Nordea Investment Management AB Sells 1,393 Shares of Consolidated Edison, Inc. (NYSE:ED)

Nordea Investment Management AB trimmed its stake in Consolidated Edison, Inc. (NYSE:ED) by 7.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,072 shares of the utilities provider’s stock after selling 1,393 shares during the quarter. Nordea Investment Management AB’s holdings in Consolidated Edison were worth $1,632,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Diversified Trust Co grew its stake in Consolidated Edison by 140.8% in the fourth quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock valued at $3,361,000 after purchasing an additional 21,604 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Consolidated Edison by 3.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 418,244 shares of the utilities provider’s stock valued at $38,897,000 after purchasing an additional 12,953 shares in the last quarter. Corient Private Wealth LLC grew its stake in Consolidated Edison by 4.6% in the fourth quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock valued at $15,958,000 after purchasing an additional 7,725 shares in the last quarter. abrdn plc grew its stake in Consolidated Edison by 30.2% in the fourth quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock valued at $28,373,000 after purchasing an additional 72,273 shares in the last quarter. Finally, UBS Group AG boosted its stake in shares of Consolidated Edison by 14.7% during the 4th quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock worth $44,437,000 after acquiring an additional 62,519 shares during the period. 66.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Wells Fargo & Company lifted their target price on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Friday, May 3rd. Argus upgraded Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Morgan Stanley reduced their target price on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a research note on Monday, June 24th. Mizuho lifted their target price on Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 28th. Finally, Barclays lifted their target price on Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 7th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and an average target price of $89.27.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $91.47 on Friday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $98.85. The stock has a market capitalization of $31.63 billion, a P/E ratio of 17.56, a price-to-earnings-growth ratio of 2.24 and a beta of 0.34. The stock has a fifty day moving average of $92.73 and a 200-day moving average of $91.05.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. The company had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. Consolidated Edison’s revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.83 EPS. On average, sell-side analysts expect that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Wednesday, May 15th were given a dividend of $0.83 per share. The ex-dividend date was Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.63%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

About Consolidated Edison

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.