Commonwealth Equity Services LLC Sells 787 Shares of Consolidated Edison, Inc. (NYSE:ED)

Commonwealth Equity Services LLC decreased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 392,357 shares of the utilities provider’s stock after selling 787 shares during the period. Commonwealth Equity Services LLC’s holdings in Consolidated Edison were worth $35,693,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MGO One Seven LLC lifted its holdings in Consolidated Edison by 2.1% during the 3rd quarter. MGO One Seven LLC now owns 5,727 shares of the utilities provider’s stock valued at $490,000 after buying an additional 119 shares in the last quarter. Advisors Capital Management LLC increased its position in shares of Consolidated Edison by 3.8% during the third quarter. Advisors Capital Management LLC now owns 3,312 shares of the utilities provider’s stock worth $283,000 after acquiring an additional 122 shares during the period. Jeppson Wealth Management LLC raised its stake in shares of Consolidated Edison by 1.6% during the fourth quarter. Jeppson Wealth Management LLC now owns 7,716 shares of the utilities provider’s stock valued at $702,000 after acquiring an additional 125 shares in the last quarter. Sandy Spring Bank boosted its holdings in shares of Consolidated Edison by 11.4% in the fourth quarter. Sandy Spring Bank now owns 1,222 shares of the utilities provider’s stock valued at $111,000 after purchasing an additional 125 shares during the period. Finally, Dorsey & Whitney Trust CO LLC boosted its holdings in shares of Consolidated Edison by 4.9% in the third quarter. Dorsey & Whitney Trust CO LLC now owns 2,764 shares of the utilities provider’s stock valued at $236,000 after purchasing an additional 128 shares during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ED has been the topic of several research reports. Scotiabank reduced their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. Barclays lifted their price objective on Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. 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 reduced their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a report on Friday, February 16th. Finally, Wells Fargo & Company increased their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $87.75.

Consolidated Edison Price Performance

NYSE ED opened at $95.56 on Friday. The firm’s fifty day simple moving average is $90.21 and its two-hundred day simple moving average is $90.13. The firm has a market capitalization of $33.02 billion, a P/E ratio of 18.34, a P/E/G ratio of 8.99 and a beta of 0.34. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $100.44.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.86% and a net margin of 12.43%. The firm had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. During the same period in the previous year, the business earned $1.83 EPS. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. Analysts forecast that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.47%. Consolidated Edison’s dividend payout ratio (DPR) is currently 63.72%.

About Consolidated Edison

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.