Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Consolidated Edison, Inc. (NYSE:ED) by 8.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 609,563 shares of the utilities provider’s stock after acquiring an additional 47,181 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Consolidated Edison were worth $54,397,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. TD Private Client Wealth LLC lifted its position in Consolidated Edison by 4.7% in the third quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider’s stock valued at $243,000 after purchasing an additional 104 shares during the last quarter. Jacobi Capital Management LLC increased its stake in shares of Consolidated Edison by 4.2% in the fourth quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider’s stock worth $229,000 after buying an additional 104 shares during the period. Richwood Investment Advisors LLC raised its holdings in Consolidated Edison by 2.3% during the 4th quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider’s stock valued at $463,000 after buying an additional 115 shares during the last quarter. D.A. Davidson & CO. raised its holdings in Consolidated Edison by 1.1% during the 3rd quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock valued at $1,160,000 after buying an additional 124 shares during the last quarter. Finally, Penobscot Investment Management Company Inc. boosted its position in Consolidated Edison by 5.7% during the 4th quarter. Penobscot Investment Management Company Inc. now owns 2,300 shares of the utilities provider’s stock valued at $205,000 after buying an additional 125 shares during the period. Institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

ED has been the topic of a number of analyst reports. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Morgan Stanley upped their price target on Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a research report on Thursday, March 20th. Scotiabank lifted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research report on Monday, February 24th. Barclays boosted their target price on Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research note on Monday, February 24th. Finally, UBS Group raised their price target on Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $102.40.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $108.81 on Friday. The business has a fifty day simple moving average of $99.56 and a two-hundred day simple moving average of $98.56. The firm has a market capitalization of $37.73 billion, a P/E ratio of 20.77, a P/E/G ratio of 3.05 and a beta of 0.30. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 12 month low of $87.28 and a 12 month high of $109.44.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.63 billion. On average, equities analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date was Wednesday, February 19th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio (DPR) is 64.89%.

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.