Forsta AP Fonden Has $11.08 Million Stake in Consolidated Edison, Inc. (ED)

Forsta AP Fonden lowered its position in Consolidated Edison, Inc. (NYSE:ED) by 1.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 130,600 shares of the utilities provider’s stock after selling 1,600 shares during the period. Forsta AP Fonden’s holdings in Consolidated Edison were worth $11,076,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. BlackRock Inc. grew its position in shares of Consolidated Edison by 3.8% in the 4th quarter. BlackRock Inc. now owns 28,920,573 shares of the utilities provider’s stock worth $2,211,265,000 after buying an additional 1,052,035 shares during the last quarter. Vanguard Group Inc grew its position in shares of Consolidated Edison by 1.5% in the 3rd quarter. Vanguard Group Inc now owns 23,911,264 shares of the utilities provider’s stock worth $1,821,799,000 after buying an additional 356,339 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Consolidated Edison by 9.8% in the 4th quarter. Geode Capital Management LLC now owns 4,460,033 shares of the utilities provider’s stock worth $340,474,000 after buying an additional 398,820 shares during the last quarter. Northern Trust Corp grew its position in shares of Consolidated Edison by 4.1% in the 4th quarter. Northern Trust Corp now owns 4,254,873 shares of the utilities provider’s stock worth $325,328,000 after buying an additional 166,793 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Consolidated Edison by 18.5% in the 4th quarter. Bank of New York Mellon Corp now owns 4,245,988 shares of the utilities provider’s stock worth $324,647,000 after buying an additional 664,206 shares during the last quarter. 59.86% of the stock is currently owned by hedge funds and other institutional investors.

ED stock opened at $87.16 on Monday. The company has a market capitalization of $28.44 billion, a P/E ratio of 20.18, a P/E/G ratio of 9.99 and a beta of 0.13. The company has a quick ratio of 0.54, a current ratio of 0.60 and a debt-to-equity ratio of 1.01. Consolidated Edison, Inc. has a 52 week low of $71.12 and a 52 week high of $87.33.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 2nd. The utilities provider reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.04. The company had revenue of $3.51 billion during the quarter, compared to analysts’ expectations of $3.39 billion. Consolidated Edison had a net margin of 11.03% and a return on equity of 8.31%. During the same period last year, the business earned $1.38 EPS. As a group, equities research analysts forecast that Consolidated Edison, Inc. will post 4.35 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Wednesday, May 15th will be paid a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a yield of 3.40%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s payout ratio is 68.52%.

A number of research analysts have recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of Consolidated Edison from $78.00 to $81.00 and gave the stock an “underweight” rating in a research report on Tuesday, February 12th. Zacks Investment Research cut shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Monday, February 25th. Mizuho assumed coverage on shares of Consolidated Edison in a research note on Monday, March 11th. They issued a “neutral” rating and a $85.00 target price for the company. Bank of America upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $96.00 to $94.00 in a research note on Friday, April 26th. They noted that the move was a valuation call. Finally, Credit Suisse Group lifted their target price on shares of Consolidated Edison from $77.00 to $78.00 and gave the stock an “underperform” rating in a research note on Monday, February 25th. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. Consolidated Edison currently has a consensus rating of “Hold” and an average target price of $78.92.

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About Consolidated Edison

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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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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