Aberdeen Group plc Grows Stake in Consolidated Edison Inc $ED

Aberdeen Group plc boosted its position in shares of Consolidated Edison Inc (NYSE:ED) by 3.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 529,287 shares of the utilities provider’s stock after purchasing an additional 16,739 shares during the quarter. Aberdeen Group plc owned approximately 0.15% of Consolidated Edison worth $52,701,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Metis Global Partners LLC boosted its position in shares of Consolidated Edison by 16.4% in the 3rd quarter. Metis Global Partners LLC now owns 37,002 shares of the utilities provider’s stock worth $3,719,000 after buying an additional 5,201 shares in the last quarter. Assetmark Inc. raised its position in Consolidated Edison by 2.9% during the third quarter. Assetmark Inc. now owns 671,488 shares of the utilities provider’s stock worth $67,498,000 after acquiring an additional 18,915 shares during the last quarter. Public Sector Pension Investment Board lifted its holdings in shares of Consolidated Edison by 4.9% in the third quarter. Public Sector Pension Investment Board now owns 77,729 shares of the utilities provider’s stock valued at $7,813,000 after purchasing an additional 3,629 shares in the last quarter. Illinois Municipal Retirement Fund grew its position in shares of Consolidated Edison by 82.8% in the third quarter. Illinois Municipal Retirement Fund now owns 255,823 shares of the utilities provider’s stock valued at $25,715,000 after purchasing an additional 115,881 shares during the last quarter. Finally, Varma Mutual Pension Insurance Co grew its position in shares of Consolidated Edison by 8.8% in the third quarter. Varma Mutual Pension Insurance Co now owns 123,215 shares of the utilities provider’s stock valued at $12,386,000 after purchasing an additional 10,000 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ED. Barclays cut their price objective on Consolidated Edison from $101.00 to $100.00 and set an “underweight” rating for the company in a research report on Thursday, January 22nd. UBS Group boosted their price target on Consolidated Edison from $108.00 to $112.00 and gave the stock a “neutral” rating in a report on Friday, January 23rd. TD Cowen assumed coverage on Consolidated Edison in a research note on Friday, January 9th. They set a “hold” rating and a $105.00 price objective on the stock. Royal Bank Of Canada reiterated a “sector perform” rating and set a $118.00 price objective on shares of Consolidated Edison in a research report on Friday, January 23rd. Finally, JPMorgan Chase & Co. reduced their target price on shares of Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating on the stock in a report on Friday, December 12th. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $104.20.

Insider Transactions at Consolidated Edison

In related news, Director John F. Killian sold 2,276 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $96.89, for a total value of $220,521.64. Following the completion of the sale, the director owned 38,661 shares of the company’s stock, valued at $3,745,864.29. This represents a 5.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.17% of the company’s stock.

Consolidated Edison Price Performance

ED opened at $113.59 on Monday. Consolidated Edison Inc has a twelve month low of $94.50 and a twelve month high of $114.87. The firm has a market cap of $41.00 billion, a price-to-earnings ratio of 19.86, a PEG ratio of 3.10 and a beta of 0.38. The company has a current ratio of 1.08, a quick ratio of 0.97 and a debt-to-equity ratio of 1.03. The company has a fifty day simple moving average of $102.16 and a 200 day simple moving average of $100.59.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Wednesday, February 18th will be paid a dividend of $0.8875 per share. This represents a $3.55 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, February 18th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.85. Consolidated Edison’s dividend payout ratio (DPR) is presently 59.44%.

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.