Healthcare of Ontario Pension Plan Trust Fund Sells 422,488 Shares of Consolidated Edison Inc $ED

Key Points

• Healthcare of Ontario Pension Plan Trust Fund cut its Consolidated Edison stake by 69.4% in the first quarter, selling 422,488 shares and retaining 186,480 shares valued at approximately $21.1 million.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and an average price target of $107.87; ratings include two Buys, seven Holds, and six Sells.
• Consolidated Edison declared a quarterly dividend of $0.8875 per share, equivalent to an annualized $3.55 and a 3.1% yield, payable September 15 to shareholders of record August 19.

Healthcare of Ontario Pension Plan Trust Fund reduced its stake in Consolidated Edison Inc (NYSE:ED - Free Report) by 69.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 186,480 shares of the utilities provider's stock after selling 422,488 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned 0.05% of Consolidated Edison worth $21,106,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Basepoint Wealth LLC acquired a new position in shares of Consolidated Edison during the 4th quarter worth approximately $26,000. JPL Wealth Management LLC bought a new stake in shares of Consolidated Edison during the 3rd quarter worth approximately $26,000. Westfuller Advisors LLC acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $27,000. Sachetta LLC boosted its holdings in shares of Consolidated Edison by 72.9% in the 1st 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. Finally, Dorato Capital Management bought a new position in shares of Consolidated Edison in the fourth quarter valued at $28,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on ED. The Goldman Sachs Group restated a "sell" rating and issued a $105.00 price objective on shares of Consolidated Edison in a research note on Thursday, May 14th. Barclays reduced their target price on Consolidated Edison from $110.00 to $107.00 and set an "underweight" rating for the company in a research note on Monday, May 11th. Argus set a $112.00 target price on Consolidated Edison in a report on Tuesday, June 23rd. Wells Fargo & Company set a $98.00 price target on Consolidated Edison in a research note on Tuesday, April 21st. Finally, Mizuho reaffirmed a "neutral" rating and set a $105.00 price target on shares of Consolidated Edison in a report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Reduce" and a consensus target price of $107.87.

Consolidated Edison Stock Performance

NYSE:ED opened at $112.97 on Monday. Consolidated Edison Inc has a twelve month low of $94.96 and a twelve month high of $116.23. The company has a quick ratio of 1.09, a current ratio of 1.19 and a debt-to-equity ratio of 1.00. The stock's 50-day simple moving average is $109.04 and its 200 day simple moving average is $109.09. The firm has a market capitalization of $41.63 billion, a PE ratio of 19.02, a price-to-earnings-growth ratio of 2.93 and a beta of 0.27.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be issued a $0.8875 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $3.55 annualized dividend and a yield of 3.1%. Consolidated Edison's dividend payout ratio is presently 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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