Consolidated Edison Inc $ED Shares Sold by Groupama Asset Managment

Key Points

• Groupama Asset Management cut its Consolidated Edison stake by 68.7% in the first quarter, selling 14,720 shares and retaining 6,692 shares valued at approximately $757,000.
• Institutional investors and hedge funds own 66.29% of Consolidated Edison. Analysts’ consensus rating is “Reduce,” with a consensus price target of $108.47.
• Con Edison declared a quarterly dividend of $0.8875 per share, equivalent to $3.55 annually and a 3.3% yield, payable September 15 to shareholders of record August 19.

Groupama Asset Managment lowered its stake in Consolidated Edison Inc (NYSE:ED - Free Report) by 68.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 6,692 shares of the utilities provider's stock after selling 14,720 shares during the period. Groupama Asset Managment's holdings in Consolidated Edison were worth $757,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Sachetta LLC increased its holdings in Consolidated Edison by 72.9% in the first quarter. Sachetta LLC now owns 242 shares of the utilities provider's stock valued at $27,000 after buying an additional 102 shares during the last quarter. JPL Wealth Management LLC bought a new position in Consolidated Edison during the 3rd quarter worth approximately $26,000. Basepoint Wealth LLC bought a new position in Consolidated Edison during the 4th quarter worth approximately $26,000. Westfuller Advisors LLC acquired a new position in shares of Consolidated Edison in the 4th quarter worth approximately $27,000. Finally, WealthCollab LLC grew its position in shares of Consolidated Edison by 68.4% in the 4th quarter. WealthCollab LLC now owns 315 shares of the utilities provider's stock worth $31,000 after acquiring an additional 128 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ED shares. Barclays dropped their price target 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 objective on shares of Consolidated Edison in a report on Tuesday, April 21st. Argus set a $112.00 target price on shares of Consolidated Edison in a research note on Tuesday, June 23rd. Mizuho set a $114.00 target price on shares of Consolidated Edison in a report on Monday, July 27th. Finally, The Goldman Sachs Group restated a "sell" rating and issued a $105.00 price target on shares of Consolidated Edison in a research report on Thursday, May 14th. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Consolidated Edison has an average rating of "Reduce" and a consensus price target of $108.47.

Consolidated Edison Trading Up 0.1%

Shares of NYSE ED opened at $108.98 on Monday. The company has a market cap of $40.16 billion, a price-to-earnings ratio of 18.35, a price-to-earnings-growth ratio of 2.82 and a beta of 0.27. Consolidated Edison Inc has a 12-month low of $94.96 and a 12-month high of $116.23. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. The stock's 50 day simple moving average is $109.39 and its 200 day simple moving average is $109.49.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be given a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 annualized dividend and a yield of 3.3%. Consolidated Edison's dividend payout ratio (DPR) is currently 59.76%.

Consolidated Edison Company 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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