USS Investment Management Ltd Sells 38,000 Shares of Consolidated Edison Inc $ED

Key Points

• USS Investment Management Ltd reduced its holdings in Consolidated Edison Inc by 39.9% during the 1st quarter, owning 57,246 shares after selling 38,000 shares.
• Consolidated Edison recently declared a quarterly dividend of $0.85, with a current yield of 3.5% and a payout ratio of 61.71%.
• Current analyst ratings for Consolidated Edison include a mix of Buy, Hold, and Sell recommendations, with a consensus price target of $105.82.

USS Investment Management Ltd reduced its position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 39.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 57,246 shares of the utilities provider's stock after selling 38,000 shares during the quarter. USS Investment Management Ltd's holdings in Consolidated Edison were worth $6,330,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ED. Raab & Moskowitz Asset Management LLC increased its position in Consolidated Edison by 4.0% during the 1st quarter. Raab & Moskowitz Asset Management LLC now owns 4,636 shares of the utilities provider's stock valued at $513,000 after purchasing an additional 180 shares during the period. Nissay Asset Management Corp Japan ADV increased its position in Consolidated Edison by 1.8% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 43,668 shares of the utilities provider's stock valued at $4,829,000 after purchasing an additional 783 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Consolidated Edison by 8.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,349 shares of the utilities provider's stock valued at $4,352,000 after purchasing an additional 3,017 shares during the period. Alliancebernstein L.P. increased its position in Consolidated Edison by 13.5% during the 1st quarter. Alliancebernstein L.P. now owns 521,074 shares of the utilities provider's stock valued at $57,626,000 after purchasing an additional 61,830 shares during the period. Finally, AQR Capital Management LLC increased its position in Consolidated Edison by 7.5% during the 1st quarter. AQR Capital Management LLC now owns 1,227,747 shares of the utilities provider's stock valued at $135,506,000 after purchasing an additional 85,438 shares during the period. 66.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Morgan Stanley reissued an "underweight" rating on shares of Consolidated Edison in a research report on Thursday, August 21st. Barclays boosted their price objective on shares of Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a research report on Wednesday, August 13th. Bank of America downgraded shares of Consolidated Edison from a "buy" rating to an "underperform" rating and reduced their price objective for the company from $112.00 to $101.00 in a research report on Friday, August 15th. Scotiabank boosted their target price on shares of Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a report on Monday, August 11th. Finally, Mizuho boosted their target price on shares of Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Consolidated Edison presently has an average rating of "Hold" and a consensus target price of $105.82.

Consolidated Edison Stock Down 0.2%

Shares of ED stock traded down $0.17 during mid-day trading on Friday, reaching $97.53. 593,395 shares of the company's stock traded hands, compared to its average volume of 2,728,867. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87. The company has a market cap of $35.17 billion, a P/E ratio of 17.69, a P/E/G ratio of 2.70 and a beta of 0.28. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04. The company's 50-day moving average price is $100.97 and its 200-day moving average price is $103.90.

Consolidated Edison (NYSE:ED - Get Free Report) last announced 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 for the quarter, compared to analysts' expectations of $3.39 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. During the same quarter in the previous year, the business posted $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, equities analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, August 13th will be paid a $0.85 dividend. The ex-dividend date is Wednesday, August 13th. This represents a $3.40 dividend on an annualized basis and a yield of 3.5%. Consolidated Edison's payout ratio 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.