Consolidated Edison Inc $ED Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon trimmed its stake in Consolidated Edison by 2.8% in the first quarter, selling 60,988 shares and leaving it with about 2.14 million shares worth roughly $241.9 million.
• Institutional ownership remains high, with hedge funds and other large investors holding about 66.29% of the stock; several firms, including Vanguard and State Street, increased their positions.
• Analysts are mixed on ED, with a consensus rating of "Reduce" and an average price target of $108.07, while the stock recently traded at $112.40 and offers a quarterly dividend of $0.8875 per share.

Bank of New York Mellon Corp decreased its holdings in Consolidated Edison Inc (NYSE:ED - Free Report) by 2.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,137,151 shares of the utilities provider's stock after selling 60,988 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.58% of Consolidated Edison worth $241,883,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Consolidated Edison by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 45,636,041 shares of the utilities provider's stock worth $4,532,572,000 after purchasing an additional 461,108 shares in the last quarter. State Street Corp boosted its stake in shares of Consolidated Edison by 3.6% during the 4th quarter. State Street Corp now owns 24,905,440 shares of the utilities provider's stock valued at $2,473,608,000 after buying an additional 854,868 shares during the last quarter. Lazard Asset Management LLC boosted its stake in Consolidated Edison by 3.4% during the 4th quarter. Lazard Asset Management LLC now owns 6,165,594 shares of the utilities provider's stock valued at $612,367,000 after acquiring an additional 205,041 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Consolidated Edison by 11.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,200,840 shares of the utilities provider's stock worth $516,549,000 after acquiring an additional 514,178 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Consolidated Edison during the fourth quarter worth about $489,806,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ED. Weiss Ratings upgraded shares of Consolidated Edison from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, April 24th. Argus set a $112.00 price objective on Consolidated Edison in a research report on Tuesday, June 23rd. Wells Fargo & Company set a $98.00 price target on shares of Consolidated Edison in a report on Tuesday, April 21st. Evercore set a $116.00 target price on Consolidated Edison in a research note on Monday, May 11th. Finally, Morgan Stanley reissued an "underweight" rating on shares of Consolidated Edison in a research note on Wednesday, June 24th. Two investment 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's stock. According to data from MarketBeat, Consolidated Edison presently has a consensus rating of "Reduce" and a consensus price target of $108.07.

Consolidated Edison Stock Up 0.0%

Shares of Consolidated Edison stock opened at $112.40 on Friday. The firm has a market cap of $41.42 billion, a price-to-earnings ratio of 18.92, a P/E/G ratio of 2.86 and a beta of 0.27. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.19 and a quick ratio of 1.09. Consolidated Edison Inc has a 52-week low of $94.96 and a 52-week high of $116.23. The stock has a 50-day simple moving average of $108.49 and a 200-day simple moving average of $108.59.

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 given 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 dividend payout ratio is currently 59.76%.

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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