Commonwealth Equity Services LLC Reduces Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Commonwealth Equity Services LLC lowered its position in Consolidated Edison, Inc. (NYSE:ED) by 0.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 391,006 shares of the utilities provider’s stock after selling 524 shares during the quarter. Commonwealth Equity Services LLC owned 0.11% of Consolidated Edison worth $34,889,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp increased its position in Consolidated Edison by 1.7% during the 3rd quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock worth $2,439,684,000 after purchasing an additional 399,034 shares in the last quarter. Geode Capital Management LLC increased its position in Consolidated Edison by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 8,853,788 shares of the utilities provider’s stock worth $919,041,000 after purchasing an additional 107,281 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Consolidated Edison by 3.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,225,989 shares of the utilities provider’s stock worth $198,625,000 after purchasing an additional 77,323 shares in the last quarter. Amundi increased its position in Consolidated Edison by 12.2% during the 4th quarter. Amundi now owns 2,221,729 shares of the utilities provider’s stock worth $197,795,000 after purchasing an additional 242,243 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Consolidated Edison by 4.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock worth $223,373,000 after purchasing an additional 82,985 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Ratings Changes

ED has been the subject of a number of recent research reports. Scotiabank lifted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research report on Monday, February 24th. Evercore ISI cut Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Morgan Stanley lowered their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. UBS Group lifted their price target on Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 25th. Finally, Barclays lifted their price target on Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a report on Monday, February 24th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $101.50.

Consolidated Edison Stock Performance

NYSE ED opened at $106.60 on Friday. The firm has a market capitalization of $36.97 billion, a P/E ratio of 20.34, a P/E/G ratio of 3.05 and a beta of 0.30. Consolidated Edison, Inc. has a 1-year low of $87.16 and a 1-year high of $107.97. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The business’s 50-day simple moving average is $95.96 and its 200-day simple moving average is $98.18.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.01. The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. Equities analysts predict that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were given a dividend of $0.85 per share. The ex-dividend date was Wednesday, February 19th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a yield of 3.19%. Consolidated Edison’s payout ratio is 64.89%.

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.