Hsbc Holdings PLC Sells 49,724 Shares of Consolidated Edison Inc $ED

Hsbc Holdings PLC decreased its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 5.6% in the 1st quarter, Holdings Channel reports. The firm owned 846,000 shares of the utilities provider’s stock after selling 49,724 shares during the period. Hsbc Holdings PLC’s holdings in Consolidated Edison were worth $95,651,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. 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 valued at $4,532,572,000 after purchasing an additional 461,108 shares during the last quarter. State Street Corp increased its holdings in shares of Consolidated Edison by 3.6% in the 4th quarter. State Street Corp now owns 24,905,440 shares of the utilities provider’s stock worth $2,473,608,000 after buying an additional 854,868 shares during the last quarter. Lazard Asset Management LLC increased its holdings 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 worth $612,367,000 after buying an additional 205,041 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Consolidated Edison by 11.0% during 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 purchased a new stake in shares of Consolidated Edison during the 4th quarter valued at $489,806,000. 66.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Morgan Stanley reiterated an “underweight” rating on shares of Consolidated Edison in a research report on Wednesday, June 24th. Argus set a $112.00 price target on Consolidated Edison in a research report on Tuesday, June 23rd. Weiss Ratings raised Consolidated Edison from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. Evercore set a $116.00 price objective on Consolidated Edison in a report on Monday, May 11th. Finally, Mizuho reiterated a “neutral” rating and set a $105.00 price objective on shares of Consolidated Edison in a research report on Tuesday, June 2nd. Two 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, the company currently has a consensus rating of “Reduce” and an average target price of $108.07.

Consolidated Edison Trading Up 0.0%

Shares of ED opened at $112.40 on Monday. Consolidated Edison Inc has a fifty-two week low of $94.96 and a fifty-two week high of $116.23. The firm has a market cap of $41.42 billion, a price-to-earnings ratio of 18.92, a PEG ratio of 2.86 and a beta of 0.27. The firm has a 50 day moving average price of $108.49 and a 200-day moving average price of $108.65. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be given a dividend of $0.8875 per share. This represents a $3.55 annualized dividend and a yield of 3.2%. The ex-dividend date is Wednesday, August 19th. Consolidated Edison’s dividend payout ratio is presently 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.