Canada Pension Plan Investment Board Has $62.61 Million Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Canada Pension Plan Investment Board boosted its position in Consolidated Edison, Inc. (NYSE:ED) by 17.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 700,189 shares of the utilities provider’s stock after acquiring an additional 105,000 shares during the period. Canada Pension Plan Investment Board owned 0.20% of Consolidated Edison worth $62,611,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ED. Beacon Capital Management LLC increased its position in shares of Consolidated Edison by 2,307.7% during the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after acquiring an additional 300 shares in the last quarter. Tidemark LLC acquired a new position in Consolidated Edison during the 4th quarter valued at about $29,000. Raleigh Capital Management Inc. bought a new stake in Consolidated Edison during the 4th quarter worth approximately $29,000. Pathway Financial Advisers LLC purchased a new stake in shares of Consolidated Edison in the first quarter worth approximately $33,000. Finally, TruNorth Capital Management LLC bought a new position in shares of Consolidated Edison in the second quarter valued at approximately $33,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ED. Argus upgraded Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Bank of America upped their target price on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. UBS Group increased their target price on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday. Guggenheim boosted their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Scotiabank increased their price objective on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $93.42.

Consolidated Edison Trading Up 1.2 %

Shares of ED opened at $103.35 on Friday. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $105.99. The business has a 50-day moving average of $100.08 and a 200 day moving average of $94.66. The firm has a market cap of $35.74 billion, a P/E ratio of 19.84, a price-to-earnings-growth ratio of 3.50 and a beta of 0.36. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04.

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

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were given a dividend of $0.83 per share. The ex-dividend date was Wednesday, August 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.21%. Consolidated Edison’s dividend payout ratio is currently 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.