Consolidated Edison Inc $ED Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in Consolidated Edison Inc (NYSE:ED) by 3.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 524,823 shares of the utilities provider’s stock after selling 21,563 shares during the period. Principal Financial Group Inc. owned about 0.14% of Consolidated Edison worth $59,399,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. IFP Advisors Inc increased its position in shares of Consolidated Edison by 194.5% in the 3rd quarter. IFP Advisors Inc now owns 15,208 shares of the utilities provider’s stock valued at $1,559,000 after purchasing an additional 10,044 shares during the last quarter. QRG Capital Management Inc. lifted its position in shares of Consolidated Edison by 16.9% during the 1st quarter. QRG Capital Management Inc. now owns 204,989 shares of the utilities provider’s stock worth $23,201,000 after purchasing an additional 29,635 shares during the last quarter. North Dakota State Investment Board purchased a new stake in shares of Consolidated Edison during the 4th quarter worth $1,228,000. Los Angeles Capital Management LLC grew its stake in shares of Consolidated Edison by 9.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 253,230 shares of the utilities provider’s stock worth $24,865,000 after purchasing an additional 20,972 shares in the last quarter. Finally, AIA Group Ltd grew its stake in shares of Consolidated Edison by 99.5% during the third quarter. AIA Group Ltd now owns 46,786 shares of the utilities provider’s stock worth $4,703,000 after purchasing an additional 23,337 shares in the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Price Performance

Shares of NYSE:ED opened at $112.40 on Friday. The company’s fifty day moving average price is $108.49 and its 200 day moving average price is $108.59. Consolidated Edison Inc has a 12 month low of $94.96 and a 12 month high of $116.23. 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 has a market capitalization of $41.42 billion, a P/E ratio of 18.92, a P/E/G ratio of 2.86 and a beta of 0.27.

Consolidated Edison Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Weiss Ratings upgraded Consolidated Edison from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. Wells Fargo & Company set a $98.00 price objective on Consolidated Edison in a research report on Tuesday, April 21st. Argus set a $112.00 price objective on Consolidated Edison in a report on Tuesday, June 23rd. Barclays cut their target price on Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating on the stock in a research report on Monday, May 11th. Finally, Morgan Stanley restated an “underweight” rating on shares of Consolidated Edison in a research note on Wednesday, June 24th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have issued a Sell rating to the company. According to MarketBeat.com, the company 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.