Consolidated Edison Inc (ED) Shares Bought by Canada Pension Plan Investment Board
Canada Pension Plan Investment Board raised its holdings in Consolidated Edison Inc (NYSE:ED) by 42.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 251,951 shares of the utilities provider’s stock after purchasing an additional 74,729 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.08% of Consolidated Edison worth $20,327,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the business. BlackRock Inc. raised its position in Consolidated Edison by 1.8% in the 2nd quarter. BlackRock Inc. now owns 24,544,339 shares of the utilities provider’s stock valued at $1,983,672,000 after purchasing an additional 439,840 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Consolidated Edison by 2.4% during the second quarter. Vanguard Group Inc. now owns 21,821,324 shares of the utilities provider’s stock worth $1,763,600,000 after acquiring an additional 516,860 shares during the last quarter. APG Asset Management N.V. raised its position in shares of Consolidated Edison by 38.2% during the third quarter. APG Asset Management N.V. now owns 4,055,555 shares of the utilities provider’s stock worth $327,202,000 after acquiring an additional 1,121,200 shares during the last quarter. Legal & General Group Plc raised its position in shares of Consolidated Edison by 4.7% during the second quarter. Legal & General Group Plc now owns 2,785,937 shares of the utilities provider’s stock worth $225,186,000 after acquiring an additional 124,772 shares during the last quarter. Finally, Federated Investors Inc. PA raised its position in shares of Consolidated Edison by 1.1% during the second quarter. Federated Investors Inc. PA now owns 2,716,781 shares of the utilities provider’s stock worth $219,570,000 after acquiring an additional 29,358 shares during the last quarter. Hedge funds and other institutional investors own 55.37% of the company’s stock.
ED has been the subject of a number of recent research reports. Zacks Investment Research downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. Jefferies Group LLC restated a “hold” rating and set a $83.50 target price on shares of Consolidated Edison in a research report on Thursday, August 31st. KeyCorp restated a “hold” rating on shares of Consolidated Edison in a research report on Friday, October 20th. Morgan Stanley upped their price objective on Consolidated Edison from $78.00 to $80.00 and gave the company an “underweight” rating in a report on Friday, September 8th. Finally, Bank of America Corporation initiated coverage on Consolidated Edison in a report on Tuesday, October 24th. They issued a “buy” rating and a $92.00 price objective for the company. Five equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $78.96.
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In other news, CEO Joseph P. Oates sold 1,908 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total transaction of $160,023.96. Following the completion of the transaction, the chief executive officer now directly owns 24,017 shares of the company’s stock, valued at $2,014,305.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have bought 183 shares of company stock valued at $15,248 over the last ninety days. 0.20% of the stock is owned by insiders.
Consolidated Edison Inc (ED) opened at $87.69 on Wednesday. Consolidated Edison Inc has a 52 week low of $68.76 and a 52 week high of $87.70. The company has a quick ratio of 0.70, a current ratio of 0.79 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $26,765.14, a PE ratio of 21.53, a price-to-earnings-growth ratio of 7.01 and a beta of 0.10.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share for the quarter, missing the consensus estimate of $1.54 by ($0.07). The firm had revenue of $3.21 billion for the quarter, compared to analyst estimates of $3.14 billion. Consolidated Edison had a return on equity of 8.42% and a net margin of 10.42%. During the same period in the prior year, the company earned $1.51 earnings per share. equities research analysts predict that Consolidated Edison Inc will post 4.1 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th will be given a dividend of $0.69 per share. The ex-dividend date is Tuesday, November 14th. This represents a $2.76 annualized dividend and a dividend yield of 3.15%. Consolidated Edison’s dividend payout ratio is currently 69.00%.
About Consolidated Edison
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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