Danica Pension Livsforsikringsaktieselskab Invests $9.66 Million in Consolidated Edison Inc $ED

Key Points

• Danica Pension bought a new stake in Consolidated Edison during the first quarter, acquiring 85,389 shares valued at about $9.66 million.
• Consolidated Edison’s stock was trading around $109.87, with a market cap of roughly $40.5 billion and a low-beta profile of 0.27, reflecting its defensive utility nature.
• The company declared a quarterly dividend of $0.8875 per share, implying an annualized payout of $3.55 and a 3.2% yield; analysts currently have a consensus rating of “Reduce” with a $108.07 price target.

Danica Pension Livsforsikringsaktieselskab acquired a new stake in Consolidated Edison Inc (NYSE:ED - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 85,389 shares of the utilities provider's stock, valued at approximately $9,664,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ED. QRG Capital Management Inc. raised its holdings in shares of Consolidated Edison by 16.9% during the 1st quarter. QRG Capital Management Inc. now owns 204,989 shares of the utilities provider's stock worth $23,201,000 after acquiring an additional 29,635 shares during the period. North Dakota State Investment Board acquired a new stake in Consolidated Edison during the fourth quarter worth about $1,228,000. Los Angeles Capital Management LLC raised its stake in Consolidated Edison by 9.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 253,230 shares of the utilities provider's stock worth $24,865,000 after purchasing an additional 20,972 shares during the period. Arbejdsmarkedets Tillaegspension purchased a new position in Consolidated Edison during the fourth quarter worth about $24,109,000. Finally, Dougherty & Associates LLC acquired a new position in Consolidated Edison in the 4th quarter valued at about $1,965,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Consolidated Edison Stock Performance

NYSE:ED opened at $109.87 on Wednesday. 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 firm has a 50-day moving average price of $108.65 and a two-hundred day moving average price of $108.80. Consolidated Edison Inc has a twelve month low of $94.96 and a twelve month high of $116.23. The company has a market capitalization of $40.49 billion, a P/E ratio of 18.50, a price-to-earnings-growth ratio of 2.82 and a beta of 0.27.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be paid a $0.8875 dividend. This represents a $3.55 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Wednesday, August 19th. Consolidated Edison's dividend payout ratio (DPR) is presently 59.76%.

Analyst Upgrades and Downgrades

ED has been the topic of several recent analyst reports. Barclays decreased their price objective on shares of Consolidated Edison from $110.00 to $107.00 and set an "underweight" rating on the stock in a report on Monday, May 11th. Wells Fargo & Company set a $98.00 price objective on shares of Consolidated Edison in a research note on Tuesday, April 21st. Evercore set a $116.00 target price on shares of Consolidated Edison in a research note on Monday, May 11th. Argus set a $112.00 price target on shares of Consolidated Edison in a research report on Tuesday, June 23rd. Finally, Mizuho restated a "neutral" rating and issued a $105.00 price target on shares of Consolidated Edison in a research note on Tuesday, June 2nd. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus price target of $108.07.

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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