AIA Group Ltd Sells 6,423 Shares of Consolidated Edison Inc $ED

AIA Group Ltd lowered its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 10.9% in the first quarter, Holdings Channel.com reports. The fund owned 52,250 shares of the utilities provider’s stock after selling 6,423 shares during the quarter. AIA Group Ltd’s holdings in Consolidated Edison were worth $5,914,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of ED. Revolve Wealth Partners LLC boosted its position in Consolidated Edison by 13.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider’s stock valued at $332,000 after purchasing an additional 441 shares in the last quarter. Empowered Funds LLC lifted its position in Consolidated Edison by 42.1% during the first quarter. Empowered Funds LLC now owns 8,978 shares of the utilities provider’s stock valued at $993,000 after acquiring an additional 2,659 shares during the last quarter. Woodline Partners LP lifted its position in Consolidated Edison by 40.7% during the first quarter. Woodline Partners LP now owns 29,271 shares of the utilities provider’s stock valued at $3,237,000 after acquiring an additional 8,468 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in Consolidated Edison in the second quarter valued at approximately $3,256,000. Finally, Baird Financial Group Inc. boosted its stake in Consolidated Edison by 2.1% in the second quarter. Baird Financial Group Inc. now owns 14,679 shares of the utilities provider’s stock valued at $1,473,000 after acquiring an additional 296 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.0%

Shares of Consolidated Edison stock opened at $112.40 on Monday. The firm’s 50 day simple moving average is $108.49 and its two-hundred day simple moving average is $108.65. The firm has a market capitalization of $41.42 billion, a price-to-earnings ratio of 18.92, a PEG ratio of 2.86 and a beta of 0.27. Consolidated Edison Inc has a 12-month low of $94.96 and a 12-month high of $116.23. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be given a $0.8875 dividend. This represents a $3.55 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, August 19th. Consolidated Edison’s dividend payout ratio is presently 59.76%.

Analysts Set New Price Targets

ED has been the topic of a number of recent analyst reports. Argus set a $112.00 price target on Consolidated Edison in a research report on Tuesday, June 23rd. Evercore set a $116.00 price objective on Consolidated Edison in a research report on Monday, May 11th. Wells Fargo & Company set a $98.00 target price on Consolidated Edison in a research report on Tuesday, April 21st. Mizuho reiterated a “neutral” rating and issued a $105.00 price target on shares of Consolidated Edison in a research note on Tuesday, June 2nd. Finally, The Goldman Sachs Group reissued a “sell” rating and issued a $105.00 price target on shares of Consolidated Edison in a report on Thursday, May 14th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target 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.