Consolidated Edison Inc (NYSE:ED) Shares Acquired by AIA Group Ltd

Key Points

• AIA Group Ltd significantly increased its stake in Consolidated Edison Inc by 1,416.1%, owning a total of 42,875 shares worth approximately $4.74 million after acquiring an additional 40,047 shares.
• The company recently declared a quarterly dividend of $0.85, with an annualized yield of 3.3%, set to be paid on September 15th.
• Consolidated Edison reported earnings per share of $0.67 for the last quarter, slightly above the consensus estimate, and had revenue of $3.60 billion, exceeding expectations as well.

AIA Group Ltd lifted its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 1,416.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 42,875 shares of the utilities provider's stock after buying an additional 40,047 shares during the period. AIA Group Ltd's holdings in Consolidated Edison were worth $4,742,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Glen Eagle Advisors LLC grew its holdings in shares of Consolidated Edison by 6.2% in the fourth quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider's stock valued at $170,000 after purchasing an additional 111 shares during the period. Western Wealth Management LLC grew its holdings in shares of Consolidated Edison by 0.7% in the first quarter. Western Wealth Management LLC now owns 16,101 shares of the utilities provider's stock valued at $1,781,000 after purchasing an additional 116 shares during the period. Eastern Bank grew its holdings in shares of Consolidated Edison by 2.9% in the first quarter. Eastern Bank now owns 4,294 shares of the utilities provider's stock valued at $475,000 after purchasing an additional 120 shares during the period. Cary Street Partners Investment Advisory LLC grew its holdings in shares of Consolidated Edison by 64.9% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock valued at $34,000 after purchasing an additional 120 shares during the period. Finally, Integrated Advisors Network LLC grew its holdings in shares of Consolidated Edison by 1.6% in the first quarter. Integrated Advisors Network LLC now owns 7,842 shares of the utilities provider's stock valued at $867,000 after purchasing an additional 121 shares during the period. Hedge funds and other institutional investors own 66.29% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Morgan Stanley lowered their price objective on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a research note on Wednesday, June 18th. Mizuho raised their price objective on shares of Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. KeyCorp reaffirmed an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Scotiabank reaffirmed a "sector perform" rating and issued a $106.00 target price (up previously from $101.00) on shares of Consolidated Edison in a report on Monday. Finally, Wells Fargo & Company raised their target price on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Consolidated Edison has an average rating of "Hold" and a consensus price target of $106.30.

Consolidated Edison Price Performance

ED stock traded down $0.78 during trading on Thursday, hitting $102.88. The stock had a trading volume of 2,168,471 shares, compared to its average volume of 2,737,612. The company's 50 day moving average price is $101.70 and its two-hundred day moving average price is $103.36. Consolidated Edison Inc has a 1-year low of $87.28 and a 1-year high of $114.87. The stock has a market cap of $37.10 billion, a price-to-earnings ratio of 18.67, a price-to-earnings-growth ratio of 3.31 and a beta of 0.24. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.10.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.66 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.39 billion. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%. During the same quarter in the previous year, the business earned $0.59 EPS. On average, sell-side analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Wednesday, August 13th. Consolidated Edison's dividend payout ratio is currently 61.71%.

Consolidated Edison 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 3.7 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 1,530 customers in parts of Manhattan.