an additional 17,502 shares during the last quarter. Clark Capital Management Group Inc. purchased a new stake in shares of Consolidated Edison during the first quarter valued at $207,000. Hsbc Holdings PLC boosted its holdings in Consolidated Edison by 88.2% in the first quarter. Hsbc Holdings PLC now owns 711,633 shares of the utilities provider’s stock valued at $67,537,000 after purchasing an additional 333,486 shares during the last quarter. SVB Wealth LLC grew its position in Consolidated Edison by 15.0% during the 1st quarter. SVB Wealth LLC now owns 4,552 shares of the utilities provider’s stock worth $431,000 after purchasing an additional 595 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in Consolidated Edison by 65.4% in the first quarter. Renaissance Technologies LLC now owns 352,668 shares of the utilities provider’s stock valued at $33,391,000 after acquiring an additional 139,400 shares during the period. 64.76% of the stock is owned by hedge funds and other institutional investors.
Consolidated Edison Stock Up 0.2 %
Shares of ED opened at $100.85 on Monday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.82 and a current ratio of 0.88. Consolidated Edison, Inc. has a one year low of $71.52 and a one year high of $101.57. The stock has a market capitalization of $35.76 billion, a price-to-earnings ratio of 22.07, a PEG ratio of 11.25 and a beta of 0.25. The stock has a 50 day moving average price of $96.90 and a 200 day moving average price of $94.83.
Consolidated Edison Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Wednesday, August 17th will be given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 3.13%. The ex-dividend date is Tuesday, August 16th. Consolidated Edison’s payout ratio is 69.15%.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on ED. Guggenheim raised Consolidated Edison from a “sell” rating to a “neutral” rating and set a $94.00 price target for the company in a report on Monday, May 23rd. Morgan Stanley boosted their price target on Consolidated Edison from $77.00 to $84.00 and gave the company an “underweight” rating in a report on Tuesday, August 23rd. Mizuho decreased their price target on Consolidated Edison from $100.00 to $99.00 and set a “buy” rating for the company in a report on Monday, June 27th. KeyCorp boosted their price objective on Consolidated Edison from $72.00 to $75.00 and gave the company an “underweight” rating in a research report on Tuesday, July 19th. Finally, Credit Suisse Group boosted their price objective on Consolidated Edison from $92.00 to $94.00 and gave the company a “neutral” rating in a research report on Monday, August 8th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $86.00.
Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It 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 1,555 customers in parts of Manhattan.
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