Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Alaska Permanent Fund Corp

Alaska Permanent Fund Corp trimmed its holdings in Consolidated Edison, Inc. (NYSE:ED) by 2.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 4,833 shares of the utilities provider’s stock after selling 132 shares during the period. Alaska Permanent Fund Corp’s holdings in Consolidated Edison were worth $440,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Financial Gravity Asset Management Inc. boosted its holdings in Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after buying an additional 194 shares in the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Consolidated Edison during the 4th quarter worth $29,000. Bruce G. Allen Investments LLC acquired a new position in shares of Consolidated Edison in the 4th quarter worth $31,000. CVA Family Office LLC acquired a new stake in shares of Consolidated Edison during the fourth quarter worth $32,000. Finally, Venturi Wealth Management LLC lifted its holdings in shares of Consolidated Edison by 62.2% during the third quarter. Venturi Wealth Management LLC now owns 477 shares of the utilities provider’s stock valued at $41,000 after purchasing an additional 183 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of NYSE ED opened at $92.95 on Friday. Consolidated Edison, Inc. has a one year low of $80.46 and a one year high of $100.44. The business’s 50-day moving average price is $89.52 and its two-hundred day moving average price is $89.90. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94. The company has a market capitalization of $32.12 billion, a P/E ratio of 12.95, a price-to-earnings-growth ratio of 8.86 and a beta of 0.35.

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

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.57%. Consolidated Edison’s dividend payout ratio (DPR) is 46.24%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ED shares. Royal Bank of Canada cut their price objective on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a report on Friday, February 16th. LADENBURG THALM/SH SH started coverage on shares of Consolidated Edison in a report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 price target on the stock. Scotiabank decreased their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research note on Monday, April 22nd. Barclays boosted their target price on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. Finally, UBS Group decreased their target price on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $87.54.

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.