Consolidated Edison, Inc. (NYSE:ED) Shares Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lifted its holdings in Consolidated Edison, Inc. (NYSE:ED) by 0.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 242,614 shares of the utilities provider’s stock after acquiring an additional 1,507 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.07% of Consolidated Edison worth $25,263,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in ED. Clean Energy Transition LLP grew its position in Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after acquiring an additional 623,787 shares in the last quarter. International Assets Investment Management LLC grew its holdings in Consolidated Edison by 10,262.1% during the 3rd quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock valued at $57,641,000 after purchasing an additional 548,204 shares in the last quarter. Acadian Asset Management LLC increased its stake in Consolidated Edison by 302.3% during the 2nd quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after buying an additional 532,893 shares during the period. Assenagon Asset Management S.A. increased its stake in Consolidated Edison by 4,020.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 406,859 shares of the utilities provider’s stock worth $42,366,000 after buying an additional 396,985 shares during the period. Finally, AMF Tjanstepension AB boosted its position in Consolidated Edison by 243.2% in the 2nd quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock valued at $44,564,000 after buying an additional 352,903 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Scotiabank lifted their target price on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and increased their target price for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Morgan Stanley reduced their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Finally, UBS Group raised their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $99.13.

Consolidated Edison Stock Performance

Shares of ED opened at $100.59 on Friday. The firm has a market cap of $34.85 billion, a price-to-earnings ratio of 18.94, a price-to-earnings-growth ratio of 3.41 and a beta of 0.36. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The company’s fifty day moving average is $101.75 and its 200-day moving average is $98.21. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. Equities analysts expect that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 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 1,530 customers in parts of Manhattan.