PGGM Investments Increases Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

PGGM Investments lifted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 54,591 shares of the utilities provider’s stock after buying an additional 1,115 shares during the quarter. PGGM Investments’ holdings in Consolidated Edison were worth $4,966,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of ED. MGO One Seven LLC grew its position in shares of Consolidated Edison by 2.1% in the 3rd quarter. MGO One Seven LLC now owns 5,727 shares of the utilities provider’s stock worth $490,000 after acquiring an additional 119 shares in the last quarter. Advisors Capital Management LLC grew its position in shares of Consolidated Edison by 3.8% in the 3rd quarter. Advisors Capital Management LLC now owns 3,312 shares of the utilities provider’s stock worth $283,000 after acquiring an additional 122 shares in the last quarter. Jeppson Wealth Management LLC grew its position in shares of Consolidated Edison by 1.6% in the 4th quarter. Jeppson Wealth Management LLC now owns 7,716 shares of the utilities provider’s stock worth $702,000 after acquiring an additional 125 shares in the last quarter. Sandy Spring Bank grew its position in shares of Consolidated Edison by 11.4% in the 4th quarter. Sandy Spring Bank now owns 1,222 shares of the utilities provider’s stock worth $111,000 after acquiring an additional 125 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC grew its position in shares of Consolidated Edison by 4.9% in the 3rd quarter. Dorsey & Whitney Trust CO LLC now owns 2,764 shares of the utilities provider’s stock worth $236,000 after acquiring an additional 128 shares in the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

Shares of NYSE ED opened at $92.93 on Monday. Consolidated Edison, Inc. has a one year low of $80.46 and a one year high of $100.44. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. The business has a fifty day simple moving average of $89.52 and a 200 day simple moving average of $89.92. The firm has a market capitalization of $32.11 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 8.75 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.02. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same period in the previous year, the business earned $0.81 EPS. The firm’s revenue was down 14.6% on a year-over-year basis. Sell-side analysts expect that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.83 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.57%. Consolidated Edison’s dividend payout ratio (DPR) is currently 46.24%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ED. UBS Group reduced their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. Royal Bank of Canada reduced their price objective on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research report on Friday, February 16th. KeyCorp upgraded Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research report on Thursday, January 4th. Scotiabank reduced their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Finally, Barclays boosted their price objective on Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research report on Thursday, March 14th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $87.54.

Consolidated Edison Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.