Consolidated Edison, Inc. (NYSE:ED) Shares Acquired by DnB Asset Management AS

DnB Asset Management AS raised its stake in Consolidated Edison, Inc. (NYSE:ED) by 7.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 153,137 shares of the utilities provider’s stock after acquiring an additional 11,069 shares during the quarter. DnB Asset Management AS’s holdings in Consolidated Edison were worth $13,664,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ED. Orion Portfolio Solutions LLC boosted its stake in Consolidated Edison by 22.2% during the 4th quarter. Orion Portfolio Solutions LLC now owns 7,516 shares of the utilities provider’s stock worth $671,000 after purchasing an additional 1,366 shares during the last quarter. denkapparat Operations GmbH purchased a new stake in shares of Consolidated Edison during the 4th quarter valued at approximately $854,000. Pictet Asset Management Holding SA increased its stake in Consolidated Edison by 12.8% during the fourth quarter. Pictet Asset Management Holding SA now owns 219,595 shares of the utilities provider’s stock worth $19,594,000 after acquiring an additional 24,860 shares during the last quarter. Norges Bank acquired a new stake in shares of Consolidated Edison during the 4th quarter worth about $399,824,000. Finally, AssuredPartners Investment Advisors LLC purchased a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $918,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

ED has been the topic of several research analyst reports. Mizuho boosted their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Scotiabank increased their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research note on Monday, February 24th. UBS Group boosted their price objective on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. Finally, Morgan Stanley upped their target price on shares of Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a report on Thursday, March 20th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $102.40.

Consolidated Edison Trading Up 0.9 %

Shares of Consolidated Edison stock opened at $108.81 on Friday. The company’s fifty day moving average is $99.56 and its two-hundred day moving average is $98.51. Consolidated Edison, Inc. has a 1 year low of $87.28 and a 1 year high of $109.44. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The company has a market capitalization of $37.73 billion, a P/E ratio of 20.77, a PEG ratio of 3.05 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were paid a $0.85 dividend. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend was Wednesday, February 19th. Consolidated Edison’s payout ratio is currently 64.89%.

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.