Consolidated Edison, Inc. (NYSE:ED) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System cut its position in Consolidated Edison, Inc. (NYSE:EDFree Report) by 2.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 102,842 shares of the utilities provider’s stock after selling 2,800 shares during the quarter. State of Michigan Retirement System’s holdings in Consolidated Edison were worth $9,356,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of ED. Geode Capital Management LLC boosted its holdings in Consolidated Edison by 2.0% in the first quarter. Geode Capital Management LLC now owns 7,949,371 shares of the utilities provider’s stock valued at $761,387,000 after purchasing an additional 154,945 shares during the period. Legal & General Group Plc boosted its holdings in Consolidated Edison by 0.5% in the third quarter. Legal & General Group Plc now owns 6,201,026 shares of the utilities provider’s stock valued at $530,373,000 after purchasing an additional 27,850 shares during the period. Northern Trust Corp boosted its holdings in Consolidated Edison by 8.2% in the third quarter. Northern Trust Corp now owns 4,484,026 shares of the utilities provider’s stock valued at $383,519,000 after purchasing an additional 340,239 shares during the period. Morgan Stanley boosted its holdings in Consolidated Edison by 1.8% in the third quarter. Morgan Stanley now owns 4,221,543 shares of the utilities provider’s stock valued at $361,069,000 after purchasing an additional 72,915 shares during the period. Finally, Moneta Group Investment Advisors LLC boosted its holdings in Consolidated Edison by 89,231.2% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 4,145,861 shares of the utilities provider’s stock valued at $395,142,000 after purchasing an additional 4,141,220 shares during the period. 66.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of recent analyst reports. KeyCorp raised Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. LADENBURG THALM/SH SH initiated coverage on Consolidated Edison in a report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 price target for the company. UBS Group decreased their price target on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a report on Friday, February 16th. Scotiabank lifted their price target on Consolidated Edison from $90.00 to $91.00 and gave the stock a “sector underperform” rating in a report on Tuesday, February 20th. Finally, Barclays lifted their price target on Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a report on Thursday, March 14th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $87.96.

Read Our Latest Report on ED

Consolidated Edison Stock Down 0.8 %

Consolidated Edison stock opened at $89.87 on Thursday. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two 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 company has a market capitalization of $31.05 billion, a P/E ratio of 12.52, a PEG ratio of 8.52 and a beta of 0.35. The stock has a 50-day simple moving average of $89.04 and a 200-day simple moving average of $89.51.

Consolidated Edison (NYSE:EDGet Free Report) last issued its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.02. The firm had revenue of $3.44 billion for 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 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 EPS. 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 was paid on Friday, March 15th. Investors of record on Wednesday, February 14th were given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.69%. The ex-dividend date of this dividend was Tuesday, February 13th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.81. Consolidated Edison’s payout ratio is 46.24%.

About Consolidated Edison

(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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