Baillie Gifford & Co. Acquires 7,465 Shares of Consolidated Edison, Inc. (NYSE:ED)

Baillie Gifford & Co. increased its holdings in Consolidated Edison, Inc. (NYSE:ED) by 64.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 19,093 shares of the utilities provider’s stock after purchasing an additional 7,465 shares during the period. Baillie Gifford & Co.’s holdings in Consolidated Edison were worth $1,704,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in ED. Point72 Asset Management L.P. increased its stake in Consolidated Edison by 1,766.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock valued at $102,980,000 after purchasing an additional 935,962 shares in the last quarter. FMR LLC raised its position in shares of Consolidated Edison by 82.3% during the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after buying an additional 572,530 shares during the last quarter. International Assets Investment Management LLC increased its position in Consolidated Edison by 10,262.1% in the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock worth $57,641,000 after purchasing an additional 548,204 shares during the last quarter. National Bank of Canada FI boosted its stake in Consolidated Edison by 350.6% during the third quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock worth $64,634,000 after buying an additional 482,953 shares during the period. Finally, State Street Corp boosted its stake in shares of Consolidated Edison by 1.7% during the third quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock valued at $2,439,684,000 after purchasing an additional 399,034 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $95.70 on Wednesday. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The company’s fifty day moving average price is $91.84 and its 200 day moving average price is $98.10. The stock has a market capitalization of $33.15 billion, a P/E ratio of 18.02, a P/E/G ratio of 3.04 and a beta of 0.39.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.55%. The ex-dividend date of this dividend is Wednesday, February 19th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s payout ratio is 64.03%.

Analysts Set New Price Targets

A number of analysts recently weighed in on ED shares. Morgan Stanley lowered their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Mizuho increased their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Barclays reduced their price target on shares of Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a research report on Monday, January 27th. Finally, Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their price target for the stock from $90.00 to $100.00 in a research report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison has an average rating of “Hold” and an average target price of $100.70.

Consolidated Edison Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.