Sumitomo Mitsui Trust Group Inc. Grows Stake in Consolidated Edison Inc (NYSE:ED)

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 1.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 974,065 shares of the utilities provider's stock after purchasing an additional 12,527 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.27% of Consolidated Edison worth $107,722,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in ED. Norges Bank purchased a new position in shares of Consolidated Edison during the fourth quarter valued at about $399,824,000. GAMMA Investing LLC boosted its position in Consolidated Edison by 15,937.5% during the 1st quarter. GAMMA Investing LLC now owns 1,022,073 shares of the utilities provider's stock valued at $113,031,000 after acquiring an additional 1,015,700 shares in the last quarter. ExodusPoint Capital Management LP boosted its position in Consolidated Edison by 412.0% during the 4th quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider's stock valued at $97,564,000 after acquiring an additional 879,866 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Consolidated Edison by 27.9% during the 4th quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider's stock worth $332,090,000 after acquiring an additional 812,885 shares during the period. Finally, Marshall Wace LLP raised its position in shares of Consolidated Edison by 232.3% in the 4th quarter. Marshall Wace LLP now owns 1,053,339 shares of the utilities provider's stock worth $93,989,000 after acquiring an additional 736,348 shares in the last quarter. Institutional investors own 66.29% of the company's stock.

Analyst Ratings Changes

ED has been the topic of several research reports. KeyCorp cut Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price target on the stock. in a research note on Wednesday, May 14th. Mizuho upgraded shares of Consolidated Edison from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $105.00 to $107.00 in a report on Monday. UBS Group upped their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Citigroup lifted their price objective on Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a research note on Wednesday, April 9th. Finally, Guggenheim increased their target price on Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Three analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $105.27.

Consolidated Edison Stock Performance

ED stock traded up $0.16 during midday trading on Thursday, reaching $100.08. 1,316,576 shares of the company's stock traded hands, compared to its average volume of 2,381,770. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 1.04. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week high of $114.87. The stock has a market cap of $36.06 billion, a P/E ratio of 18.50, a PEG ratio of 3.22 and a beta of 0.26. The stock's 50-day moving average is $104.14 and its 200 day moving average is $100.84.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.05). Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. The company had revenue of $4.80 billion during the quarter, compared to analysts' expectations of $4.21 billion. During the same quarter last year, the company earned $2.15 earnings per share. As a group, analysts anticipate that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th were paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend was Wednesday, May 14th. Consolidated Edison's payout ratio is 62.85%.

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.