Consolidated Edison Inc $ED Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 3.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 524,823 shares of the utilities provider’s stock after selling 21,563 shares during the period. Principal Financial Group Inc.’s holdings in Consolidated Edison were worth $59,399,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ED. Sachetta LLC raised its position in Consolidated Edison by 72.9% in the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 102 shares during the last quarter. JPL Wealth Management LLC purchased a new position in Consolidated Edison during the 3rd quarter worth $26,000. Basepoint Wealth LLC acquired a new position in Consolidated Edison in the fourth quarter valued at $26,000. Aventura Private Wealth LLC acquired a new position in Consolidated Edison in the fourth quarter valued at $27,000. Finally, Westfuller Advisors LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at about $27,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ED has been the subject of several recent research reports. Mizuho reiterated a “neutral” rating and set a $105.00 target price on shares of Consolidated Edison in a research note on Tuesday, June 2nd. Barclays dropped their price target on Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating on the stock in a research report on Monday, May 11th. Weiss Ratings raised Consolidated Edison from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. Evercore set a $116.00 price objective on Consolidated Edison in a research report on Monday, May 11th. Finally, Argus set a $112.00 target price on Consolidated Edison in a research note on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $108.07.

Consolidated Edison Stock Up 0.0%

ED stock opened at $112.40 on Friday. Consolidated Edison Inc has a one year low of $94.96 and a one year high of $116.23. The stock has a market capitalization of $41.42 billion, a PE ratio of 18.92, a price-to-earnings-growth ratio of 2.86 and a beta of 0.27. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.09 and a current ratio of 1.19. The company has a fifty day moving average of $108.49 and a 200-day moving average of $108.59.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be issued a dividend of $0.8875 per share. This represents a $3.55 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Wednesday, August 19th. Consolidated Edison’s dividend payout ratio is currently 59.76%.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.