QRG Capital Management Inc. Purchases 29,635 Shares of Consolidated Edison Inc $ED

QRG Capital Management Inc. boosted its position in Consolidated Edison Inc (NYSE:ED) by 16.9% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 204,989 shares of the utilities provider’s stock after purchasing an additional 29,635 shares during the period. QRG Capital Management Inc.’s holdings in Consolidated Edison were worth $23,201,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Basepoint Wealth LLC bought a new position in shares of Consolidated Edison in the 4th quarter worth about $26,000. JPL Wealth Management LLC acquired a new position in shares of Consolidated Edison in the 3rd quarter valued at about $26,000. Aventura Private Wealth LLC bought a new stake in shares of Consolidated Edison during the 4th quarter valued at about $27,000. Westfuller Advisors LLC bought a new stake in shares of Consolidated Edison during the 4th quarter valued at about $27,000. Finally, Dorato Capital Management bought a new stake in Consolidated Edison in the fourth quarter worth approximately $28,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Down 0.0%

Shares of Consolidated Edison stock opened at $113.96 on Friday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.09 and a current ratio of 1.19. Consolidated Edison Inc has a 52 week low of $94.96 and a 52 week high of $116.23. The stock has a 50 day moving average price of $107.88 and a two-hundred day moving average price of $107.71. The stock has a market capitalization of $42.00 billion, a PE ratio of 19.18, a price-to-earnings-growth ratio of 2.89 and a beta of 0.27.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Wednesday, May 13th were issued a $0.8875 dividend. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Wednesday, May 13th. Consolidated Edison’s dividend payout ratio (DPR) is currently 59.76%.

Key Consolidated Edison News

Here are the key news stories impacting Consolidated Edison this week:

• Negative Sentiment: Con Edison is reducing voltage in parts of the Bronx, Westchester, and other areas and asking customers to limit power use, signaling strain on the grid during extreme heat. Con Edison Calls for Power-Saving, Reduces Voltage by 8% in Some Areas — Update
• Negative Sentiment: Thousands of customers lost power in the Bronx, Brooklyn, Staten Island, and other neighborhoods, which may raise concerns about service reliability and near-term operating disruption. 5,000 Con Edison customers in the Bronx without power amid heat wave
• Negative Sentiment: Con Edison’s repeated warnings for customers to conserve energy suggest the utility is actively managing peak-load stress, which can weigh on investor sentiment even if outages are temporary. As heat wave rages, Con Ed urges nearly 90,000 people in NYC, Westchester to limit power use
• Neutral Sentiment: The company elected Tali Farhadian to its Board of Directors, adding legal and regulatory experience; this is governance-related and unlikely to move the stock much in the near term. Con Edison Elects New Board Member

Wall Street Analysts Forecast Growth

ED has been the topic of a number of research analyst reports. KeyCorp increased their price target on Consolidated Edison from $96.00 to $97.00 and gave the stock an “underweight” rating in a report on Tuesday, April 21st. Mizuho reiterated a “neutral” rating and issued a $105.00 price objective on shares of Consolidated Edison in a research note on Tuesday, June 2nd. Wells Fargo & Company set a $98.00 target price on shares of Consolidated Edison in a research report on Tuesday, April 21st. Evercore set a $116.00 target price on shares of Consolidated Edison in a research note on Monday, May 11th. Finally, JPMorgan Chase & Co. raised their price target on shares of Consolidated Edison from $107.00 to $113.00 and gave the stock an “underweight” rating in a report on Thursday, March 12th. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $108.07.

About Consolidated Edison

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.