Asahi Life Asset Management CO. LTD. Purchases New Stake in Consolidated Edison Inc (NYSE:ED)

Asahi Life Asset Management CO. LTD. purchased a new position in Consolidated Edison Inc (NYSE:ED - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 3,930 shares of the utilities provider's stock, valued at approximately $435,000.

Several other large investors also recently made changes to their positions in ED. Norges Bank acquired a new stake in Consolidated Edison during the fourth quarter worth $399,824,000. GAMMA Investing LLC boosted its position in shares of Consolidated Edison by 15,937.5% during the 1st quarter. GAMMA Investing LLC now owns 1,022,073 shares of the utilities provider's stock valued at $113,031,000 after acquiring an additional 1,015,700 shares in the last quarter. ExodusPoint Capital Management LP increased its stake in Consolidated Edison by 412.0% in the fourth quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider's stock valued at $97,564,000 after acquiring an additional 879,866 shares during the period. Invesco Ltd. lifted its stake in Consolidated Edison by 27.9% during the fourth quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider's stock worth $332,090,000 after purchasing an additional 812,885 shares during the period. Finally, Marshall Wace LLP lifted its stake in Consolidated Edison by 232.3% during the fourth quarter. Marshall Wace LLP now owns 1,053,339 shares of the utilities provider's stock worth $93,989,000 after purchasing an additional 736,348 shares during the period. Institutional investors own 66.29% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on ED shares. Citigroup increased their price objective 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 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. KeyCorp downgraded shares of Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price target for the company. in a report on Wednesday, May 14th. Morgan Stanley reduced their price target on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating on the stock in a research report on Wednesday, June 18th. Finally, Mizuho raised shares of Consolidated Edison from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $105.00 to $107.00 in a report on Monday, June 30th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Consolidated Edison has a consensus rating of "Hold" and a consensus target price of $105.27.

Consolidated Edison Stock Up 0.4%

ED traded up $0.42 during trading on Monday, hitting $101.01. The company had a trading volume of 1,409,834 shares, compared to its average volume of 2,837,182. The company has a market capitalization of $36.39 billion, a PE ratio of 18.67, a PEG ratio of 3.21 and a beta of 0.26. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87. The firm's 50-day moving average price is $102.54 and its 200 day moving average price is $101.49.

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

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th were paid a dividend of $0.85 per share. The ex-dividend date of this dividend was Wednesday, May 14th. This represents a $3.40 annualized dividend and a dividend yield of 3.37%. Consolidated Edison's dividend 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.