Magellan Asset Management Ltd Buys 76,964 Shares of Consolidated Edison Inc $ED

Key Points

• Magellan Asset Management boosted its Consolidated Edison stake by 24.5% in the first quarter, buying 76,964 additional shares and bringing its holding to 390,866 shares worth about $44.2 million.
• Consolidated Edison recently declared a quarterly dividend of $0.8875 per share, or $3.55 annualized, which implies a 3.2% yield. The dividend will be paid on September 15 to shareholders of record on August 19.
• Analysts remain cautious on ED, with an average rating of “Reduce” and an average price target of $108.07, while the stock recently traded at $109.87.

Magellan Asset Management Ltd increased its stake in Consolidated Edison Inc (NYSE:ED - Free Report) by 24.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 390,866 shares of the utilities provider's stock after buying an additional 76,964 shares during the quarter. Magellan Asset Management Ltd owned approximately 0.11% of Consolidated Edison worth $44,238,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ED. Basepoint Wealth LLC bought a new stake in Consolidated Edison during the fourth quarter worth $26,000. JPL Wealth Management LLC bought a new position in shares of Consolidated Edison in the 3rd quarter valued at about $26,000. Aventura Private Wealth LLC bought a new position in shares of Consolidated Edison in the 4th quarter valued at about $27,000. Westfuller Advisors LLC acquired a new position in shares of Consolidated Edison during the 4th quarter worth about $27,000. Finally, Sachetta LLC increased its stake in shares of Consolidated Edison by 72.9% during the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider's stock worth $27,000 after purchasing an additional 102 shares during the last quarter. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Price Performance

NYSE:ED opened at $109.87 on Wednesday. Consolidated Edison Inc has a 52 week low of $94.96 and a 52 week high of $116.23. The firm has a market cap of $40.49 billion, a price-to-earnings ratio of 18.50, a P/E/G ratio of 2.82 and a beta of 0.27. The firm's 50-day simple moving average is $108.65 and its 200 day simple moving average is $108.80. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.09 and a current ratio of 1.19.

Consolidated Edison Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts recently issued reports on ED shares. KeyCorp raised their target price on shares of Consolidated Edison from $96.00 to $97.00 and gave the company an "underweight" rating in a research note on Tuesday, April 21st. Barclays lowered their price target on Consolidated Edison from $110.00 to $107.00 and set an "underweight" rating on the stock in a research report on Monday, May 11th. Argus set a $112.00 price objective on Consolidated Edison in a research note on Tuesday, June 23rd. Morgan Stanley reaffirmed an "underweight" rating on shares of Consolidated Edison in a research report on Wednesday, June 24th. Finally, Mizuho reiterated a "neutral" rating and set a $105.00 target price on shares of Consolidated Edison in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Reduce" and an average price target of $108.07.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.