AIA Group Ltd Makes New $252,000 Investment in Consolidated Edison, Inc. (NYSE:ED)

AIA Group Ltd purchased a new position in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,828 shares of the utilities provider's stock, valued at approximately $252,000.

Several other hedge funds also recently modified their holdings of the business. Norges Bank acquired a new position in Consolidated Edison during the 4th quarter valued at $399,824,000. Point72 Asset Management L.P. raised its position in shares of Consolidated Edison by 1,766.0% during the third quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider's stock valued at $102,980,000 after buying an additional 935,962 shares during the last quarter. Burkehill Global Management LP bought a new stake in shares of Consolidated Edison in the fourth quarter valued at about $53,538,000. FMR LLC grew its position in Consolidated Edison by 82.3% during the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider's stock worth $132,081,000 after buying an additional 572,530 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Consolidated Edison by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 42,455,662 shares of the utilities provider's stock valued at $3,788,319,000 after acquiring an additional 488,752 shares during the period. 66.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Morgan Stanley lifted their price objective on Consolidated Edison from $85.00 to $91.00 and gave the stock an "underweight" rating in a report on Thursday, March 20th. UBS Group lifted their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Mizuho increased their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a "neutral" rating in a research note on Monday, February 3rd. Scotiabank lifted their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a "sector perform" rating in a research report on Monday, February 24th. Finally, Barclays increased their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an "underweight" rating in a research report on Monday, February 24th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Consolidated Edison currently has an average rating of "Hold" and a consensus price target of $102.40.

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Consolidated Edison Price Performance

NYSE:ED traded down $3.19 on Friday, reaching $109.53. The stock had a trading volume of 6,395,484 shares, compared to its average volume of 2,182,709. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $39.45 billion, a P/E ratio of 20.90, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27. Consolidated Edison, Inc. has a 1-year low of $87.28 and a 1-year high of $114.87. The stock has a fifty day moving average price of $101.43 and a 200-day moving average price of $98.70.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, topping the consensus estimate of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.63 billion. Research analysts forecast that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th were paid a $0.85 dividend. The ex-dividend date was Wednesday, February 19th. This is a positive change from Consolidated Edison's previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.10%. Consolidated Edison's dividend payout ratio (DPR) is 64.89%.

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.