New York State Teachers Retirement System Buys 14,094 Shares of Consolidated Edison Inc $ED

New York State Teachers Retirement System raised its stake in shares of Consolidated Edison Inc (NYSE:ED) by 4.5% in the first quarter, Holdings Channel reports. The institutional investor owned 330,732 shares of the utilities provider’s stock after buying an additional 14,094 shares during the quarter. New York State Teachers Retirement System’s holdings in Consolidated Edison were worth $37,432,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ED. Basepoint Wealth LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter worth about $26,000. JPL Wealth Management LLC purchased a new position in Consolidated Edison during the third quarter valued at approximately $26,000. Aventura Private Wealth LLC purchased a new position in Consolidated Edison during the fourth quarter valued at approximately $27,000. Westfuller Advisors LLC purchased a new position in Consolidated Edison during the fourth quarter valued at approximately $27,000. Finally, Dorato Capital Management bought a new stake in Consolidated Edison during the 4th quarter worth approximately $28,000. 66.29% of the stock is currently owned by institutional investors.

More Consolidated Edison News

Here are the key news stories impacting Consolidated Edison this week:

• Negative Sentiment: Con Edison is reducing voltage in parts of the Bronx, Westchester, and other areas and asking customers to limit power use, signaling strain on the grid during extreme heat. Con Edison Calls for Power-Saving, Reduces Voltage by 8% in Some Areas — Update
• Negative Sentiment: Thousands of customers lost power in the Bronx, Brooklyn, Staten Island, and other neighborhoods, which may raise concerns about service reliability and near-term operating disruption. 5,000 Con Edison customers in the Bronx without power amid heat wave
• Negative Sentiment: Con Edison’s repeated warnings for customers to conserve energy suggest the utility is actively managing peak-load stress, which can weigh on investor sentiment even if outages are temporary. As heat wave rages, Con Ed urges nearly 90,000 people in NYC, Westchester to limit power use
• Neutral Sentiment: The company elected Tali Farhadian to its Board of Directors, adding legal and regulatory experience; this is governance-related and unlikely to move the stock much in the near term. Con Edison Elects New Board Member

Analyst Ratings Changes

Several brokerages have commented on ED. Mizuho reissued a “neutral” rating and issued a $105.00 price target on shares of Consolidated Edison in a report on Tuesday, June 2nd. Wells Fargo & Company set a $98.00 price target on shares of Consolidated Edison in a report on Tuesday, April 21st. Morgan Stanley reiterated an “underweight” rating on shares of Consolidated Edison in a research report on Wednesday, June 24th. Evercore set a $116.00 price objective on Consolidated Edison in a research note on Monday, May 11th. Finally, Barclays reduced their target price on Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating for the company in a research report on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Consolidated Edison has a consensus rating of “Reduce” and a consensus price target of $108.07.

Consolidated Edison Trading Down 0.0%

Shares of ED opened at $113.96 on Friday. Consolidated Edison Inc has a 1-year low of $94.96 and a 1-year high of $116.23. The company has a market capitalization of $42.00 billion, a P/E ratio of 19.18, a P/E/G ratio of 2.89 and a beta of 0.27. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.19 and a quick ratio of 1.09. The firm’s 50 day simple moving average is $107.88 and its 200 day simple moving average is $107.71.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Wednesday, May 13th were given a dividend of $0.8875 per share. The ex-dividend date was Wednesday, May 13th. This represents a $3.55 annualized dividend and a dividend yield of 3.1%. Consolidated Edison’s dividend payout ratio (DPR) is 59.76%.

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.