Hsbc Holdings PLC Sells 91,437 Shares of Consolidated Edison Inc $ED

Hsbc Holdings PLC lessened its stake in shares of Consolidated Edison Inc (NYSE:ED) by 9.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 895,724 shares of the utilities provider’s stock after selling 91,437 shares during the quarter. Hsbc Holdings PLC’s holdings in Consolidated Edison were worth $88,960,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. GW&K Investment Management LLC boosted its position in shares of Consolidated Edison by 28.5% in the fourth quarter. GW&K Investment Management LLC now owns 419 shares of the utilities provider’s stock valued at $42,000 after acquiring an additional 93 shares during the period. Meadowbrook Wealth Management LLC grew its stake in Consolidated Edison by 2.2% during the fourth quarter. Meadowbrook Wealth Management LLC now owns 4,687 shares of the utilities provider’s stock valued at $466,000 after acquiring an additional 100 shares in the last quarter. bLong Financial LLC increased its holdings in Consolidated Edison by 1.3% during the 4th quarter. bLong Financial LLC now owns 7,775 shares of the utilities provider’s stock worth $772,000 after acquiring an additional 100 shares during the period. Bridgewater Advisors Inc. increased its holdings in Consolidated Edison by 1.6% during the 4th quarter. Bridgewater Advisors Inc. now owns 6,635 shares of the utilities provider’s stock worth $689,000 after acquiring an additional 105 shares during the period. Finally, Venture Visionary Partners LLC lifted its stake in Consolidated Edison by 2.0% in the 4th quarter. Venture Visionary Partners LLC now owns 5,606 shares of the utilities provider’s stock worth $557,000 after purchasing an additional 108 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

More Consolidated Edison News

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

Analyst Ratings Changes

ED has been the subject of several analyst reports. Morgan Stanley reissued an “underweight” rating on shares of Consolidated Edison in a report on Wednesday, June 24th. Barclays decreased their price target on shares of Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating on the stock in a report on Monday, May 11th. KeyCorp increased their price objective on Consolidated Edison from $96.00 to $97.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 21st. Evercore set a $116.00 price objective on Consolidated Edison in a research note on Monday, May 11th. Finally, JPMorgan Chase & Co. boosted their target price on Consolidated Edison from $107.00 to $113.00 and gave the stock an “underweight” rating in a research report on Thursday, March 12th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, Consolidated Edison currently has a consensus rating of “Reduce” and an average price target of $108.07.

Consolidated Edison Trading Down 0.0%

Shares of ED opened at $113.96 on Friday. Consolidated Edison Inc has a 1-year low of $94.96 and a 1-year high of $116.23. The company has a market capitalization of $42.00 billion, a P/E ratio of 19.18, a P/E/G ratio of 2.89 and a beta of 0.27. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.19 and a quick ratio of 1.09. The firm’s 50 day simple moving average is $107.88 and its 200 day simple moving average is $107.71.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Wednesday, May 13th were given a dividend of $0.8875 per share. The ex-dividend date was Wednesday, May 13th. This represents a $3.55 annualized dividend and a dividend yield of 3.1%. Consolidated Edison’s dividend payout ratio (DPR) is 59.76%.

Consolidated Edison Company 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.