QRG Capital Management Inc. Has $23.20 Million Stock Holdings in Consolidated Edison Inc $ED

QRG Capital Management Inc. raised its stake in Consolidated Edison Inc (NYSE:ED) by 16.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 204,989 shares of the utilities provider’s stock after buying an additional 29,635 shares during the period. QRG Capital Management Inc. owned 0.06% of Consolidated Edison worth $23,201,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ED. Lazard Asset Management LLC increased its holdings in shares of Consolidated Edison by 121,543.9% during the third quarter. Lazard Asset Management LLC now owns 5,960,553 shares of the utilities provider’s stock worth $599,155,000 after buying an additional 5,955,653 shares in the last quarter. Norges Bank bought a new stake in Consolidated Edison during the 4th quarter worth $489,806,000. Deutsche Bank AG increased its holdings in Consolidated Edison by 101.4% in the 4th quarter. Deutsche Bank AG now owns 3,617,361 shares of the utilities provider’s stock worth $359,276,000 after purchasing an additional 1,820,877 shares in the last quarter. PFA Pension Forsikringsaktieselskab bought a new position in Consolidated Edison in the fourth quarter valued at about $113,977,000. Finally, AQR Capital Management LLC raised its position in Consolidated Edison by 104.6% in the third quarter. AQR Capital Management LLC now owns 1,905,678 shares of the utilities provider’s stock valued at $190,530,000 after purchasing an additional 974,419 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on ED shares. Evercore set a $116.00 price target on Consolidated Edison in a report on Monday, May 11th. Mizuho reiterated a “neutral” rating and issued a $105.00 price objective on shares of Consolidated Edison in a report on Tuesday, June 2nd. Barclays cut their target price on shares of Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating on the stock in a research report on Monday, May 11th. Morgan Stanley reissued an “underweight” rating on shares of Consolidated Edison in a report on Wednesday, June 24th. Finally, Wells Fargo & Company set a $98.00 price target on shares of Consolidated Edison in a research report on Tuesday, April 21st. 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 data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $108.07.

Trending Headlines about Consolidated Edison

Here are the key news stories impacting Consolidated Edison this week:

• Negative Sentiment: Con Edison is reducing voltage in parts of the Bronx, Westchester, and other areas and asking customers to limit power use, signaling strain on the grid during extreme heat. Con Edison Calls for Power-Saving, Reduces Voltage by 8% in Some Areas — Update
• Negative Sentiment: Thousands of customers lost power in the Bronx, Brooklyn, Staten Island, and other neighborhoods, which may raise concerns about service reliability and near-term operating disruption. 5,000 Con Edison customers in the Bronx without power amid heat wave
• Negative Sentiment: Con Edison’s repeated warnings for customers to conserve energy suggest the utility is actively managing peak-load stress, which can weigh on investor sentiment even if outages are temporary. As heat wave rages, Con Ed urges nearly 90,000 people in NYC, Westchester to limit power use
• Neutral Sentiment: The company elected Tali Farhadian to its Board of Directors, adding legal and regulatory experience; this is governance-related and unlikely to move the stock much in the near term. Con Edison Elects New Board Member

Consolidated Edison Stock Down 0.0%

Shares of ED opened at $113.96 on Friday. The stock’s 50-day moving average price is $107.88 and its two-hundred day moving average price is $107.71. Consolidated Edison Inc has a 12 month low of $94.96 and a 12 month high of $116.23. The company has a market capitalization of $42.00 billion, a PE ratio of 19.18, a PEG ratio of 2.89 and a beta of 0.27. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Wednesday, May 13th were paid a $0.8875 dividend. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Wednesday, May 13th. Consolidated Edison’s payout ratio is currently 59.76%.

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.