Andra AP fonden Sells 84,400 Shares of Consolidated Edison Inc $ED

Key Points

• Andra AP fonden sharply reduced its stake in Consolidated Edison, selling 84,400 shares in the first quarter and cutting its position by 97.7%. After the sale, it held 2,000 shares worth about $226,000.
• Consolidated Edison continues to attract major institutional activity, with firms like Lazard Asset Management, Norges Bank, and Deutsche Bank all significantly adding to or initiating positions. Institutional investors now own 66.29% of the stock.
• The utility pays a quarterly dividend of $0.8875 per share, equal to an annualized payout of $3.55 and a yield of 3.1%. Analysts currently have a consensus rating of “Reduce” with an average price target of $107.87.

Andra AP fonden lessened its position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 97.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,000 shares of the utilities provider's stock after selling 84,400 shares during the quarter. Andra AP fonden's holdings in Consolidated Edison were worth $226,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Lazard Asset Management LLC boosted its position in shares of Consolidated Edison by 121,543.9% during the 3rd quarter. Lazard Asset Management LLC now owns 5,960,553 shares of the utilities provider's stock valued at $599,155,000 after acquiring an additional 5,955,653 shares in the last quarter. Norges Bank bought a new stake in Consolidated Edison in the fourth quarter valued at about $489,806,000. Deutsche Bank AG raised its position in Consolidated Edison by 101.4% in the fourth quarter. Deutsche Bank AG now owns 3,617,361 shares of the utilities provider's stock worth $359,276,000 after purchasing an additional 1,820,877 shares in the last quarter. PFA Pension Forsikringsaktieselskab acquired a new position in Consolidated Edison in the fourth quarter worth about $113,977,000. Finally, AQR Capital Management LLC lifted its stake in Consolidated Edison by 104.6% during the third quarter. AQR Capital Management LLC now owns 1,905,678 shares of the utilities provider's stock worth $190,530,000 after purchasing an additional 974,419 shares during the period. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Performance

NYSE ED opened at $112.81 on Friday. Consolidated Edison Inc has a 1-year low of $94.96 and a 1-year high of $116.23. The company has a 50 day moving average of $108.89 and a 200-day moving average of $108.98. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. The firm has a market cap of $41.58 billion, a price-to-earnings ratio of 18.99, a PEG ratio of 2.91 and a beta of 0.27.

Consolidated Edison Announces Dividend

The firm 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 $0.8875 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $3.55 annualized dividend and a yield of 3.1%. Consolidated Edison's payout ratio is presently 59.76%.

Analyst Upgrades and Downgrades

ED has been the topic of a number of recent research reports. Mizuho reaffirmed a "neutral" rating and set a $105.00 price objective on shares of Consolidated Edison in a report on Tuesday, June 2nd. Evercore set a $116.00 target price on Consolidated Edison in a report on Monday, May 11th. Morgan Stanley restated an "underweight" rating on shares of Consolidated Edison in a research report on Wednesday. The Goldman Sachs Group reaffirmed a "sell" rating and issued a $105.00 price target on shares of Consolidated Edison in a research note on Thursday, May 14th. Finally, Barclays lowered their price target on Consolidated Edison from $110.00 to $107.00 and set an "underweight" rating on the stock in a research report on Monday, May 11th. Two equities research 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. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and an average price target of $107.87.

Consolidated Edison Company 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.

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