Asahi Life Asset Management CO. LTD. Buys Shares of 3,930 Consolidated Edison Inc (NYSE:ED)

Asahi Life Asset Management CO. LTD. bought a new stake in shares of Consolidated Edison Inc (NYSE:ED) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 3,930 shares of the utilities provider’s stock, valued at approximately $435,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ED. Alpine Bank Wealth Management purchased a new stake in Consolidated Edison during the first quarter valued at approximately $32,000. Fort Vancouver Investment Management LLC bought a new position in Consolidated Edison in the 1st quarter worth $33,000. Wood Tarver Financial Group LLC bought a new stake in Consolidated Edison during the fourth quarter valued at about $35,000. Elite Financial Inc. bought a new position in shares of Consolidated Edison in the first quarter worth about $38,000. Finally, Park Square Financial Group LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter worth about $45,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Trading Down 0.5%

ED opened at $100.59 on Monday. The stock has a market cap of $36.24 billion, a price-to-earnings ratio of 18.59, a P/E/G ratio of 3.21 and a beta of 0.26. The stock’s 50 day moving average price is $102.54 and its 200-day moving average price is $101.49. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.19 and a current ratio of 1.28.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.05). The business had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.21 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.61%. During the same period in the prior year, the company posted $2.15 EPS. On average, equities analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th were issued a dividend of $0.85 per share. The ex-dividend date of this dividend was Wednesday, May 14th. This represents a $3.40 annualized dividend and a yield of 3.38%. Consolidated Edison’s payout ratio is currently 62.85%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ED shares. Citigroup lifted their price objective on shares of Consolidated Edison from $116.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, April 9th. UBS Group lifted their price objective on Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Guggenheim boosted their price target on shares of Consolidated Edison from $96.00 to $103.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. Morgan Stanley lowered their price objective on shares of Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating for the company in a research report on Wednesday, June 18th. Finally, KeyCorp downgraded shares of Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 target price on the stock. in a report on Wednesday, May 14th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $105.27.

Consolidated Edison Company 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.