Allspring Global Investments Holdings LLC Decreases Position in Consolidated Edison Inc (NYSE:ED)

Allspring Global Investments Holdings LLC lowered its position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 21.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 239,408 shares of the utilities provider's stock after selling 66,789 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.07% of Consolidated Edison worth $26,349,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Achmea Investment Management B.V. grew its stake in Consolidated Edison by 31.6% in the 1st quarter. Achmea Investment Management B.V. now owns 133,653 shares of the utilities provider's stock valued at $14,780,000 after purchasing an additional 32,115 shares during the period. Illinois Municipal Retirement Fund boosted its holdings in shares of Consolidated Edison by 12.0% in the 1st quarter. Illinois Municipal Retirement Fund now owns 197,712 shares of the utilities provider's stock worth $21,865,000 after buying an additional 21,198 shares during the last quarter. Perpetual Ltd bought a new position in Consolidated Edison during the first quarter valued at about $243,000. Motiv8 Investments LLC purchased a new stake in Consolidated Edison during the first quarter worth about $223,000. Finally, Sabal Trust CO bought a new stake in Consolidated Edison in the first quarter worth about $235,000. 66.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

ED has been the topic of several research analyst reports. Mizuho upgraded Consolidated Edison from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $105.00 to $107.00 in a research note on Monday. Citigroup upped their price target on Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, April 9th. KeyCorp lowered Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price objective for the company. in a report on Wednesday, May 14th. Morgan Stanley dropped their price objective on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating on the stock in a report on Wednesday, June 18th. Finally, Wells Fargo & Company increased 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. Three analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, Consolidated Edison has an average rating of "Hold" and an average price target of $105.27.

Consolidated Edison Price Performance

ED stock traded up $0.16 during midday trading on Friday, reaching $100.08. The company had a trading volume of 1,316,576 shares, compared to its average volume of 2,387,608. The firm has a 50-day moving average price of $103.91 and a 200-day moving average price of $100.90. The company has a market capitalization of $36.06 billion, a P/E ratio of 18.50, a P/E/G ratio of 3.19 and a beta of 0.26. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year high of $114.87. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.28 and a quick ratio of 1.19.

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

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th were given a dividend of $0.85 per share. The ex-dividend date was Wednesday, May 14th. This represents a $3.40 annualized dividend and a dividend yield of 3.40%. Consolidated Edison's dividend payout ratio (DPR) is presently 62.85%.

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.