Consolidated Edison Inc $ED Shares Sold by Dai ichi Life Insurance Company Ltd

Dai ichi Life Insurance Company Ltd lessened its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 8.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 64,102 shares of the utilities provider’s stock after selling 5,946 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Consolidated Edison were worth $7,255,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Sachetta LLC grew its stake in Consolidated Edison by 72.9% during the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock worth $27,000 after buying an additional 102 shares during the last quarter. JPL Wealth Management LLC purchased a new stake in Consolidated Edison in the third quarter valued at about $26,000. Basepoint Wealth LLC acquired a new stake in Consolidated Edison in the fourth quarter worth about $26,000. Westfuller Advisors LLC acquired a new stake in Consolidated Edison in the fourth quarter worth about $27,000. Finally, Dorato Capital Management purchased a new stake in shares of Consolidated Edison during the fourth quarter worth about $28,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $112.97 on Friday. Consolidated Edison Inc has a 52 week low of $94.96 and a 52 week high of $116.23. The business’s 50 day moving average price is $109.04 and its 200 day moving average price is $109.01. The company has a quick ratio of 1.09, a current ratio of 1.19 and a debt-to-equity ratio of 1.00. The firm has a market cap of $41.63 billion, a P/E ratio of 19.02, a P/E/G ratio of 2.93 and a beta of 0.27.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be issued a $0.8875 dividend. This represents a $3.55 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Wednesday, August 19th. Consolidated Edison’s dividend payout ratio is 59.76%.

Wall Street Analyst Weigh In

ED has been the topic of several recent analyst reports. The Goldman Sachs Group restated a “sell” rating and set a $105.00 price objective on shares of Consolidated Edison in a report on Thursday, May 14th. Barclays dropped their target price on shares of Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating on the stock in a research report on Monday, May 11th. Morgan Stanley reaffirmed an “underweight” rating on shares of Consolidated Edison in a report on Wednesday. Weiss Ratings reiterated a “buy (b)” rating on shares of Consolidated Edison in a research note on Tuesday. Finally, KeyCorp dropped their price objective on shares of Consolidated Edison from $97.00 to $94.00 and set an “underweight” rating on the stock in a report on Thursday. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $107.87.

Consolidated Edison 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.