Consolidated Edison Inc $ED Shares Purchased by Mediolanum International Funds Ltd

Key Points

• Mediolanum International Funds Ltd increased its stake in Consolidated Edison by 31.4% in the first quarter, buying 25,851 additional shares and bringing its total holding to 108,186 shares worth about $12.27 million.
• Institutional ownership remains high, with 66.29% of Consolidated Edison shares held by institutional investors and hedge funds, and several other funds also recently added or increased positions.
• Consolidated Edison declared a quarterly dividend of $0.8875 per share, payable September 15, for an annualized dividend of $3.55 and a yield of 3.2%; analysts currently have an average rating of “Reduce” with an average target price of $108.07.

Mediolanum International Funds Ltd lifted its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 31.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 108,186 shares of the utilities provider's stock after purchasing an additional 25,851 shares during the quarter. Mediolanum International Funds Ltd's holdings in Consolidated Edison were worth $12,267,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ED. Basepoint Wealth LLC acquired a new stake in shares of Consolidated Edison during the 4th quarter worth approximately $26,000. JPL Wealth Management LLC purchased a new stake in shares of Consolidated Edison during the 3rd quarter valued at approximately $26,000. Aventura Private Wealth LLC acquired a new position in Consolidated Edison in the fourth quarter valued at approximately $27,000. Westfuller Advisors LLC acquired a new position in Consolidated Edison in the fourth quarter valued at approximately $27,000. Finally, Sachetta LLC grew its position in Consolidated Edison by 72.9% in the first quarter. Sachetta LLC now owns 242 shares of the utilities provider's stock worth $27,000 after acquiring an additional 102 shares during the period. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Performance

NYSE ED opened at $112.40 on Monday. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.19 and a quick ratio of 1.09. The company has a market cap of $41.42 billion, a P/E ratio of 18.92, a P/E/G ratio of 2.86 and a beta of 0.27. The stock has a 50-day moving average of $108.49 and a two-hundred day moving average of $108.65. Consolidated Edison Inc has a 1-year low of $94.96 and a 1-year high of $116.23.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be issued a $0.8875 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.2%. Consolidated Edison's payout ratio is 59.76%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. KeyCorp raised their target price on Consolidated Edison from $96.00 to $97.00 and gave the stock an "underweight" rating in a research note on Tuesday, April 21st. 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. Wells Fargo & Company set a $98.00 price target on Consolidated Edison in a report on Tuesday, April 21st. Weiss Ratings raised Consolidated Edison from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, April 24th. Finally, Barclays reduced their price objective on shares of Consolidated Edison from $110.00 to $107.00 and set an "underweight" rating on the stock in a report on Monday, May 11th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have issued a Sell rating to the company's stock. According to MarketBeat.com, Consolidated Edison currently has an average rating of "Reduce" and an average target price of $108.07.

About Consolidated Edison

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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