Magellan Asset Management Ltd Has $44.24 Million Stock Position in Consolidated Edison Inc $ED

Magellan Asset Management Ltd increased its stake in Consolidated Edison Inc (NYSE:ED) by 24.5% during the first quarter, Holdings Channel reports. The firm owned 390,866 shares of the utilities provider’s stock after acquiring an additional 76,964 shares during the period. Magellan Asset Management Ltd’s holdings in Consolidated Edison were worth $44,238,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Consolidated Edison by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 45,636,041 shares of the utilities provider’s stock worth $4,532,572,000 after purchasing an additional 461,108 shares during the period. State Street Corp increased its holdings in Consolidated Edison by 3.6% in the 4th quarter. State Street Corp now owns 24,905,440 shares of the utilities provider’s stock valued at $2,473,608,000 after buying an additional 854,868 shares during the period. Lazard Asset Management LLC raised its position in shares of Consolidated Edison by 3.4% in the 4th quarter. Lazard Asset Management LLC now owns 6,165,594 shares of the utilities provider’s stock valued at $612,367,000 after buying an additional 205,041 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Consolidated Edison by 11.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,200,840 shares of the utilities provider’s stock valued at $516,549,000 after buying an additional 514,178 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Consolidated Edison during the 4th quarter worth approximately $489,806,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

NYSE ED opened at $109.87 on Wednesday. The firm’s fifty day moving average price is $108.65 and its two-hundred day moving average price is $108.80. The stock has a market cap of $40.49 billion, a PE ratio of 18.50, a PEG ratio of 2.82 and a beta of 0.27. Consolidated Edison Inc has a fifty-two week low of $94.96 and a fifty-two week high of $116.23. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.09 and a current ratio of 1.19.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be issued a dividend of $0.8875 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 annualized dividend and a dividend yield of 3.2%. Consolidated Edison’s dividend payout ratio (DPR) is 59.76%.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of recent analyst reports. Argus set a $112.00 price objective on shares of Consolidated Edison in a research note on Tuesday, June 23rd. Evercore set a $116.00 target price on Consolidated Edison in a research note on Monday, May 11th. Morgan Stanley reaffirmed an “underweight” rating on shares of Consolidated Edison in a report on Wednesday, June 24th. Wells Fargo & Company set a $98.00 price target on Consolidated Edison in a research note on Tuesday, April 21st. Finally, KeyCorp boosted their price target on Consolidated Edison from $96.00 to $97.00 and gave the stock an “underweight” rating in a report on Tuesday, April 21st. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $108.07.

Consolidated Edison Profile

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.