Geode Capital Management LLC Boosts Stake in Consolidated Edison, Inc. (ED)

Geode Capital Management LLC raised its stake in Consolidated Edison, Inc. (NYSE:ED) by 9.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,460,033 shares of the utilities provider’s stock after acquiring an additional 398,820 shares during the quarter. Geode Capital Management LLC’s holdings in Consolidated Edison were worth $340,474,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund raised its holdings in Consolidated Edison by 7,452.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,577,390 shares of the utilities provider’s stock valued at $34,000 after buying an additional 2,543,263 shares during the last quarter. BlackRock Inc. raised its holdings in Consolidated Edison by 3.8% in the 4th quarter. BlackRock Inc. now owns 28,920,573 shares of the utilities provider’s stock valued at $2,211,265,000 after buying an additional 1,052,035 shares during the last quarter. Unigestion Holding SA raised its holdings in Consolidated Edison by 301.8% in the 4th quarter. Unigestion Holding SA now owns 932,486 shares of the utilities provider’s stock valued at $71,297,000 after buying an additional 700,411 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in 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 valued at $324,647,000 after buying an additional 664,206 shares during the last quarter. Finally, California Public Employees Retirement System raised its holdings in Consolidated Edison by 38.0% in the 4th quarter. California Public Employees Retirement System now owns 1,903,283 shares of the utilities provider’s stock valued at $145,525,000 after buying an additional 524,090 shares during the last quarter. 59.86% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts recently issued reports on the stock. ValuEngine upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Credit Suisse Group set a $80.00 target price on shares of Consolidated Edison and gave the company a “sell” rating in a research report on Monday, April 22nd. Morgan Stanley increased their target price on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “underweight” rating in a research report on Thursday, May 16th. Zacks Investment Research downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Monday, February 25th. Finally, Bank of America raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and decreased their target price for the company from $96.00 to $94.00 in a research report on Friday, April 26th. They noted that the move was a valuation call. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $78.92.

NYSE:ED opened at $86.69 on Wednesday. The company has a market cap of $28.35 billion, a price-to-earnings ratio of 20.07, a PEG ratio of 9.99 and a beta of 0.13. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.60 and a quick ratio of 0.54. Consolidated Edison, Inc. has a fifty-two week low of $71.12 and a fifty-two week high of $87.69.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 2nd. The utilities provider reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.04. The business had revenue of $3.51 billion during the quarter, compared to the consensus estimate of $3.39 billion. Consolidated Edison had a net margin of 11.03% and a return on equity of 8.31%. During the same quarter in the prior year, the firm posted $1.38 EPS. On average, sell-side analysts expect that Consolidated Edison, Inc. will post 4.35 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a dividend yield of 3.41%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is 68.52%.

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

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