Magellan Asset Management Ltd Has $23.33 Million Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Magellan Asset Management Ltd trimmed its position in Consolidated Edison, Inc. (NYSE:ED - Free Report) by 16.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 261,453 shares of the utilities provider's stock after selling 52,600 shares during the quarter. Magellan Asset Management Ltd owned 0.08% of Consolidated Edison worth $23,329,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Consolidated Edison during the fourth quarter valued at about $399,824,000. Point72 Asset Management L.P. boosted its holdings in 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 worth $102,980,000 after buying an additional 935,962 shares in the last quarter. ExodusPoint Capital Management LP raised its holdings in Consolidated Edison by 412.0% in the 4th quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider's stock worth $97,564,000 after purchasing an additional 879,866 shares during the period. Burkehill Global Management LP acquired a new stake in Consolidated Edison in the 4th quarter valued at $53,538,000. Finally, FMR LLC increased its stake in shares of 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 purchasing an additional 572,530 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on ED shares. Barclays increased their price target on Consolidated Edison from $92.00 to $95.00 and gave the company an "underweight" rating in a report on Monday, February 24th. Scotiabank increased their target price on Consolidated Edison from $100.00 to $101.00 and gave the stock a "sector perform" rating in a research note on Monday, February 24th. Morgan Stanley raised their target price on shares of Consolidated Edison from $85.00 to $91.00 and gave the company an "underweight" rating in a report on Thursday, March 20th. UBS Group raised their target price on Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Finally, Evercore ISI lowered Consolidated Edison from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, January 21st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $102.40.

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Consolidated Edison Stock Performance

ED traded up $2.00 on Tuesday, hitting $107.40. The company had a trading volume of 670,637 shares, compared to its average volume of 2,185,749. Consolidated Edison, Inc. has a 1-year low of $87.28 and a 1-year high of $114.87. The company's fifty day moving average price is $101.64 and its 200 day moving average price is $98.72. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The stock has a market cap of $38.68 billion, a price-to-earnings ratio of 20.55, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.97 by $0.01. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The company had revenue of $3.67 billion during the quarter, compared to analysts' expectations of $3.63 billion. Equities analysts predict that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently declared 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 boost 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 3.17%. Consolidated Edison's dividend payout ratio 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.