MetLife Investment Advisors LLC bought a new position in shares of Consolidated Edison, Inc. (NYSE:ED) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 95,938 shares of the utilities provider’s stock, valued at approximately $8,150,000.
Several other large investors also recently bought and sold shares of the business. BlackRock Inc. increased its holdings in shares of Consolidated Edison by 2.7% in the fourth quarter. BlackRock Inc. now owns 25,916,294 shares of the utilities provider’s stock worth $2,201,589,000 after purchasing an additional 680,592 shares during the period. APG Asset Management N.V. increased its holdings in shares of Consolidated Edison by 28.4% in the fourth quarter. APG Asset Management N.V. now owns 5,209,155 shares of the utilities provider’s stock worth $368,519,000 after purchasing an additional 1,153,600 shares during the period. Geode Capital Management LLC increased its holdings in shares of Consolidated Edison by 4.5% in the fourth quarter. Geode Capital Management LLC now owns 3,431,426 shares of the utilities provider’s stock worth $290,908,000 after purchasing an additional 147,170 shares during the period. Legal & General Group Plc increased its stake in Consolidated Edison by 5.2% in the third quarter. Legal & General Group Plc now owns 2,930,589 shares of the utilities provider’s stock valued at $236,432,000 after acquiring an additional 144,652 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in Consolidated Edison by 25.3% in the third quarter. Janus Henderson Group PLC now owns 2,883,134 shares of the utilities provider’s stock valued at $232,610,000 after acquiring an additional 582,457 shares during the last quarter. Hedge funds and other institutional investors own 56.68% of the company’s stock.
A number of research analysts recently commented on ED shares. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 target price on the stock in a research note on Thursday, January 18th. ValuEngine raised Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Guggenheim reissued a “hold” rating and issued a $88.00 target price on shares of Consolidated Edison in a research note on Wednesday, January 3rd. UBS started coverage on Consolidated Edison in a research note on Friday, February 2nd. They issued a “neutral” rating and a $80.00 target price on the stock. Finally, Morgan Stanley reduced their target price on Consolidated Edison from $80.00 to $74.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 13th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $81.32.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, February 15th. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.02. Consolidated Edison had a return on equity of 8.51% and a net margin of 12.67%. The firm had revenue of $2.96 billion for the quarter, compared to analysts’ expectations of $2.64 billion. During the same period last year, the firm earned $0.69 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. sell-side analysts anticipate that Consolidated Edison, Inc. will post 4.27 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 15th. Stockholders of record on Wednesday, February 14th were paid a dividend of $0.715 per share. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.69. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date was Tuesday, February 13th. Consolidated Edison’s dividend payout ratio (DPR) is 57.89%.
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Consolidated Edison Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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