Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board lowered its holdings in Consolidated Edison, Inc. (NYSE:ED) by 15.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 595,189 shares of the utilities provider’s stock after selling 105,000 shares during the period. Canada Pension Plan Investment Board owned approximately 0.17% of Consolidated Edison worth $54,049,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Consolidated Edison by 3.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 418,244 shares of the utilities provider’s stock worth $38,897,000 after acquiring an additional 12,953 shares in the last quarter. Corient Private Wealth LLC increased its position in shares of Consolidated Edison by 4.6% in the fourth quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock worth $15,958,000 after acquiring an additional 7,725 shares in the last quarter. abrdn plc grew its holdings in Consolidated Edison by 30.2% during the 4th quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock valued at $28,373,000 after purchasing an additional 72,273 shares in the last quarter. UBS Group AG grew its holdings in Consolidated Edison by 14.7% during the 4th quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock valued at $44,437,000 after purchasing an additional 62,519 shares in the last quarter. Finally, Pacer Advisors Inc. grew its holdings in Consolidated Edison by 169.9% during the 4th quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock valued at $5,487,000 after purchasing an additional 37,971 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.5 %

Consolidated Edison stock opened at $96.44 on Friday. The firm’s 50-day moving average is $92.02 and its 200-day moving average is $91.19. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $98.55. The company has a market cap of $33.35 billion, a P/E ratio of 18.51, a PEG ratio of 2.45 and a beta of 0.34.

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 analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. During the same period last year, the firm posted $1.83 EPS. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. On average, equities analysts expect that Consolidated Edison, Inc. will post 5.32 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be issued a $0.83 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.44%. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of recent analyst reports. Argus raised shares of Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Barclays lowered shares of Consolidated Edison from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $97.00 to $92.00 in a report on Monday, July 22nd. Morgan Stanley lowered their price target on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a report on Monday, June 24th. Scotiabank lowered their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a report on Monday, April 22nd. Finally, Mizuho increased their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Consolidated Edison has a consensus rating of “Hold” and an average price target of $89.04.

About Consolidated Edison

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.