Dai ichi Life Insurance Company Ltd Sells 8,567 Shares of Consolidated Edison, Inc. (NYSE:ED)

Dai ichi Life Insurance Company Ltd decreased its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 11.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 67,246 shares of the utilities provider’s stock after selling 8,567 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Consolidated Edison were worth $7,002,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the business. The Manufacturers Life Insurance Company boosted its position in shares of Consolidated Edison by 0.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 242,614 shares of the utilities provider’s stock valued at $25,263,000 after acquiring an additional 1,507 shares in the last quarter. Bank of Montreal Can boosted its position in shares of Consolidated Edison by 7.2% during the 3rd quarter. Bank of Montreal Can now owns 676,249 shares of the utilities provider’s stock valued at $70,364,000 after acquiring an additional 45,448 shares in the last quarter. Diversified LLC acquired a new stake in shares of Consolidated Edison during the 3rd quarter valued at about $203,000. DRW Securities LLC acquired a new stake in shares of Consolidated Edison during the 3rd quarter valued at about $1,537,000. Finally, Daiwa Securities Group Inc. boosted its position in shares of Consolidated Edison by 7.8% during the 3rd quarter. Daiwa Securities Group Inc. now owns 42,857 shares of the utilities provider’s stock valued at $4,462,000 after acquiring an additional 3,096 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Price Performance

Shares of ED stock opened at $101.72 on Wednesday. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75. The firm’s 50 day moving average is $101.85 and its 200-day moving average is $98.13. The firm has a market capitalization of $35.24 billion, a price-to-earnings ratio of 19.16, a PEG ratio of 3.31 and a beta of 0.36. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Sell-side analysts forecast that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be given a dividend of $0.83 per share. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.26%. Consolidated Edison’s payout ratio is 62.52%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ED shares. Jefferies Financial Group started coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price on the stock. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their target price for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Morgan Stanley reduced their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday, November 22nd. Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Finally, Scotiabank boosted their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $98.19.

Consolidated Edison 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.