Consolidated Edison Inc (ED) Shares Sold by Pictet Asset Management Ltd.
Pictet Asset Management Ltd. decreased its stake in shares of Consolidated Edison Inc (NYSE:ED) by 3.8% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 165,214 shares of the utilities provider’s stock after selling 6,600 shares during the period. Pictet Asset Management Ltd.’s holdings in Consolidated Edison were worth $13,678,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in ED. Ameriprise Financial Inc. raised its position in shares of Consolidated Edison by 3.8% in the first quarter. Ameriprise Financial Inc. now owns 215,980 shares of the utilities provider’s stock valued at $16,770,000 after buying an additional 8,002 shares in the last quarter. Rockland Trust Co. raised its position in shares of Consolidated Edison by 3.3% in the first quarter. Rockland Trust Co. now owns 55,856 shares of the utilities provider’s stock valued at $4,338,000 after buying an additional 1,799 shares in the last quarter. Dai Ichi Life Insurance Company Ltd raised its position in shares of Consolidated Edison by 16.4% in the first quarter. Dai Ichi Life Insurance Company Ltd now owns 63,364 shares of the utilities provider’s stock valued at $4,921,000 after buying an additional 8,918 shares in the last quarter. Washington Trust Bank raised its position in shares of Consolidated Edison by 272.4% in the first quarter. Washington Trust Bank now owns 3,352 shares of the utilities provider’s stock valued at $260,000 after buying an additional 2,452 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Consolidated Edison by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 604,894 shares of the utilities provider’s stock valued at $46,977,000 after buying an additional 15,382 shares in the last quarter. 55.61% of the stock is currently owned by institutional investors and hedge funds.
Shares of Consolidated Edison Inc (ED) opened at 82.87 on Friday. The company’s 50 day moving average is $82.01 and its 200-day moving average is $79.28. Consolidated Edison Inc has a one year low of $68.76 and a one year high of $85.13. The firm has a market capitalization of $25.33 billion, a price-to-earnings ratio of 20.05 and a beta of 0.08.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.61 by $0.03. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. The company had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the previous year, the firm earned $0.60 EPS. Equities analysts expect that Consolidated Edison Inc will post $4.09 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, August 16th will be given a dividend of $0.69 per share. The ex-dividend date is Monday, August 14th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.33%. Consolidated Edison’s payout ratio is presently 66.67%.
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Several equities analysts recently weighed in on ED shares. Barclays PLC restated an “equal weight” rating and issued a $82.00 price objective (up from $76.00) on shares of Consolidated Edison in a report on Sunday, April 23rd. BMO Capital Markets restated a “hold” rating and issued a $80.00 price objective on shares of Consolidated Edison in a report on Friday, May 5th. Deutsche Bank AG lowered shares of Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 price objective on the stock. in a report on Monday, May 8th. UBS AG increased their price objective on shares of Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a report on Monday, May 8th. Finally, Morgan Stanley increased their price objective on shares of Consolidated Edison from $77.00 to $78.00 and gave the company an “underweight” rating in a report on Monday, May 8th. Five investment analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $76.96.
In related news, Director Linda S. Sanford bought 900 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The shares were bought at an average price of $79.74 per share, for a total transaction of $71,766.00. Following the transaction, the director now directly owns 8,748 shares of the company’s stock, valued at $697,565.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have purchased a total of 1,319 shares of company stock worth $106,510 in the last quarter. 0.20% of the stock is owned by corporate insiders.
About Consolidated Edison
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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