Magellan Asset Management Ltd Decreases Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Magellan Asset Management Ltd decreased its position in Consolidated Edison, Inc. (NYSE:ED) by 16.7% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 261,453 shares of the utilities provider’s stock after selling 52,600 shares during the period. Magellan Asset Management Ltd’s holdings in Consolidated Edison were worth $23,329,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Consolidated Edison in the 4th quarter worth about $399,824,000. Point72 Asset Management L.P. grew its holdings in shares of Consolidated Edison by 1,766.0% in the third quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock worth $102,980,000 after acquiring an additional 935,962 shares during the period. ExodusPoint Capital Management LP boosted its holdings in shares of Consolidated Edison by 412.0% in the fourth quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider’s stock worth $97,564,000 after buying an additional 879,866 shares during the last quarter. Burkehill Global Management LP purchased a new stake in shares of Consolidated Edison in the 4th quarter worth $53,538,000. Finally, FMR LLC raised its stake in shares of Consolidated Edison by 82.3% in the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock worth $132,081,000 after buying an additional 572,530 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analysts Set New Price Targets

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

Consolidated Edison Stock Down 0.4 %

Shares of NYSE ED opened at $109.58 on Thursday. Consolidated Edison, Inc. has a 52-week low of $87.28 and a 52-week high of $111.11. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The company’s 50-day simple moving average is $100.62 and its 200-day simple moving average is $98.64. The firm has a market cap of $38.00 billion, a price-to-earnings ratio of 20.91, a price-to-earnings-growth ratio of 3.05 and a beta of 0.30.

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

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were issued a dividend of $0.85 per share. The ex-dividend date was Wednesday, February 19th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a yield of 3.10%. Consolidated Edison’s dividend payout ratio 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.