Consolidated Edison Inc (NYSE:ED) Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH lowered its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 42.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,057,047 shares of the utilities provider's stock after selling 789,987 shares during the quarter. Allianz Asset Management GmbH owned 0.29% of Consolidated Edison worth $116,899,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Merit Financial Group LLC raised its position in Consolidated Edison by 16.8% during the first quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock worth $1,180,000 after acquiring an additional 1,533 shares during the last quarter. Ritholtz Wealth Management purchased a new stake in Consolidated Edison in the 1st quarter valued at approximately $227,000. Wealth Enhancement Advisory Services LLC grew its holdings in Consolidated Edison by 2.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider's stock valued at $27,649,000 after buying an additional 6,869 shares during the last quarter. Orion Portfolio Solutions LLC increased its position in Consolidated Edison by 22.2% during the fourth quarter. Orion Portfolio Solutions LLC now owns 7,516 shares of the utilities provider's stock worth $671,000 after buying an additional 1,366 shares in the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of Consolidated Edison in the first quarter valued at $217,000. Institutional investors and hedge funds own 66.29% of the company's stock.

Wall Street Analyst Weigh In

ED has been the topic of several recent analyst reports. Guggenheim upped their price objective on shares of Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Citigroup raised their price target on Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a research note on Wednesday, April 9th. Wells Fargo & Company raised their target price on shares of Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Barclays increased their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock an "underweight" rating in a research note on Monday, May 5th. Finally, KeyCorp reissued an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $105.09.

Consolidated Edison Stock Performance

Shares of NYSE ED traded down $0.26 during trading on Thursday, reaching $102.29. The stock had a trading volume of 708,560 shares, compared to its average volume of 2,775,239. The stock has a market cap of $36.86 billion, a PE ratio of 18.91, a P/E/G ratio of 3.31 and a beta of 0.26. The firm's 50 day moving average price is $101.78 and its two-hundred day moving average price is $102.00. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.19 and a current ratio of 1.28. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing analysts' consensus estimates of $2.30 by ($0.05). Consolidated Edison had a net margin of 11.98% and a return on equity of 8.61%. The business had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the prior year, the company earned $2.15 EPS. On average, research analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison's payout ratio is currently 62.85%.

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 3.7 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.