Westpac Banking Corp Sells 6,254 Shares of Consolidated Edison Inc (ED)
Westpac Banking Corp lowered its stake in Consolidated Edison Inc (NYSE:ED) by 33.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,434 shares of the utilities provider’s stock after selling 6,254 shares during the period. Westpac Banking Corp’s holdings in Consolidated Edison were worth $953,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of ED. Welch & Forbes LLC boosted its position in shares of Consolidated Edison by 0.3% in the first quarter. Welch & Forbes LLC now owns 3,263 shares of the utilities provider’s stock valued at $254,000 after buying an additional 9 shares during the period. Court Place Advisors LLC boosted its position in shares of Consolidated Edison by 0.4% in the first quarter. Court Place Advisors LLC now owns 4,014 shares of the utilities provider’s stock valued at $312,000 after buying an additional 14 shares during the period. Alexandria Capital LLC boosted its position in shares of Consolidated Edison by 0.6% in the first quarter. Alexandria Capital LLC now owns 4,279 shares of the utilities provider’s stock valued at $332,000 after buying an additional 26 shares during the period. D Orazio & Associates Inc. boosted its position in shares of Consolidated Edison by 0.9% in the fourth quarter. D Orazio & Associates Inc. now owns 3,437 shares of the utilities provider’s stock valued at $253,000 after buying an additional 29 shares during the period. Finally, Altfest L J & Co. Inc. boosted its position in shares of Consolidated Edison by 0.7% in the first quarter. Altfest L J & Co. Inc. now owns 5,044 shares of the utilities provider’s stock valued at $392,000 after buying an additional 35 shares during the period. 57.02% of the stock is owned by hedge funds and other institutional investors.
Consolidated Edison Inc (NYSE ED) traded up 0.27% during mid-day trading on Tuesday, reaching $84.98. 91,496 shares of the company traded hands. Consolidated Edison Inc has a 52 week low of $68.76 and a 52 week high of $85.06. The firm has a market capitalization of $25.95 billion, a price-to-earnings ratio of 19.57 and a beta of 0.08. The stock’s 50 day moving average price is $81.43 and its 200 day moving average price is $76.83.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, May 4th. The utilities provider reported $1.27 EPS for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.08. The company had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.05 billion. Consolidated Edison had a net margin of 10.90% and a return on equity of 9.05%. During the same quarter in the prior year, the firm earned $1.18 EPS. Equities analysts forecast that Consolidated Edison Inc will post $4.09 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Wednesday, May 17th were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Monday, May 15th. This represents a $2.76 dividend on an annualized basis and a yield of 3.26%. Consolidated Edison’s payout ratio is currently 63.59%.
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Several research analysts recently issued reports on the stock. Zacks Investment Research cut shares of Consolidated Edison from a “buy” rating to a “hold” rating in a report on Wednesday, June 14th. BMO Capital Markets reissued a “hold” rating and set a $80.00 target price on shares of Consolidated Edison in a report on Monday, May 15th. Morgan Stanley raised their target price on shares of Consolidated Edison from $77.00 to $78.00 and gave the stock an “underweight” rating in a report on Monday, May 8th. Deutsche Bank AG cut shares of Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 target price for the company. in a report on Monday, May 8th. Finally, Jefferies Group LLC cut shares of Consolidated Edison from a “buy” rating to a “hold” rating and reduced their target price for the stock from $88.00 to $83.50 in a report on Tuesday, June 13th. Four investment analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. Consolidated Edison currently has a consensus rating of “Hold” and a consensus price target of $76.96.
In other news, Director Linda S. Sanford acquired 900 shares of the business’s stock in a transaction on Wednesday, May 17th. The stock was bought at an average price of $79.74 per share, for a total transaction of $71,766.00. Following the transaction, the director now owns 8,748 shares in the company, valued at $697,565.52. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have acquired 954 shares of company stock valued at $76,036. 0.20% of the stock is owned by insiders.
Consolidated Edison Company 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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