Hsbc Holdings PLC Reduces Stock Holdings in Consolidated Edison Inc $ED

Key Points

• HSBC Holdings cut its stake in Consolidated Edison by 5.6% in the first quarter, selling 49,724 shares and leaving it with 846,000 shares valued at about $95.7 million.
• Institutional ownership remains high, with 66.29% of Consolidated Edison’s stock held by hedge funds and other institutional investors.
• Analysts are mixed on the stock: the consensus rating is "Reduce", though the average price target is $108.07 and the shares recently opened at $112.40.

Hsbc Holdings PLC trimmed its position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 5.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 846,000 shares of the utilities provider's stock after selling 49,724 shares during the period. Hsbc Holdings PLC owned 0.23% of Consolidated Edison worth $95,651,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Basepoint Wealth LLC purchased a new position in shares of Consolidated Edison during the 4th quarter valued at $26,000. JPL Wealth Management LLC purchased a new stake in Consolidated Edison in the 3rd quarter worth about $26,000. Aventura Private Wealth LLC purchased a new stake in Consolidated Edison in the 4th quarter worth about $27,000. Westfuller Advisors LLC bought a new stake in Consolidated Edison in the 4th quarter valued at about $27,000. Finally, Dorato Capital Management purchased a new stake in Consolidated Edison during the fourth quarter valued at about $28,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ED shares. Mizuho reiterated a "neutral" rating and set a $105.00 target price on shares of Consolidated Edison in a research report on Tuesday, June 2nd. Weiss Ratings raised shares of Consolidated Edison from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, April 24th. Evercore set a $116.00 price target on shares of Consolidated Edison in a research note on Monday, May 11th. KeyCorp raised their price objective on shares of Consolidated Edison from $96.00 to $97.00 and gave the stock an "underweight" rating in a report on Tuesday, April 21st. Finally, Argus set a $112.00 price objective on shares of Consolidated Edison in a research note on Tuesday, June 23rd. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Reduce" and an average price target of $108.07.

Consolidated Edison Price Performance

Shares of NYSE:ED opened at $112.40 on Monday. The company has a 50 day moving average of $108.49 and a 200 day moving average of $108.65. The stock has a market cap of $41.42 billion, a P/E ratio of 18.92, a P/E/G ratio of 2.86 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.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be issued a $0.8875 dividend. This represents a $3.55 annualized dividend 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%.

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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