New York State Teachers Retirement System Buys 14,094 Shares of Consolidated Edison Inc $ED

Key Points

• New York State Teachers Retirement System increased its stake in Consolidated Edison by 4.5% in the first quarter, buying 14,094 additional shares and bringing its total holding to 330,732 shares worth about $37.4 million.
• Institutional ownership remains high, with 66.29% of the stock held by institutional investors, and several other funds also made small additions to their positions during the period.
• Wall Street sentiment is cautious: analysts currently have a consensus rating of “Reduce” on ED, with an average target price of $108.07, while the stock recently traded at $113.96 and also pays a quarterly dividend yielding about 3.1%.

New York State Teachers Retirement System raised its stake in Consolidated Edison Inc (NYSE:ED - Free Report) by 4.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 330,732 shares of the utilities provider's stock after acquiring an additional 14,094 shares during the quarter. New York State Teachers Retirement System owned approximately 0.09% of Consolidated Edison worth $37,432,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GW&K Investment Management LLC increased its stake in shares of Consolidated Edison by 28.5% during the 4th quarter. GW&K Investment Management LLC now owns 419 shares of the utilities provider's stock worth $42,000 after purchasing an additional 93 shares during the last quarter. Meadowbrook Wealth Management LLC raised its holdings in shares of Consolidated Edison by 2.2% in the 4th quarter. Meadowbrook Wealth Management LLC now owns 4,687 shares of the utilities provider's stock worth $466,000 after purchasing an additional 100 shares during the period. bLong Financial LLC lifted its stake in Consolidated Edison by 1.3% in the fourth quarter. bLong Financial LLC now owns 7,775 shares of the utilities provider's stock valued at $772,000 after purchasing an additional 100 shares during the last quarter. Bridgewater Advisors Inc. lifted its stake in 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 purchasing an additional 105 shares during the last quarter. Finally, Venture Visionary Partners LLC grew its holdings in Consolidated Edison by 2.0% during the fourth quarter. Venture Visionary Partners LLC now owns 5,606 shares of the utilities provider's stock valued at $557,000 after purchasing an additional 108 shares during the period. 66.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ED has been the subject of a number of recent research reports. 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. Morgan Stanley reaffirmed an "underweight" rating on shares of Consolidated Edison in a research report on Wednesday, June 24th. Mizuho reiterated a "neutral" rating and set a $105.00 price target on shares of Consolidated Edison in a research note on Tuesday, June 2nd. Argus set a $112.00 price objective on Consolidated Edison in a report on Tuesday, June 23rd. Finally, Barclays decreased their price objective on Consolidated Edison from $110.00 to $107.00 and set an "underweight" rating for the company in a report on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus target price of $108.07.

Consolidated Edison Stock Down 0.0%

ED opened at $113.96 on Friday. The company has a 50 day moving average of $107.88 and a 200 day moving average of $107.71. The company has a market cap of $42.00 billion, a PE ratio of 19.18, a price-to-earnings-growth ratio of 2.89 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 business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Wednesday, May 13th were given a dividend of $0.8875 per share. The ex-dividend date was Wednesday, May 13th. This represents a $3.55 annualized dividend and a dividend yield of 3.1%. Consolidated Edison's dividend payout ratio is currently 59.76%.

Consolidated Edison News Summary

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

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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