11,331 Shares in Consolidated Edison Inc $ED Purchased by Convergence Investment Partners LLC

Key Points

• Convergence Investment Partners LLC initiated a new position in Consolidated Edison during the first quarter, buying 11,331 shares worth about $1.28 million.
• Consolidated Edison’s stock was trading down about 1.1% at $109.87, with a market cap of $40.49 billion and a dividend yield of 3.2%.
• The company announced a quarterly dividend of $0.8875 per share, payable Sept. 15 to shareholders of record on Aug. 19, while analysts currently have a consensus rating of “Reduce” with an average target price of $108.07.

Convergence Investment Partners LLC bought a new stake in Consolidated Edison Inc (NYSE:ED - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 11,331 shares of the utilities provider's stock, valued at approximately $1,282,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Basepoint Wealth LLC acquired a new position in Consolidated Edison during the fourth quarter worth $26,000. JPL Wealth Management LLC acquired a new stake in Consolidated Edison in the third quarter valued at $26,000. Aventura Private Wealth LLC acquired a new stake in Consolidated Edison in the fourth quarter valued at $27,000. Westfuller Advisors LLC acquired a new stake in Consolidated Edison in the fourth quarter valued at $27,000. Finally, Sachetta LLC grew its position in shares of Consolidated Edison by 72.9% in the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider's stock valued at $27,000 after acquiring an additional 102 shares during the period. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Trading Down 1.1%

ED stock opened at $109.87 on Wednesday. Consolidated Edison Inc has a 52 week low of $94.96 and a 52 week high of $116.23. The company has a market capitalization of $40.49 billion, a PE ratio of 18.50, a price-to-earnings-growth ratio of 2.82 and a beta of 0.27. The company's 50-day simple moving average is $108.65 and its 200 day simple moving average is $108.80. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.09 and a current ratio of 1.19.

Consolidated Edison Dividend Announcement

The firm also recently announced 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. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Wednesday, August 19th. Consolidated Edison's dividend payout ratio is presently 59.76%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ED shares. Evercore set a $116.00 target price on shares of Consolidated Edison in a report on Monday, May 11th. Mizuho reiterated a "neutral" rating and set a $105.00 price target on shares of Consolidated Edison in a report on Tuesday, June 2nd. Wells Fargo & Company set a $98.00 price target on Consolidated Edison in a research report on Tuesday, April 21st. Argus set a $112.00 price objective on Consolidated Edison in a research note on Tuesday, June 23rd. Finally, KeyCorp raised their price objective on Consolidated Edison from $96.00 to $97.00 and gave the company an "underweight" rating in a research report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat, Consolidated Edison currently has a consensus rating of "Reduce" and an average target price of $108.07.

About Consolidated Edison

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.

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