Zurcher Kantonalbank Zurich Cantonalbank Sells 90,711 Shares of Consolidated Edison Inc (NYSE:ED)

Key Points

• Zurcher Kantonalbank reduced its holdings in Consolidated Edison Inc by 21.8%, owning approximately 325,395 shares worth about $35.99 million after selling 90,711 shares in the first quarter.
• Several institutional investors, including Norges Bank and GAMMA Investing LLC, have increased their stakes in Consolidated Edison, with GAMMA's holding growing by 15,937.5% to over 1 million shares.
• Consolidated Edison announced a quarterly dividend of $0.85 per share, representing an annualized yield of 3.33%, with a dividend payout ratio of 62.85%.

Zurcher Kantonalbank Zurich Cantonalbank cut its position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 21.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 325,395 shares of the utilities provider's stock after selling 90,711 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.09% of Consolidated Edison worth $35,985,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in shares of Consolidated Edison by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 8,984,022 shares of the utilities provider's stock worth $799,684,000 after purchasing an additional 130,234 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Consolidated Edison by 6.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,820,449 shares of the utilities provider's stock worth $430,129,000 after purchasing an additional 271,088 shares during the last quarter. Norges Bank purchased a new position in shares of Consolidated Edison in the fourth quarter worth $399,824,000. Northern Trust Corp raised its stake in shares of Consolidated Edison by 10.2% in the fourth quarter. Northern Trust Corp now owns 4,207,753 shares of the utilities provider's stock worth $375,458,000 after purchasing an additional 390,708 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Consolidated Edison by 27.9% in the fourth quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider's stock worth $332,090,000 after purchasing an additional 812,885 shares during the last quarter. 66.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Mizuho upgraded Consolidated Edison from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $105.00 to $107.00 in a research note on Monday, June 30th. KeyCorp restated an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Citigroup upped their price objective on Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, April 9th. Guggenheim upped their price objective on Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Finally, Wells Fargo & Company upped their price objective on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $105.09.

Consolidated Edison Stock Performance

ED traded up $0.46 during midday trading on Thursday, reaching $103.05. The company had a trading volume of 444,929 shares, compared to its average volume of 2,737,271. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04. The business has a 50-day moving average of $101.54 and a two-hundred day moving average of $102.47. The company has a market cap of $37.13 billion, a P/E ratio of 19.05, a P/E/G ratio of 3.26 and a beta of 0.26. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year high of $114.87.

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

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison's payout ratio is 62.85%.

Consolidated Edison Company 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.