Cornerstone Capital Inc. Sells 441 Shares of Consolidated Edison, Inc. (NYSE:ED)

Cornerstone Capital Inc. lowered its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.3% during the fourth quarter, Holdings Channel reports. The firm owned 12,885 shares of the utilities provider’s stock after selling 441 shares during the period. Cornerstone Capital Inc.’s holdings in Consolidated Edison were worth $1,172,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Financial Gravity Asset Management Inc. raised its holdings in Consolidated Edison by 215.6% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 194 shares during the period. Turtle Creek Wealth Advisors LLC bought a new position in Consolidated Edison in the 4th quarter worth $29,000. Bruce G. Allen Investments LLC bought a new position in Consolidated Edison in the 4th quarter worth $31,000. CVA Family Office LLC bought a new position in Consolidated Edison in the 4th quarter worth $32,000. Finally, Venturi Wealth Management LLC raised its holdings in Consolidated Edison by 62.2% in the 3rd quarter. Venturi Wealth Management LLC now owns 477 shares of the utilities provider’s stock worth $41,000 after acquiring an additional 183 shares during the period. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

NYSE ED opened at $92.93 on Friday. The stock has a market cap of $32.11 billion, a P/E ratio of 12.94, a PEG ratio of 8.75 and a beta of 0.35. The company’s 50-day simple moving average is $89.52 and its 200 day simple moving average is $89.91. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $100.44. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.02. The business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.70 billion. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The firm’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.81 earnings per share. As a group, research analysts forecast that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be paid a $0.83 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.57%. Consolidated Edison’s payout ratio is currently 46.24%.

Analyst Upgrades and Downgrades

ED has been the topic of several recent analyst reports. Royal Bank of Canada dropped their target price on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a report on Friday, February 16th. UBS Group dropped their target price on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. LADENBURG THALM/SH SH initiated coverage on shares of Consolidated Edison in a report on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 target price on the stock. KeyCorp upgraded shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. Finally, Scotiabank decreased their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research report on Monday, April 22nd. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Consolidated Edison has an average rating of “Hold” and an average price target of $87.54.

Consolidated Edison Company 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.