The Manufacturers Life Insurance Company Decreases Stake in Consolidated Edison Inc $ED

The Manufacturers Life Insurance Company cut its stake in shares of Consolidated Edison Inc (NYSE:ED) by 5.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 246,441 shares of the utilities provider’s stock after selling 15,446 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Consolidated Edison worth $27,892,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Revolve Wealth Partners LLC grew its holdings in Consolidated Edison by 13.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider’s stock worth $332,000 after acquiring an additional 441 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Consolidated Edison by 42.1% in the 1st quarter. Empowered Funds LLC now owns 8,978 shares of the utilities provider’s stock valued at $993,000 after purchasing an additional 2,659 shares in the last quarter. Woodline Partners LP raised its holdings in shares of Consolidated Edison by 40.7% in the 1st quarter. Woodline Partners LP now owns 29,271 shares of the utilities provider’s stock valued at $3,237,000 after purchasing an additional 8,468 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Consolidated Edison during the 2nd quarter worth $3,256,000. Finally, Baird Financial Group Inc. lifted its position in shares of Consolidated Edison by 2.1% during the 2nd quarter. Baird Financial Group Inc. now owns 14,679 shares of the utilities provider’s stock worth $1,473,000 after purchasing an additional 296 shares during the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Stock Down 0.6%

Shares of NYSE:ED opened at $108.98 on Friday. The firm has a 50 day simple moving average of $109.39 and a 200-day simple moving average of $109.42. Consolidated Edison Inc has a twelve month low of $94.96 and a twelve 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. The company has a market capitalization of $40.16 billion, a PE ratio of 18.35, a P/E/G ratio of 2.85 and a beta of 0.27.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be paid a dividend of $0.8875 per share. This represents a $3.55 annualized dividend and a yield of 3.3%. The ex-dividend date is Wednesday, August 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 59.76%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ED. The Goldman Sachs Group reissued a “sell” rating and issued a $105.00 target price on shares of Consolidated Edison in a report on Thursday, May 14th. Evercore set a $116.00 price target on Consolidated Edison in a report on Monday, May 11th. KeyCorp decreased their price target on Consolidated Edison from $97.00 to $94.00 and set an “underweight” rating for the company in a report on Thursday, July 23rd. Argus set a $112.00 price objective on Consolidated Edison in a research report on Tuesday, June 23rd. Finally, Barclays dropped their price objective on Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating on the stock in a 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $108.47.

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.