Vanguard Group Inc. Trims Holdings in Consolidated Edison, Inc. (NYSE:ED)

Vanguard Group Inc. lessened its stake in Consolidated Edison, Inc. (NYSE:EDFree Report) by 1.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 42,142,295 shares of the utilities provider’s stock after selling 429,984 shares during the period. Vanguard Group Inc. owned about 12.21% of Consolidated Edison worth $3,604,430,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. grew its holdings in Consolidated Edison by 215.6% during 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 in the last quarter. Level Financial Advisors Inc. acquired a new position in shares of Consolidated Edison during the third quarter worth $26,000. Retirement Group LLC raised its position in shares of Consolidated Edison by 74.8% during the 4th quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 116 shares in the last quarter. Missouri Trust & Investment Co acquired a new position in Consolidated Edison in the second quarter valued at approximately $27,000. Finally, Tyler Stone Wealth Management purchased a new stake in shares of Consolidated Edison during the 2nd quarter worth approximately $28,000. Hedge funds and other institutional investors own 64.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ED. Royal Bank of Canada cut 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. JPMorgan Chase & Co. raised their target price on shares of Consolidated Edison from $84.00 to $87.00 and gave the stock an “underweight” rating in a research note on Wednesday, November 29th. Morgan Stanley increased their target price on Consolidated Edison from $71.00 to $73.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 21st. Scotiabank increased their price objective on Consolidated Edison from $90.00 to $91.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, February 20th. Finally, UBS Group lowered their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research note on Friday, February 16th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $87.89.

Get Our Latest Analysis on ED

Consolidated Edison Stock Down 1.0 %

Shares of ED opened at $88.67 on Friday. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $100.92. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. The firm has a market capitalization of $30.64 billion, a P/E ratio of 12.35, a P/E/G ratio of 8.44 and a beta of 0.35. The company has a 50-day simple moving average of $89.58 and a 200-day simple moving average of $89.52.

Consolidated Edison (NYSE:EDGet Free Report) 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. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.70 billion. During the same quarter in the previous year, the firm posted $0.81 earnings per share. The firm’s revenue for the quarter was down 14.6% on a year-over-year basis. On average, equities research analysts expect that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Wednesday, February 14th will be given a dividend of $0.83 per share. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.81. The ex-dividend date is Tuesday, February 13th. This represents a $3.32 annualized dividend and a yield of 3.74%. Consolidated Edison’s dividend payout ratio is 46.24%.

Consolidated Edison Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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