Maryland State Retirement & Pension System Cuts Stock Holdings in Consolidated Edison Inc $ED

Maryland State Retirement & Pension System reduced its stake in Consolidated Edison Inc (NYSE:ED) by 4.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 343,781 shares of the utilities provider’s stock after selling 14,775 shares during the period. Consolidated Edison makes up 0.8% of Maryland State Retirement & Pension System’s portfolio, making the stock its 24th largest holding. Maryland State Retirement & Pension System owned approximately 0.09% of Consolidated Edison worth $38,909,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. Basepoint Wealth LLC purchased a new position in shares of Consolidated Edison during the fourth quarter valued at about $26,000. JPL Wealth Management LLC purchased a new stake in shares of Consolidated Edison in the third quarter worth about $26,000. Aventura Private Wealth LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter worth about $27,000. Westfuller Advisors LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter worth about $27,000. Finally, Sachetta LLC boosted its stake in Consolidated Edison by 72.9% during the first quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock valued at $27,000 after buying an additional 102 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Wells Fargo & Company set a $98.00 price target on Consolidated Edison in a report on Tuesday, April 21st. Barclays decreased their price objective on Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating on the stock in a report on Monday, May 11th. Argus set a $112.00 target price on Consolidated Edison in a research report on Tuesday, June 23rd. KeyCorp raised their target price on shares of Consolidated Edison from $96.00 to $97.00 and gave the company an “underweight” rating in a report on Tuesday, April 21st. Finally, Weiss Ratings upgraded shares of Consolidated Edison from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, April 24th. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $108.07.

Consolidated Edison Stock Up 0.3%

Shares of ED opened at $112.11 on Wednesday. The company has a quick ratio of 1.09, a current ratio of 1.19 and a debt-to-equity ratio of 1.00. The business has a fifty day moving average of $108.18 and a 200 day moving average of $108.39. The company has a market cap of $41.31 billion, a PE ratio of 18.87, a P/E/G ratio of 2.84 and a beta of 0.27. Consolidated Edison Inc has a 52-week low of $94.96 and a 52-week high of $116.23.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Wednesday, May 13th were paid a $0.8875 dividend. The ex-dividend date of this dividend was Wednesday, May 13th. This represents a $3.55 annualized dividend and a dividend yield of 3.2%. Consolidated Edison’s dividend payout ratio is currently 59.76%.

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.