Dai ichi Life Insurance Company Ltd Trims Stock Position in Consolidated Edison Inc $ED

Dai ichi Life Insurance Company Ltd lessened its stake in Consolidated Edison Inc (NYSE:ED) by 8.5% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 64,102 shares of the utilities provider’s stock after selling 5,946 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Consolidated Edison were worth $7,255,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. Basepoint Wealth LLC acquired a new stake in Consolidated Edison during the fourth quarter worth about $26,000. JPL Wealth Management LLC acquired a new position in Consolidated Edison in the third quarter valued at approximately $26,000. Westfuller Advisors LLC acquired a new position in Consolidated Edison in the fourth quarter valued at approximately $27,000. Sachetta LLC boosted its position in Consolidated Edison by 72.9% in the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 102 shares in the last quarter. Finally, Dorato Capital Management purchased a new stake in Consolidated Edison in the 4th quarter worth approximately $28,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.2%

ED opened at $112.97 on Friday. The business’s 50 day moving average price is $109.04 and its 200 day moving average price is $109.01. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.09 and a current ratio of 1.19. The stock has a market capitalization of $41.63 billion, a PE ratio of 19.02, a P/E/G ratio of 2.93 and a beta of 0.27. Consolidated Edison Inc has a one year low of $94.96 and a one year high of $116.23.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be issued a dividend of $0.8875 per share. The ex-dividend date is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.1%. Consolidated Edison’s dividend payout ratio is currently 59.76%.

Analyst Ratings Changes

Several research firms have recently weighed in on ED. Morgan Stanley reaffirmed an “underweight” rating on shares of Consolidated Edison in a report on Wednesday. The Goldman Sachs Group reissued a “sell” rating and set a $105.00 price target on shares of Consolidated Edison in a report on Thursday, May 14th. Argus set a $112.00 price target on shares of Consolidated Edison in a research report on Tuesday, June 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Consolidated Edison in a report on Tuesday. Finally, Mizuho restated a “neutral” rating and set a $105.00 target price on shares of Consolidated Edison in a research report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $107.87.

About Consolidated Edison

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.