Hsbc Holdings PLC Cuts Stock Position in Consolidated Edison Inc $ED

Key Points

• HSBC Holdings PLC cut its stake in Consolidated Edison by 9.3% in the fourth quarter, selling 91,437 shares and leaving it with 895,724 shares worth about $88.96 million.
• Other institutional investors also made modest portfolio changes, and overall 66.29% of Consolidated Edison’s stock is held by hedge funds and other institutions.
• Analysts remain cautious on the stock: the consensus rating is “Reduce” with an average target price of $108.07, even as the shares recently traded above that level at $113.96.

Hsbc Holdings PLC lessened its holdings in Consolidated Edison Inc (NYSE:ED - Free Report) by 9.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 895,724 shares of the utilities provider's stock after selling 91,437 shares during the quarter. Hsbc Holdings PLC owned 0.25% of Consolidated Edison worth $88,960,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in ED. GW&K Investment Management LLC grew its position in Consolidated Edison by 28.5% during the fourth quarter. GW&K Investment Management LLC now owns 419 shares of the utilities provider's stock valued at $42,000 after buying an additional 93 shares during the period. Meadowbrook Wealth Management LLC increased its holdings in Consolidated Edison by 2.2% during the fourth quarter. Meadowbrook Wealth Management LLC now owns 4,687 shares of the utilities provider's stock worth $466,000 after buying an additional 100 shares during the last quarter. bLong Financial LLC raised its position in Consolidated Edison by 1.3% in the fourth quarter. bLong Financial LLC now owns 7,775 shares of the utilities provider's stock worth $772,000 after acquiring an additional 100 shares during the period. Bridgewater Advisors Inc. raised its position in Consolidated Edison by 1.6% in the fourth quarter. Bridgewater Advisors Inc. now owns 6,635 shares of the utilities provider's stock worth $689,000 after acquiring an additional 105 shares during the period. Finally, Venture Visionary Partners LLC boosted its stake in Consolidated Edison by 2.0% in the fourth quarter. Venture Visionary Partners LLC now owns 5,606 shares of the utilities provider's stock valued at $557,000 after acquiring an additional 108 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Mizuho reissued a "neutral" rating and set a $105.00 target price on shares of Consolidated Edison in a research report on Tuesday, June 2nd. Evercore set a $116.00 price target on shares of Consolidated Edison in a report on Monday, May 11th. The Goldman Sachs Group reiterated a "sell" rating and issued a $105.00 price objective on shares of Consolidated Edison in a research note on Thursday, May 14th. JPMorgan Chase & Co. increased their price objective on Consolidated Edison from $107.00 to $113.00 and gave the company an "underweight" rating in a report on Thursday, March 12th. Finally, KeyCorp raised their target price on Consolidated Edison from $96.00 to $97.00 and gave the stock an "underweight" rating in a research report on Tuesday, April 21st. 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 stock. According to MarketBeat.com, the company currently has an average rating of "Reduce" and an average target price of $108.07.

Key Headlines Impacting Consolidated Edison

Here are the key news stories impacting Consolidated Edison this week:

• Negative Sentiment: Con Edison is reducing voltage in parts of the Bronx, Westchester, and other areas and asking customers to limit power use, signaling strain on the grid during extreme heat. Con Edison Calls for Power-Saving, Reduces Voltage by 8% in Some Areas -- Update
• Negative Sentiment: Thousands of customers lost power in the Bronx, Brooklyn, Staten Island, and other neighborhoods, which may raise concerns about service reliability and near-term operating disruption. 5,000 Con Edison customers in the Bronx without power amid heat wave
• Negative Sentiment: Con Edison’s repeated warnings for customers to conserve energy suggest the utility is actively managing peak-load stress, which can weigh on investor sentiment even if outages are temporary. As heat wave rages, Con Ed urges nearly 90,000 people in NYC, Westchester to limit power use
• Neutral Sentiment: The company elected Tali Farhadian to its Board of Directors, adding legal and regulatory experience; this is governance-related and unlikely to move the stock much in the near term. Con Edison Elects New Board Member

Consolidated Edison Price Performance

Shares of NYSE:ED opened at $113.96 on Friday. The firm has a market capitalization of $42.00 billion, a PE ratio of 19.18, a P/E/G ratio of 2.89 and a beta of 0.27. 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 company has a 50-day moving average price of $107.88 and a two-hundred day moving average price of $107.71. Consolidated Edison Inc has a twelve month low of $94.96 and a twelve month high of $116.23.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Wednesday, May 13th were paid a $0.8875 dividend. This represents a $3.55 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Wednesday, May 13th. Consolidated Edison's payout ratio is currently 59.76%.

About Consolidated Edison

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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