Y Intercept Hong Kong Ltd Sells 46,002 Shares of Consolidated Edison Inc $ED

Key Points

• Y Intercept Hong Kong Ltd cut its Consolidated Edison stake by 92.3% in the first quarter, selling 46,002 shares and leaving it with 3,845 shares worth about $435,000.
• Consolidated Edison shares were trading around $112.11, giving the utility a market cap of about $41.31 billion; the stock is near its 52-week high and remains below the peak of $116.23.
• The company paid a quarterly dividend of $0.8875 per share, or $3.55 annualized, for a yield of about 3.2%. Analysts are mixed on the stock, with a consensus rating of “Reduce” and a consensus target price of $108.07.

Y Intercept Hong Kong Ltd reduced its holdings in Consolidated Edison Inc (NYSE:ED - Free Report) by 92.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,845 shares of the utilities provider's stock after selling 46,002 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Consolidated Edison were worth $435,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Lazard Asset Management LLC raised its position in Consolidated Edison by 121,543.9% in the 3rd quarter. Lazard Asset Management LLC now owns 5,960,553 shares of the utilities provider's stock valued at $599,155,000 after purchasing an additional 5,955,653 shares during the last quarter. Norges Bank acquired a new position in Consolidated Edison in the fourth quarter worth $489,806,000. Deutsche Bank AG grew its holdings in shares of Consolidated Edison by 101.4% during the fourth quarter. Deutsche Bank AG now owns 3,617,361 shares of the utilities provider's stock worth $359,276,000 after purchasing an additional 1,820,877 shares during the last quarter. PFA Pension Forsikringsaktieselskab bought a new stake in shares of Consolidated Edison during the fourth quarter worth $113,977,000. Finally, AQR Capital Management LLC increased its stake in shares of Consolidated Edison by 104.6% in the third quarter. AQR Capital Management LLC now owns 1,905,678 shares of the utilities provider's stock valued at $190,530,000 after buying an additional 974,419 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Up 0.3%

Shares of NYSE ED opened at $112.11 on Wednesday. The firm has a market capitalization of $41.31 billion, a PE ratio of 18.87, a price-to-earnings-growth ratio of 2.84 and a beta of 0.27. 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 Inc has a 1 year low of $94.96 and a 1 year high of $116.23. The firm's 50-day moving average is $108.18 and its 200-day moving average is $108.39.

Consolidated Edison Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. The Goldman Sachs Group reaffirmed a "sell" rating and issued a $105.00 price target on shares of Consolidated Edison in a report on Thursday, May 14th. Evercore set a $116.00 price objective on shares of Consolidated Edison in a report on Monday, May 11th. Weiss Ratings upgraded shares of Consolidated Edison from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, April 24th. Morgan Stanley restated an "underweight" rating on shares of Consolidated Edison in a research report on Wednesday, June 24th. Finally, Mizuho reaffirmed a "neutral" rating and issued a $105.00 target price on shares of Consolidated Edison in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat.com, Consolidated Edison currently has a consensus rating of "Reduce" and a consensus target price of $108.07.

Consolidated Edison Company Profile

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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