Consolidated Edison Inc $ED Shares Purchased by Sei Investments Co.

Key Points

• Sei Investments increased its Consolidated Edison stake by 21.2% in the first quarter, acquiring 49,816 additional shares for a total of 284,415 shares valued at approximately $32.2 million. Institutional investors and hedge funds collectively own 66.29% of ED.
• Consolidated Edison shares opened at $111.50, with a 52-week range of $94.96 to $116.23 and a market capitalization of approximately $41.1 billion.
• The company declared a quarterly dividend of $0.8875 per share, equivalent to $3.55 annually and a 3.2% yield. Analysts maintain a generally cautious outlook, with an average rating of “Reduce” and an average price target of $108.47.

Sei Investments Co. increased its stake in Consolidated Edison Inc (NYSE:ED - Free Report) by 21.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 284,415 shares of the utilities provider's stock after acquiring an additional 49,816 shares during the quarter. Sei Investments Co. owned approximately 0.08% of Consolidated Edison worth $32,190,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in ED. Lido Advisors LLC grew its position in shares of Consolidated Edison by 5.0% in the first quarter. Lido Advisors LLC now owns 53,728 shares of the utilities provider's stock valued at $6,081,000 after purchasing an additional 2,539 shares during the period. Cetera Investment Advisers raised its position in shares of Consolidated Edison by 6.4% during the 1st quarter. Cetera Investment Advisers now owns 149,267 shares of the utilities provider's stock worth $16,894,000 after purchasing an additional 9,034 shares during the last quarter. Alpha Family Trust acquired a new position in shares of Consolidated Edison during the 1st quarter worth about $211,000. CI Investments Inc. lifted its stake in Consolidated Edison by 5.4% in the 1st quarter. CI Investments Inc. now owns 12,805 shares of the utilities provider's stock valued at $1,449,000 after buying an additional 660 shares in the last quarter. Finally, Magellan Asset Management Ltd lifted its stake in Consolidated Edison by 24.5% in the 1st quarter. Magellan Asset Management Ltd now owns 390,866 shares of the utilities provider's stock valued at $44,238,000 after buying an additional 76,964 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Down 1.3%

Shares of NYSE:ED opened at $111.50 on Tuesday. Consolidated Edison Inc has a 52-week low of $94.96 and a 52-week high of $116.23. The stock has a market cap of $41.09 billion, a P/E ratio of 18.77, a PEG ratio of 2.93 and a beta of 0.27. The business has a fifty day moving average of $109.14 and a two-hundred day moving average of $109.17. The company has a quick ratio of 1.09, a current ratio of 1.19 and a debt-to-equity ratio of 1.00.

Consolidated Edison Dividend Announcement

The company 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 of this dividend is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.2%. Consolidated Edison's dividend payout ratio is currently 59.76%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ED. Morgan Stanley reiterated an "underweight" rating on shares of Consolidated Edison in a report on Wednesday, July 22nd. Barclays decreased their target price 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. Wells Fargo & Company set a $98.00 price target on Consolidated Edison in a research note on Tuesday, April 21st. Argus set a $112.00 price target on Consolidated Edison in a research report on Tuesday, June 23rd. Finally, Mizuho set a $114.00 price objective on Consolidated Edison in a research note on Monday. 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. Based on data from MarketBeat.com, Consolidated Edison has an average rating of "Reduce" and an average price target of $108.47.

Consolidated Edison 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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