American International Group Inc. grew its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.3% in the first quarter, HoldingsChannel.com reports. The fund owned 194,634 shares of the utilities provider’s stock after acquiring an additional 2,422 shares during the quarter. American International Group Inc.’s holdings in Consolidated Edison were worth $16,507,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of ED. Norges Bank acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at about $266,741,000. Oregon Public Employees Retirement Fund grew its stake in shares of Consolidated Edison by 7,452.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,577,390 shares of the utilities provider’s stock valued at $34,000 after buying an additional 2,543,263 shares during the period. Millennium Management LLC grew its stake in shares of Consolidated Edison by 2,195.8% in the 4th quarter. Millennium Management LLC now owns 1,142,312 shares of the utilities provider’s stock valued at $87,341,000 after buying an additional 1,092,555 shares during the period. BlackRock Inc. grew its stake in shares of Consolidated Edison by 3.8% in the 4th quarter. BlackRock Inc. now owns 28,920,573 shares of the utilities provider’s stock valued at $2,211,265,000 after buying an additional 1,052,035 shares during the period. Finally, D. E. Shaw & Co. Inc. acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at about $73,086,000. Hedge funds and other institutional investors own 59.57% of the company’s stock.
ED has been the subject of several research reports. Evercore ISI downgraded Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $78.07 target price for the company. in a research note on Tuesday, February 12th. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $88.00 target price for the company in a research note on Wednesday, February 13th. Credit Suisse Group set a $80.00 target price on Consolidated Edison and gave the company a “sell” rating in a research note on Monday, April 22nd. Bank of America downgraded Consolidated Edison from a “buy” rating to a “neutral” rating in a research note on Friday, January 18th. Finally, ValuEngine upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Friday, March 1st. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $78.42.
Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.04. The business had revenue of $3.51 billion during the quarter, compared to the consensus estimate of $3.39 billion. Consolidated Edison had a return on equity of 8.31% and a net margin of 11.03%. During the same quarter in the previous year, the business earned $1.38 EPS. On average, analysts forecast that Consolidated Edison, Inc. will post 4.35 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Wednesday, May 15th will be paid a dividend of $0.74 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $2.96 dividend on an annualized basis and a yield of 3.49%. Consolidated Edison’s dividend payout ratio (DPR) is currently 68.52%.
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Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,622 customers in parts of Manhattan.
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