The Manufacturers Life Insurance Company Trims Stake in Consolidated Edison Inc $ED

The Manufacturers Life Insurance Company cut its position in Consolidated Edison Inc (NYSE:ED) by 5.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 246,441 shares of the utilities provider’s stock after selling 15,446 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Consolidated Edison were worth $27,892,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Basepoint Wealth LLC acquired a new position in Consolidated Edison during the fourth quarter worth approximately $26,000. JPL Wealth Management LLC acquired a new stake in shares of Consolidated Edison in the third quarter valued at approximately $26,000. Westfuller Advisors LLC acquired a new stake in shares of Consolidated Edison in the fourth quarter valued at approximately $27,000. Sachetta LLC grew its position in shares of Consolidated Edison by 72.9% during the first quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 102 shares during the last quarter. Finally, Dorato Capital Management purchased a new position in shares of Consolidated Edison during the fourth quarter worth approximately $28,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on ED. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $105.00 target price on shares of Consolidated Edison in a report on Thursday, May 14th. Barclays decreased their price target on shares of Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating for the company in a research note on Monday, May 11th. Mizuho set a $114.00 price objective on shares of Consolidated Edison in a research report on Monday. KeyCorp dropped their price objective on shares of Consolidated Edison from $97.00 to $94.00 and set an “underweight” rating on the stock in a research note on Thursday, July 23rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Consolidated Edison in a report on Tuesday, July 21st. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have issued a Sell rating to the company. According to MarketBeat.com, Consolidated Edison has a consensus rating of “Reduce” and an average target price of $108.47.

Consolidated Edison Trading Down 0.6%

NYSE:ED opened at $108.98 on Friday. The firm has a market cap of $40.16 billion, a P/E ratio of 18.35, a PEG ratio of 2.85 and a beta of 0.27. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. The stock’s 50 day simple moving average is $109.39 and its 200-day simple moving average is $109.42. Consolidated Edison Inc has a 12-month low of $94.96 and a 12-month high of $116.23.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be given a $0.8875 dividend. This represents a $3.55 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Wednesday, August 19th. Consolidated Edison’s dividend payout ratio (DPR) is 59.76%.

Consolidated Edison 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.