Lazard Asset Management LLC Buys 910,244 Shares of Consolidated Edison Inc $ED

Lazard Asset Management LLC lifted its stake in shares of Consolidated Edison Inc (NYSE:ED) by 14.8% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 7,075,838 shares of the utilities provider’s stock after buying an additional 910,244 shares during the period. Consolidated Edison comprises about 1.3% of Lazard Asset Management LLC’s holdings, making the stock its 14th largest position. Lazard Asset Management LLC’s holdings in Consolidated Edison were worth $800,843,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Sachetta LLC boosted its position in Consolidated Edison by 72.9% during the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 102 shares in the last quarter. JPL Wealth Management LLC purchased a new position in shares of Consolidated Edison in the 3rd quarter valued at approximately $26,000. Basepoint Wealth LLC bought a new stake in shares of Consolidated Edison during the fourth quarter valued at approximately $26,000. Westfuller Advisors LLC bought a new stake in shares of Consolidated Edison during the fourth quarter valued at approximately $27,000. Finally, Dorato Capital Management purchased a new stake in Consolidated Edison in the fourth quarter worth $28,000. 66.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. KeyCorp lowered their price objective on Consolidated Edison from $97.00 to $94.00 and set an “underweight” rating for the company in a research report on Thursday. Weiss Ratings reiterated a “buy (b)” rating on shares of Consolidated Edison in a research note on Tuesday, July 21st. Barclays lowered their price target on shares of Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating for the company in a research report on Monday, May 11th. Morgan Stanley reissued an “underweight” rating on shares of Consolidated Edison in a research note on Wednesday. Finally, Evercore set a $116.00 price objective on shares of Consolidated Edison in a report on Monday, May 11th. Two equities 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $107.87.

Consolidated Edison Price Performance

Shares of NYSE:ED opened at $112.97 on Monday. Consolidated Edison Inc has a 1-year low of $94.96 and a 1-year high of $116.23. 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 business has a fifty day moving average price of $109.04 and a 200-day moving average price of $109.09. The company has a market capitalization of $41.63 billion, a PE ratio of 19.02, a PEG ratio of 2.93 and a beta of 0.27.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be paid a dividend of $0.8875 per share. This represents a $3.55 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Wednesday, August 19th. Consolidated Edison’s dividend payout ratio (DPR) 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.