Nuveen LLC Invests $146.07 Million in Consolidated Edison Inc (NYSE:ED)

Key Points

• Nuveen LLC invested approximately $146.07 million in Consolidated Edison Inc during the 1st quarter, acquiring 1,320,849 shares which represents about 0.37% of the company's total stock.
• Analysts have raised their price targets for Consolidated Edison, with Mizuho forecasting a target price increase to $112.00 and the stock currently holding an average price target of $105.70.
• The company declared a quarterly dividend of $0.85 per share, yielding an annualized dividend of $3.40, with a payout ratio of 61.71%.

Nuveen LLC purchased a new stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,320,849 shares of the utilities provider's stock, valued at approximately $146,073,000. Nuveen LLC owned approximately 0.37% of Consolidated Edison at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Alpine Bank Wealth Management bought a new position in Consolidated Edison in the 1st quarter worth $32,000. Fort Vancouver Investment Management LLC purchased a new position in shares of Consolidated Edison in the first quarter valued at about $33,000. Cary Street Partners Investment Advisory LLC boosted its stake in shares of Consolidated Edison by 64.9% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock worth $34,000 after acquiring an additional 120 shares during the period. Elite Financial Inc. purchased a new stake in shares of Consolidated Edison during the first quarter worth about $38,000. Finally, Wood Tarver Financial Group LLC bought a new stake in Consolidated Edison during the 4th quarter valued at approximately $35,000. 66.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ED has been the subject of several recent analyst reports. Mizuho upped their price target on Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Scotiabank reissued a "sector perform" rating and issued a $106.00 target price (up previously from $101.00) on shares of Consolidated Edison in a report on Monday. KeyCorp reaffirmed an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Bank of America cut shares of Consolidated Edison from a "buy" rating to an "underperform" rating and decreased their price target for the stock from $112.00 to $101.00 in a research note on Friday. Finally, Morgan Stanley cut their price objective on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a research report on Wednesday, June 18th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Consolidated Edison currently has a consensus rating of "Hold" and an average price target of $105.82.

Consolidated Edison Trading Down 2.2%

ED stock traded down $2.28 during midday trading on Friday, reaching $100.58. 2,249,125 shares of the company traded hands, compared to its average volume of 2,733,075. The firm has a market capitalization of $36.28 billion, a price-to-earnings ratio of 18.25, a P/E/G ratio of 3.31 and a beta of 0.24. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week high of $114.87. The business has a 50 day moving average of $101.71 and a 200-day moving average of $103.42. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.10.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.39 billion. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%. During the same period last year, the company earned $0.59 earnings per share. As a group, sell-side analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be paid a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 annualized dividend and a yield of 3.4%. Consolidated Edison's dividend payout ratio (DPR) is presently 61.71%.

Consolidated Edison Profile

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.