TD Asset Management Inc. grew its stake in Consolidated Edison, Inc. (NYSE:ED) by 12.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 139,654 shares of the utilities provider’s stock after acquiring an additional 15,192 shares during the quarter. TD Asset Management Inc.’s holdings in Consolidated Edison were worth $12,245,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. 6 Meridian boosted its holdings in Consolidated Edison by 1.9% in the second quarter. 6 Meridian now owns 6,295 shares of the utilities provider’s stock worth $552,000 after acquiring an additional 117 shares in the last quarter. OLD National Bancorp IN boosted its holdings in Consolidated Edison by 0.5% in the first quarter. OLD National Bancorp IN now owns 29,556 shares of the utilities provider’s stock worth $2,506,000 after acquiring an additional 136 shares in the last quarter. Round Table Services LLC boosted its holdings in Consolidated Edison by 2.3% in the second quarter. Round Table Services LLC now owns 6,140 shares of the utilities provider’s stock worth $538,000 after acquiring an additional 138 shares in the last quarter. Carnegie Capital Asset Management LLC boosted its holdings in Consolidated Edison by 2.5% in the second quarter. Carnegie Capital Asset Management LLC now owns 5,566 shares of the utilities provider’s stock worth $488,000 after acquiring an additional 138 shares in the last quarter. Finally, Trust Co. of Vermont boosted its holdings in Consolidated Edison by 1.3% in the second quarter. Trust Co. of Vermont now owns 10,553 shares of the utilities provider’s stock worth $926,000 after acquiring an additional 140 shares in the last quarter. 58.34% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:ED traded up $0.23 during midday trading on Friday, reaching $87.20. 1,211,900 shares of the company’s stock traded hands, compared to its average volume of 1,596,409. The company has a market cap of $28.89 billion, a price-to-earnings ratio of 20.19, a P/E/G ratio of 10.02 and a beta of 0.10. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.62. Consolidated Edison, Inc. has a one year low of $73.29 and a one year high of $90.51. The stock has a 50 day moving average of $87.34 and a 200 day moving average of $85.13.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be issued a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date is Tuesday, August 13th. Consolidated Edison’s dividend payout ratio is 68.52%.
A number of brokerages have recently issued reports on ED. Morgan Stanley lowered their price target on Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating on the stock in a report on Friday. Credit Suisse Group lowered their price target on Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating on the stock in a report on Thursday, August 8th. Bank of America raised Consolidated Edison from a “neutral” rating to a “buy” rating and lowered their price target for the company from $96.00 to $94.00 in a report on Friday, April 26th. They noted that the move was a valuation call. KeyCorp began coverage on Consolidated Edison in a report on Tuesday, June 4th. They set a “sector weight” rating on the stock. Finally, Barclays reaffirmed a “hold” rating and set a $90.00 price target on shares of Consolidated Edison in a report on Thursday, June 20th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $84.73.
Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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