Sumitomo Mitsui Trust Group Inc. Sells 44,527 Shares of Consolidated Edison Inc $ED

Key Points

• Sumitomo Mitsui Trust Group Inc. reduced its stake in Consolidated Edison by 4.5% in the first quarter, selling 44,527 shares and ending with 941,617 shares worth about $106.6 million.
• Consolidated Edison shares rose 0.9% to $111.24, with the company now valued at about $41 billion and trading near its 52-week range of $94.96 to $116.23.
• The utility paid a quarterly dividend of $0.8875 per share, equal to an annualized yield of 3.2%, while analysts currently have a consensus rating of “Reduce” and a consensus price target of $108.07.

Sumitomo Mitsui Trust Group Inc. cut its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 4.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 941,617 shares of the utilities provider's stock after selling 44,527 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.26% of Consolidated Edison worth $106,572,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ED. Basepoint Wealth LLC bought a new stake in shares of Consolidated Edison in the 4th quarter valued at $26,000. JPL Wealth Management LLC bought a new position in Consolidated Edison during the third quarter worth about $26,000. Aventura Private Wealth LLC bought a new position in Consolidated Edison during the fourth quarter worth about $27,000. Westfuller Advisors LLC bought a new position in Consolidated Edison during the fourth quarter worth about $27,000. Finally, Dorato Capital Management acquired a new position in Consolidated Edison in the fourth quarter valued at about $28,000. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Stock Up 0.9%

Shares of ED stock traded up $0.97 on Friday, hitting $111.24. 1,343,906 shares of the stock were exchanged, compared to its average volume of 2,254,874. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $41.00 billion, a P/E ratio of 18.73, a price-to-earnings-growth ratio of 2.80 and a beta of 0.27. Consolidated Edison Inc has a fifty-two week low of $94.96 and a fifty-two week high of $116.23. The business has a 50-day moving average of $108.12 and a 200 day moving average of $108.15.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Wednesday, May 13th were issued a $0.8875 dividend. The ex-dividend date was Wednesday, May 13th. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.2%. Consolidated Edison's dividend payout ratio (DPR) is 59.76%.

Analysts Set New Price Targets

Several brokerages have issued reports on ED. Evercore set a $116.00 price target on Consolidated Edison in a report on Monday, May 11th. The Goldman Sachs Group reiterated a "sell" rating and set a $105.00 price objective on shares of Consolidated Edison in a report on Thursday, May 14th. Argus set a $112.00 price objective on Consolidated Edison in a research report on Tuesday, June 23rd. Mizuho reissued a "neutral" rating and set a $105.00 target price on shares of Consolidated Edison in a research note on Tuesday, June 2nd. Finally, KeyCorp raised their target price on shares of Consolidated Edison from $96.00 to $97.00 and gave the stock an "underweight" rating in a report on Tuesday, April 21st. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price of $108.07.

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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