Dai Ichi Life Insurance Company Ltd boosted its stake in shares of Consolidated Edison Inc (NYSE:ED) by 29.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 82,096 shares of the utilities provider’s stock after buying an additional 18,732 shares during the quarter. Dai Ichi Life Insurance Company Ltd’s holdings in Consolidated Edison were worth $6,635,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Sabal Trust CO grew its position in Consolidated Edison by 0.6% during the second quarter. Sabal Trust CO now owns 2,715 shares of the utilities provider’s stock valued at $219,000 after buying an additional 15 shares during the period. Teacher Retirement System of Texas boosted its position in Consolidated Edison by 0.6% during the second quarter. Teacher Retirement System of Texas now owns 3,186 shares of the utilities provider’s stock worth $257,000 after purchasing an additional 18 shares during the period. Financial Architects Inc boosted its position in Consolidated Edison by 0.6% during the second quarter. Financial Architects Inc now owns 3,378 shares of the utilities provider’s stock worth $273,000 after purchasing an additional 19 shares during the period. Cleararc Capital Inc. boosted its position in Consolidated Edison by 0.3% during the first quarter. Cleararc Capital Inc. now owns 7,446 shares of the utilities provider’s stock worth $578,000 after purchasing an additional 21 shares during the period. Finally, United Asset Strategies Inc. boosted its position in Consolidated Edison by 0.3% during the second quarter. United Asset Strategies Inc. now owns 6,749 shares of the utilities provider’s stock worth $545,000 after purchasing an additional 21 shares during the period. Institutional investors own 55.09% of the company’s stock.
Shares of Consolidated Edison Inc (NYSE:ED) traded up 0.02% during midday trading on Monday, hitting $85.55. 155,509 shares of the stock were exchanged. Consolidated Edison Inc has a 52-week low of $68.76 and a 52-week high of $85.68. The firm’s 50 day moving average price is $83.48 and its 200-day moving average price is $80.74. The stock has a market cap of $26.15 billion, a P/E ratio of 20.70 and a beta of 0.09.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data 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. The company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same quarter last year, the firm posted $0.60 earnings per share. On average, equities research analysts expect that Consolidated Edison Inc will post $4.09 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, August 16th will be paid 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 3.23%. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.
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In related news, CEO Joseph P. Oates sold 1,908 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total transaction of $160,023.96. Following the completion of the transaction, the chief executive officer now directly owns 24,017 shares in the company, valued at approximately $2,014,305.79. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders have purchased 471 shares of company stock valued at $39,202. 0.20% of the stock is currently owned by corporate insiders.
A number of equities analysts have weighed in on ED shares. BMO Capital Markets reiterated a “hold” rating and set a $80.00 target price on shares of Consolidated Edison in a research report on Monday, May 15th. UBS AG increased their target price on shares of Consolidated Edison from $72.00 to $75.00 and gave the stock a “sell” rating in a research report on Monday, May 15th. Zacks Investment Research upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 target price for the company in a research report on Thursday, May 18th. Jefferies Group LLC lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating and cut their target price for the stock from $88.00 to $83.50 in a research report on Tuesday, June 13th. Finally, BidaskClub lowered shares of Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Five 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 stock presently has an average rating of “Hold” and an average price target of $77.27.
Consolidated Edison Profile
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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