Royal London Asset Management Ltd. Acquires 1,434 Shares of Consolidated Edison, Inc. (NYSE:ED)

Royal London Asset Management Ltd. grew its holdings in Consolidated Edison, Inc. (NYSE:ED) by 1.0% in the second quarter, HoldingsChannel reports. The fund owned 138,040 shares of the utilities provider’s stock after buying an additional 1,434 shares during the period. Royal London Asset Management Ltd.’s holdings in Consolidated Edison were worth $12,344,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of ED. Choreo LLC lifted its position in Consolidated Edison by 48.9% during the second quarter. Choreo LLC now owns 13,587 shares of the utilities provider’s stock worth $1,207,000 after purchasing an additional 4,462 shares during the period. Prudential PLC lifted its position in Consolidated Edison by 44.5% during the second quarter. Prudential PLC now owns 74,074 shares of the utilities provider’s stock worth $6,624,000 after purchasing an additional 22,807 shares during the period. PFG Investments LLC lifted its position in Consolidated Edison by 0.3% during the second quarter. PFG Investments LLC now owns 62,402 shares of the utilities provider’s stock worth $5,580,000 after purchasing an additional 165 shares during the period. First Foundation Advisors bought a new stake in Consolidated Edison during the second quarter worth about $207,000. Finally, Acadian Asset Management LLC lifted its position in Consolidated Edison by 302.3% during the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after purchasing an additional 532,893 shares during the period. Institutional investors own 66.29% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on ED. Morgan Stanley upped their price objective on shares of Consolidated Edison from $75.00 to $82.00 and gave the stock an “underweight” rating in a research report on Friday, August 23rd. Guggenheim boosted their target price on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Scotiabank boosted their target price on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. UBS Group boosted their target price on Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. Finally, Bank of America boosted their target price on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $92.65.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $103.38 on Friday. The business has a 50 day moving average of $98.42 and a 200-day moving average of $93.92. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $105.99. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The company has a market capitalization of $35.75 billion, a P/E ratio of 19.84, a P/E/G ratio of 3.49 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the prior year, the firm posted $0.61 earnings per share. On average, equities research analysts predict that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend is Wednesday, August 14th. Consolidated Edison’s payout ratio is presently 63.72%.

Consolidated Edison 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.