Meeder Asset Management Inc. Grows Stock Position in Consolidated Edison Inc $ED

Key Points

• Meeder Asset Management boosted its Consolidated Edison stake by 419.5% in the first quarter, ending with 19,814 shares valued at about $2.24 million.
• Other institutional investors also increased holdings, and 66.29% of Consolidated Edison’s stock is now owned by hedge funds and other institutions.
• Analysts are mostly cautious on ED: the stock has an average rating of "Reduce" with an average target price of $108.07, while the shares recently traded around $112.40 and the company announced a 3.2% dividend yield.

Meeder Asset Management Inc. lifted its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 419.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,814 shares of the utilities provider's stock after acquiring an additional 16,000 shares during the period. Meeder Asset Management Inc.'s holdings in Consolidated Edison were worth $2,243,000 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 lifted its holdings in Consolidated Edison by 28.5% in the 4th quarter. GW&K Investment Management LLC now owns 419 shares of the utilities provider's stock valued at $42,000 after purchasing an additional 93 shares in the last quarter. Meadowbrook Wealth Management LLC grew its holdings in shares of 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 in the last quarter. bLong Financial LLC grew its holdings in shares of Consolidated Edison by 1.3% during the fourth quarter. bLong Financial LLC now owns 7,775 shares of the utilities provider's stock worth $772,000 after buying an additional 100 shares in the last quarter. Sachetta LLC raised its position in shares of Consolidated Edison by 72.9% in the first 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, Bridgewater Advisors Inc. raised its position in shares of Consolidated Edison by 1.6% in the fourth quarter. Bridgewater Advisors Inc. now owns 6,635 shares of the utilities provider's stock valued at $689,000 after buying an additional 105 shares during the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on ED shares. KeyCorp boosted their price target on shares of Consolidated Edison from $96.00 to $97.00 and gave the stock an "underweight" rating in a research report on Tuesday, April 21st. Argus set a $112.00 target price on shares of Consolidated Edison in a research note on Tuesday, June 23rd. Wells Fargo & Company set a $98.00 target price on shares of Consolidated Edison in a research note on Tuesday, April 21st. The Goldman Sachs Group restated a "sell" rating and issued a $105.00 price target on shares of Consolidated Edison in a research report on Thursday, May 14th. Finally, Evercore set a $116.00 price target on Consolidated Edison in a report on Monday, May 11th. 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 company's stock. Based on data from MarketBeat, the stock has an average rating of "Reduce" and an average target price of $108.07.

Consolidated Edison Trading Up 0.0%

Shares of ED opened at $112.40 on Monday. Consolidated Edison Inc has a 12-month low of $94.96 and a 12-month high of $116.23. The firm has a market capitalization 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. The firm has a 50-day moving average price of $108.49 and a 200 day moving average price of $108.65. 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 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be paid a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 annualized dividend and a dividend yield of 3.2%. Consolidated Edison's dividend payout ratio is 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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