AMF Tjanstepension AB Takes Position in Consolidated Edison, Inc. (NYSE:ED)

AMF Tjanstepension AB acquired a new position in shares of Consolidated Edison, Inc. (NYSE:ED) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 145,079 shares of the utilities provider’s stock, valued at approximately $13,193,000.

Several other institutional investors have also recently added to or reduced their stakes in ED. Norges Bank purchased a new stake in Consolidated Edison during the 4th quarter worth approximately $243,511,000. International Assets Investment Management LLC grew its stake in Consolidated Edison by 9,063.6% during the 4th quarter. International Assets Investment Management LLC now owns 519,028 shares of the utilities provider’s stock worth $47,216,000 after purchasing an additional 513,364 shares in the last quarter. Retirement Systems of Alabama increased its holdings in Consolidated Edison by 408.8% during the 4th quarter. Retirement Systems of Alabama now owns 396,849 shares of the utilities provider’s stock worth $36,101,000 after purchasing an additional 318,858 shares during the period. Schonfeld Strategic Advisors LLC increased its holdings in Consolidated Edison by 1,560.1% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 301,292 shares of the utilities provider’s stock worth $25,770,000 after purchasing an additional 283,143 shares during the period. Finally, Pinebridge Investments L.P. raised its position in Consolidated Edison by 56.1% in the 4th quarter. Pinebridge Investments L.P. now owns 702,721 shares of the utilities provider’s stock valued at $63,927,000 after purchasing an additional 252,617 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Trading Down 0.3 %

NYSE ED opened at $89.42 on Friday. The stock has a market capitalization of $30.92 billion, a P/E ratio of 17.16, a P/E/G ratio of 2.28 and a beta of 0.35. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $98.85. The firm has a 50-day moving average price of $93.56 and a 200 day moving average price of $91.14. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.26. The firm had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.83 earnings per share. Equities research analysts expect that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Wednesday, May 15th were given a dividend of $0.83 per share. The ex-dividend date was Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.71%. Consolidated Edison’s dividend payout ratio (DPR) is currently 63.72%.

Wall Street Analyst Weigh In

ED has been the subject of a number of recent research reports. Barclays lifted their price target on shares of Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 7th. Mizuho lifted their price target on Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Argus upgraded Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Scotiabank decreased their target price on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research note on Monday, April 22nd. Finally, Morgan Stanley dropped their price target on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a research note on Monday, June 24th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and an average target price of $89.27.

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.