Consolidated Edison Inc (NYSE:ED) Shares Sold by Mizuho Markets Americas LLC

Key Points

• Mizuho Markets Americas LLC reduced its holdings in Consolidated Edison Inc by 42.8% in the first quarter, owning 14,434 shares valued at approximately $1.6 million after selling 10,805 shares.
• Several institutional investors increased their stakes, with Deutsche Bank AG raising its position by 130.6%, acquiring nearly 3.93 million shares worth $434 million during the same period.
• Consolidated Edison recently declared a quarterly dividend of $0.85 per share, reflecting an annualized dividend of $3.40 and a yield of 3.3%, with a payout ratio of 62.85%.

Mizuho Markets Americas LLC lessened its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 42.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,434 shares of the utilities provider's stock after selling 10,805 shares during the period. Mizuho Markets Americas LLC's holdings in Consolidated Edison were worth $1,596,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Deutsche Bank AG increased its position in Consolidated Edison by 130.6% during the first quarter. Deutsche Bank AG now owns 3,926,814 shares of the utilities provider's stock worth $434,266,000 after buying an additional 2,223,959 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Consolidated Edison by 106.9% in the first quarter. JPMorgan Chase & Co. now owns 2,790,876 shares of the utilities provider's stock valued at $308,643,000 after purchasing an additional 1,441,785 shares during the period. GAMMA Investing LLC increased its holdings in shares of Consolidated Edison by 15,937.5% in the first quarter. GAMMA Investing LLC now owns 1,022,073 shares of the utilities provider's stock valued at $113,031,000 after purchasing an additional 1,015,700 shares during the period. Marshall Wace LLP increased its holdings in shares of Consolidated Edison by 232.3% in the fourth quarter. Marshall Wace LLP now owns 1,053,339 shares of the utilities provider's stock valued at $93,989,000 after purchasing an additional 736,348 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Consolidated Edison by 1.6% in the first quarter. Vanguard Group Inc. now owns 43,117,094 shares of the utilities provider's stock valued at $4,768,319,000 after purchasing an additional 661,432 shares during the period. Institutional investors and hedge funds own 66.29% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ED shares. KeyCorp restated an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Barclays lifted their price target on Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a research note on Monday, May 5th. Wells Fargo & Company lifted their price target on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Guggenheim boosted their target price on Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Finally, Mizuho boosted their target price on Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $105.20.

Consolidated Edison Stock Performance

NYSE ED opened at $104.55 on Friday. Consolidated Edison Inc has a fifty-two week low of $87.28 and a fifty-two week high of $114.87. The stock has a market cap of $37.67 billion, a price-to-earnings ratio of 18.97, a price-to-earnings-growth ratio of 3.33 and a beta of 0.24. The business has a fifty day moving average of $101.66 and a 200-day moving average of $103.18. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.01. Consolidated Edison had a return on equity of 8.68% and a net margin of 11.98%. The company had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.39 billion. During the same period in the previous year, the firm posted $0.59 earnings per share. As a group, analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison's payout ratio is 62.85%.

Consolidated Edison Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.

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