AIA Group Ltd Lowers Holdings in Consolidated Edison Inc $ED

AIA Group Ltd decreased its holdings in Consolidated Edison Inc (NYSE:ED) by 10.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 52,250 shares of the utilities provider’s stock after selling 6,423 shares during the period. AIA Group Ltd’s holdings in Consolidated Edison were worth $5,914,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Sachetta LLC lifted its holdings in shares of 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 in the last quarter. JPL Wealth Management LLC purchased a new stake in Consolidated Edison in the 3rd quarter worth $26,000. Basepoint Wealth LLC bought a new position in shares of Consolidated Edison during the 4th quarter valued at about $26,000. Aventura Private Wealth LLC purchased a new position in shares of Consolidated Edison during the fourth quarter valued at about $27,000. Finally, Westfuller Advisors LLC bought a new stake in shares of Consolidated Edison in the fourth quarter worth about $27,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analysts Set New Price Targets

ED has been the topic of a number of research reports. Evercore set a $116.00 price objective on Consolidated Edison in a research note on Monday, May 11th. Weiss Ratings raised shares of Consolidated Edison from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, April 24th. Morgan Stanley restated an “underweight” rating on shares of Consolidated Edison in a research report on Wednesday, June 24th. Mizuho reaffirmed a “neutral” rating and set a $105.00 price target on shares of Consolidated Edison in a research note on Tuesday, June 2nd. Finally, KeyCorp increased their price objective on shares of Consolidated Edison from $96.00 to $97.00 and gave the company an “underweight” rating in a research report on Tuesday, April 21st. Two 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.com, Consolidated Edison currently has a consensus rating of “Reduce” and an average target price of $108.07.

Consolidated Edison Stock Performance

NYSE ED opened at $112.40 on Monday. The company has a market cap of $41.42 billion, a P/E ratio of 18.92, a P/E/G ratio of 2.86 and a beta of 0.27. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.09 and a current ratio of 1.19. The business’s 50 day moving average price is $108.49 and its 200-day moving average price is $108.65. Consolidated Edison Inc has a fifty-two week low of $94.96 and a fifty-two week high of $116.23.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be given a dividend of $0.8875 per share. The ex-dividend date is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a 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.