Consolidated Edison Inc (ED) Position Lowered by Cigna Investments Inc. New
Cigna Investments Inc. New lowered its position in shares of Consolidated Edison Inc (NYSE:ED) by 6.1% during the second quarter, Holdings Channel reports. The firm owned 11,654 shares of the utilities provider’s stock after selling 762 shares during the period. Cigna Investments Inc. New’s holdings in Consolidated Edison were worth $942,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in shares of Consolidated Edison by 1,771.1% in the first quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock valued at $1,871,955,000 after buying an additional 22,816,233 shares during the period. Bank of New York Mellon Corp raised its position in shares of Consolidated Edison by 34.1% in the first quarter. Bank of New York Mellon Corp now owns 3,478,494 shares of the utilities provider’s stock valued at $270,138,000 after buying an additional 884,788 shares during the period. Vanguard Group Inc. raised its position in shares of Consolidated Edison by 3.5% in the first quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock valued at $1,654,504,000 after buying an additional 725,857 shares during the period. Renaissance Technologies LLC raised its position in shares of Consolidated Edison by 145.9% in the first quarter. Renaissance Technologies LLC now owns 1,178,300 shares of the utilities provider’s stock valued at $91,507,000 after buying an additional 699,200 shares during the period. Finally, Morgan Stanley raised its position in shares of Consolidated Edison by 28.0% in the first quarter. Morgan Stanley now owns 2,971,665 shares of the utilities provider’s stock valued at $230,778,000 after buying an additional 649,615 shares during the period. Hedge funds and other institutional investors own 55.61% of the company’s stock.
Consolidated Edison Inc (NYSE ED) opened at 82.87 on Friday. The stock’s 50 day moving average is $82.01 and its 200 day moving average is $79.28. Consolidated Edison Inc has a 52 week low of $68.76 and a 52 week high of $85.13. The company has a market capitalization of $25.33 billion, a P/E ratio of 20.05 and a beta of 0.08.
Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by $0.03. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. The firm had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same period in the prior year, the firm posted $0.60 earnings per share. On average, equities research analysts expect that Consolidated Edison Inc will post $4.09 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, August 16th will be paid a dividend of $0.69 per share. The ex-dividend date is Monday, August 14th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.33%. Consolidated Edison’s dividend payout ratio is presently 66.67%.
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ED has been the subject of several research reports. Zacks Investment Research upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a research report on Friday, May 26th. BidaskClub lowered shares of Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Barclays PLC reiterated an “equal weight” rating and issued a $82.00 target price (up from $76.00) on shares of Consolidated Edison in a research report on Sunday, April 23rd. BMO Capital Markets reiterated a “hold” rating and issued a $80.00 target price on shares of Consolidated Edison in a research report on Monday, May 15th. Finally, Jefferies Group LLC lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating and cut their target price for the stock from $88.00 to $83.50 in a research report on Tuesday, June 13th. Five investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. The company presently has an average rating of “Hold” and an average target price of $76.96.
In other news, Director Linda S. Sanford purchased 900 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The stock was purchased at an average cost of $79.74 per share, with a total value of $71,766.00. Following the purchase, the director now owns 8,748 shares in the company, valued at $697,565.52. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have purchased 1,319 shares of company stock valued at $106,510. 0.20% of the stock is owned by corporate 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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