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

AMF Tjanstepension AB lessened its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 9.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 451,449 shares of the utilities provider’s stock after selling 46,533 shares during the period. AMF Tjanstepension AB’s holdings in Consolidated Edison were worth $47,044,000 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. Stifel Financial Corp increased its position in shares of Consolidated Edison by 2.5% during the 4th quarter. Stifel Financial Corp now owns 111,985 shares of the utilities provider’s stock valued at $10,187,000 after purchasing an additional 2,720 shares during the last quarter. Bank of Nova Scotia increased its position in Consolidated Edison by 25.2% during the 4th quarter. Bank of Nova Scotia now owns 49,194 shares of the utilities provider’s stock valued at $4,475,000 after buying an additional 9,897 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Consolidated Edison by 0.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 239,235 shares of the utilities provider’s stock valued at $21,763,000 after buying an additional 1,347 shares in the last quarter. NEOS Investment Management LLC increased its position in Consolidated Edison by 31.8% during the 4th quarter. NEOS Investment Management LLC now owns 4,900 shares of the utilities provider’s stock valued at $446,000 after buying an additional 1,182 shares in the last quarter. Finally, Rafferty Asset Management LLC increased its holdings in shares of Consolidated Edison by 9.6% in the 4th quarter. Rafferty Asset Management LLC now owns 38,514 shares of the utilities provider’s stock worth $3,504,000 after purchasing an additional 3,367 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ED shares. Wells Fargo & Company raised their price target on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Argus raised Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Barclays upped their target price on Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research note on Monday, August 5th. Morgan Stanley upped their target price on Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a report on Wednesday, September 25th. Finally, Guggenheim upped their price target on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $93.81.

Consolidated Edison Stock Down 0.7 %

ED stock opened at $104.45 on Thursday. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $105.99. The company has a market capitalization of $36.12 billion, a price-to-earnings ratio of 20.05, a price-to-earnings-growth ratio of 3.52 and a beta of 0.36. The firm’s 50-day moving average is $101.75 and its two-hundred day moving average is $95.45. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same period in the previous year, the firm posted $0.61 earnings per share. On average, analysts forecast that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is 63.72%.

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.