Fjarde AP Fonden Fourth Swedish National Pension Fund Acquires New Shares in Consolidated Edison Inc $ED

Fjarde AP Fonden Fourth Swedish National Pension Fund acquired a new position in shares of Consolidated Edison Inc (NYSE:ED) in the first quarter, Holdings Channel reports. The institutional investor acquired 37,500 shares of the utilities provider’s stock, valued at approximately $4,244,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of ED. Elevation Point Wealth Partners LLC lifted its stake in Consolidated Edison by 178.8% during the first quarter. Elevation Point Wealth Partners LLC now owns 6,752 shares of the utilities provider’s stock worth $764,000 after purchasing an additional 4,330 shares in the last quarter. Platform Technology Partners grew its stake in shares of Consolidated Edison by 15.0% in the first quarter. Platform Technology Partners now owns 9,760 shares of the utilities provider’s stock valued at $1,105,000 after buying an additional 1,270 shares in the last quarter. Harrison Street Private Wealth LLC acquired a new stake in shares of Consolidated Edison in the first quarter valued at $2,618,000. Keybank National Association OH raised its holdings in shares of Consolidated Edison by 29.1% in the 1st quarter. Keybank National Association OH now owns 12,106 shares of the utilities provider’s stock valued at $1,370,000 after buying an additional 2,732 shares during the period. Finally, Root Financial Partners LLC lifted its stake in Consolidated Edison by 16.7% during the 1st quarter. Root Financial Partners LLC now owns 1,367 shares of the utilities provider’s stock worth $155,000 after acquiring an additional 196 shares in the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Price Performance

ED stock opened at $112.02 on Tuesday. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $41.28 billion, a P/E ratio of 18.86, a PEG ratio of 2.89 and a beta of 0.27. The business has a 50 day simple moving average of $107.88 and a 200-day simple moving average of $107.77. Consolidated Edison Inc has a twelve month low of $94.96 and a twelve month high of $116.23.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Wednesday, May 13th were paid a $0.8875 dividend. This represents a $3.55 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Wednesday, May 13th. Consolidated Edison’s payout ratio is currently 59.76%.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of research reports. Barclays dropped their price objective on shares of Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating for the company in a report on Monday, May 11th. Argus set a $112.00 target price on shares of Consolidated Edison in a report on Tuesday, June 23rd. The Goldman Sachs Group reissued a “sell” rating and issued a $105.00 price target on shares of Consolidated Edison in a research report on Thursday, May 14th. Weiss Ratings upgraded shares of Consolidated Edison from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. Finally, Morgan Stanley reaffirmed an “underweight” rating on shares of Consolidated Edison in a research report on Wednesday, June 24th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $108.07.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.