Consolidated Edison Inc $ED Shares Sold by Arbejdsmarkedets Tillaegspension

Key Points

• Arbejdsmarkedets Tillaegspension cut its Consolidated Edison stake by 5.0% in the first quarter, selling 12,152 shares and ending with 230,584 shares worth about $26.1 million.
• Other institutional investors also adjusted their positions, while institutions and hedge funds now own 66.29% of Consolidated Edison’s stock overall.
• Analysts remain cautious on ED, with a consensus rating of “Reduce” and an average target price of $108.07, even as the stock recently traded at $111.24 and offers a 3.2% dividend yield.

Arbejdsmarkedets Tillaegspension lessened its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 5.0% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 230,584 shares of the utilities provider's stock after selling 12,152 shares during the quarter. Consolidated Edison accounts for about 0.6% of Arbejdsmarkedets Tillaegspension's investment portfolio, making the stock its 16th largest holding. Arbejdsmarkedets Tillaegspension owned approximately 0.06% of Consolidated Edison worth $26,097,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in ED. Basepoint Wealth LLC acquired a new position in shares of Consolidated Edison during the 4th quarter valued at $26,000. JPL Wealth Management LLC purchased a new position in Consolidated Edison in the 3rd quarter worth approximately $26,000. Aventura Private Wealth LLC purchased a new position in Consolidated Edison in the 4th quarter worth approximately $27,000. Westfuller Advisors LLC acquired a new stake in Consolidated Edison in the fourth quarter valued at approximately $27,000. Finally, Sachetta LLC increased its stake in Consolidated Edison by 72.9% during the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider's stock worth $27,000 after buying an additional 102 shares during the period. Institutional investors and hedge funds own 66.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ED shares. Wells Fargo & Company set a $98.00 price objective on shares of Consolidated Edison in a research report on Tuesday, April 21st. Mizuho reaffirmed a "neutral" rating and issued a $105.00 price target on shares of Consolidated Edison in a report on Tuesday, June 2nd. Morgan Stanley restated an "underweight" rating on shares of Consolidated Edison in a research note on Wednesday, June 24th. Weiss Ratings raised Consolidated Edison from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, April 24th. Finally, The Goldman Sachs Group reissued a "sell" rating and set a $105.00 target price on shares of Consolidated Edison in a research note on Thursday, May 14th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat.com, Consolidated Edison currently has an average rating of "Reduce" and a consensus target price of $108.07.

Consolidated Edison Price Performance

NYSE ED opened at $111.24 on Monday. The stock's 50-day moving average price is $108.12 and its two-hundred day moving average price is $108.21. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. Consolidated Edison Inc has a 1 year low of $94.96 and a 1 year high of $116.23. The company has a market cap of $41.00 billion, a PE ratio of 18.73, a PEG ratio of 2.82 and a beta of 0.27.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Wednesday, May 13th were given a $0.8875 dividend. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.2%. Consolidated Edison's payout ratio is currently 59.76%.

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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