Magellan Asset Management Ltd Has $27.72 Million Stock Position in Consolidated Edison Inc (NYSE:ED)

Key Points

• Magellan Asset Management Ltd reduced its stake in Consolidated Edison Inc by 4.1% in the first quarter, now holding about 0.07% of the company valued at $27.72 million.
• The company reported an earnings surpassing estimates with $0.67 earnings per share for the quarter against a consensus estimate of $0.66.
• Consolidated Edison announced a quarterly dividend of $0.85 per share, reflecting an annual yield of 3.3%, with a payout ratio of 62.85%.

Magellan Asset Management Ltd lessened its stake in Consolidated Edison Inc (NYSE:ED - Free Report) by 4.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 250,653 shares of the utilities provider's stock after selling 10,800 shares during the quarter. Magellan Asset Management Ltd owned about 0.07% of Consolidated Edison worth $27,720,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ED. Merit Financial Group LLC raised its holdings in Consolidated Edison by 16.8% during the 1st quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock worth $1,180,000 after buying an additional 1,533 shares during the period. Ritholtz Wealth Management acquired a new position in shares of Consolidated Edison in the first quarter valued at $227,000. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Consolidated Edison by 2.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider's stock valued at $27,649,000 after purchasing an additional 6,869 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new position in shares of Consolidated Edison in the first quarter valued at $217,000. Finally, GAMMA Investing LLC grew its stake in shares of Consolidated Edison by 45.0% in the first quarter. GAMMA Investing LLC now owns 9,242 shares of the utilities provider's stock valued at $1,022,000 after acquiring an additional 2,869 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Stock Performance

Shares of ED stock opened at $104.55 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.19 and a current ratio of 1.28. The company has a market capitalization of $37.67 billion, a P/E ratio of 18.97, a PEG ratio of 3.33 and a beta of 0.24. The stock has a 50 day moving average price of $101.66 and a two-hundred day moving average price of $103.18. Consolidated Edison Inc has a fifty-two week low of $87.28 and a fifty-two week high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.01. The company had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.39 billion. Consolidated Edison had a return on equity of 8.68% and a net margin of 11.98%. During the same period in the prior year, the firm earned $0.59 earnings per share. Analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison's dividend payout ratio is presently 62.85%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ED shares. Mizuho upped their price objective on shares of Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a research report on Friday. Morgan Stanley dropped their price objective on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a report on Wednesday, June 18th. Guggenheim increased their target price on shares of Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Barclays increased their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a research report on Monday, May 5th. Finally, KeyCorp reaffirmed an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $105.20.

About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.

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