Aviva PLC Reduces Position in Consolidated Edison, Inc. (ED)

Aviva PLC cut its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 150,917 shares of the utilities provider’s stock after selling 5,889 shares during the period. Aviva PLC’s holdings in Consolidated Edison were worth $11,498,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ED. BlackRock Inc. lifted its stake in shares of Consolidated Edison by 0.6% in the 3rd quarter. BlackRock Inc. now owns 27,868,538 shares of the utilities provider’s stock valued at $2,123,304,000 after purchasing an additional 179,165 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Consolidated Edison by 22.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,581,782 shares of the utilities provider’s stock valued at $272,896,000 after purchasing an additional 664,252 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Consolidated Edison by 4.9% in the 2nd quarter. Legal & General Group Plc now owns 3,247,049 shares of the utilities provider’s stock valued at $253,203,000 after purchasing an additional 152,883 shares during the last quarter. Swiss National Bank lifted its stake in shares of Consolidated Edison by 4.1% in the 2nd quarter. Swiss National Bank now owns 2,279,371 shares of the utilities provider’s stock valued at $177,745,000 after purchasing an additional 90,600 shares during the last quarter. Finally, Tobam lifted its stake in shares of Consolidated Edison by 3.9% in the 2nd quarter. Tobam now owns 1,358,723 shares of the utilities provider’s stock valued at $105,953,000 after purchasing an additional 50,388 shares during the last quarter. 58.75% of the stock is owned by institutional investors.

Shares of ED stock opened at $80.35 on Monday. Consolidated Edison, Inc. has a 52-week low of $71.12 and a 52-week high of $89.70. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.62 and a quick ratio of 0.56. The company has a market cap of $25.03 billion and a P/E ratio of 19.65.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, November 1st. The utilities provider reported $1.57 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.46 by $0.11. Consolidated Edison had a return on equity of 8.64% and a net margin of 12.60%. The firm had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.17 billion. During the same period last year, the company earned $1.47 EPS. Research analysts expect that Consolidated Edison, Inc. will post 4.29 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Wednesday, November 14th will be paid a dividend of $0.715 per share. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date is Tuesday, November 13th. Consolidated Edison’s dividend payout ratio is currently 69.93%.

Several equities research analysts have recently issued reports on ED shares. Citigroup raised their price objective on Consolidated Edison from $79.00 to $80.00 and gave the company a “neutral” rating in a research note on Tuesday, October 16th. Bank of America lowered their price objective on Consolidated Edison from $87.00 to $83.00 and set a “buy” rating for the company in a research note on Friday, November 2nd. ValuEngine lowered Consolidated Edison from a “hold” rating to a “sell” rating in a research note on Wednesday, September 26th. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research note on Tuesday, August 7th. Finally, Barclays raised their price objective on Consolidated Edison from $79.00 to $83.00 and gave the company a “hold” rating in a research note on Monday, November 19th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $77.36.

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Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.

Further Reading: Why do company’s buyback their stock?

Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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