Swiss National Bank cut its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,239,271 shares of the utilities provider’s stock after selling 24,300 shares during the quarter. Swiss National Bank’s holdings in Consolidated Edison were worth $196,339,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of ED. Joseph P. Lucia & Associates LLC purchased a new position in shares of Consolidated Edison during the first quarter worth approximately $9,767,000. BNP Paribas Arbitrage SA raised its stake in shares of Consolidated Edison by 329.4% during the second quarter. BNP Paribas Arbitrage SA now owns 780,500 shares of the utilities provider’s stock worth $68,434,000 after acquiring an additional 598,746 shares in the last quarter. Lazard Asset Management LLC raised its stake in shares of Consolidated Edison by 47.5% during the first quarter. Lazard Asset Management LLC now owns 1,568,260 shares of the utilities provider’s stock worth $133,004,000 after acquiring an additional 505,090 shares in the last quarter. Great West Life Assurance Co. Can raised its stake in shares of Consolidated Edison by 51.1% during the first quarter. Great West Life Assurance Co. Can now owns 1,290,720 shares of the utilities provider’s stock worth $109,178,000 after acquiring an additional 436,479 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Consolidated Edison by 9.8% during the fourth quarter. Geode Capital Management LLC now owns 4,460,033 shares of the utilities provider’s stock worth $340,474,000 after acquiring an additional 398,820 shares in the last quarter. 58.34% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE ED traded up $0.07 during mid-day trading on Friday, hitting $87.04. The stock had a trading volume of 25,444 shares, compared to its average volume of 1,592,083. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.62. Consolidated Edison, Inc. has a 1 year low of $73.29 and a 1 year high of $90.51. The business has a 50 day moving average price of $87.34 and a two-hundred day moving average price of $85.12. The firm has a market cap of $28.81 billion, a P/E ratio of 20.12, a price-to-earnings-growth ratio of 9.99 and a beta of 0.10.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be paid a $0.74 dividend. This represents a $2.96 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend is Tuesday, August 13th. Consolidated Edison’s payout ratio is 68.52%.
Several research analysts have commented on ED shares. KeyCorp started coverage on shares of Consolidated Edison in a research note on Tuesday, June 4th. They set a “sector weight” rating on the stock. Credit Suisse Group decreased their price target on shares of Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating on the stock in a research note on Thursday, August 8th. Bank of America raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $96.00 to $94.00 in a research note on Friday, April 26th. They noted that the move was a valuation call. Morgan Stanley decreased their price target on shares of Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating on the stock in a research note on Friday. Finally, ValuEngine downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $84.73.
Consolidated Edison 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.
Read More: What is the operating income formula?
Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison, Inc. (NYSE:ED).
Receive News & Ratings for Consolidated Edison Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison and related companies with MarketBeat.com's FREE daily email newsletter.