Sompo Asset Management Co. Ltd. Acquires 600 Shares of Consolidated Edison, Inc. (NYSE:ED)

Sompo Asset Management Co. Ltd. raised its holdings in Consolidated Edison, Inc. (NYSE:ED) by 23.2% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,190 shares of the utilities provider’s stock after buying an additional 600 shares during the period. Sompo Asset Management Co. Ltd.’s holdings in Consolidated Edison were worth $285,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Corient Private Wealth LLC increased its stake in shares of Consolidated Edison by 4.6% during the fourth quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock worth $15,958,000 after purchasing an additional 7,725 shares during the period. UBS Group AG increased its stake in shares of Consolidated Edison by 14.7% during the fourth quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock worth $44,437,000 after purchasing an additional 62,519 shares during the period. Massmutual Trust Co. FSB ADV increased its stake in shares of Consolidated Edison by 2,486.2% during the first quarter. Massmutual Trust Co. FSB ADV now owns 21,776 shares of the utilities provider’s stock worth $1,977,000 after purchasing an additional 20,934 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Consolidated Edison by 35.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 47,466 shares of the utilities provider’s stock worth $4,318,000 after purchasing an additional 12,307 shares during the period. Finally, Sei Investments Co. increased its stake in shares of Consolidated Edison by 57.4% during the first quarter. Sei Investments Co. now owns 244,404 shares of the utilities provider’s stock worth $22,193,000 after purchasing an additional 89,080 shares during the period. Institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company increased their target price on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. UBS Group increased their target price on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday. Morgan Stanley raised their price objective on Consolidated Edison from $75.00 to $82.00 and gave the stock an “underweight” rating in a research note on Friday, August 23rd. Mizuho raised their price objective 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 raised their price objective on Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research note on Monday, August 5th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $93.42.

Consolidated Edison Trading Up 1.2 %

Shares of ED stock opened at $103.35 on Friday. The stock’s fifty day moving average price is $100.08 and its two-hundred day moving average price is $94.66. The company has a market cap of $35.74 billion, a PE ratio of 19.84, a P/E/G ratio of 3.50 and a beta of 0.36. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $105.99. 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 issued its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same quarter last year, the business posted $0.61 EPS. Equities analysts predict that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

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