Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Kovack Advisors Inc.

Kovack Advisors Inc. lowered its position in Consolidated Edison, Inc. (NYSE:ED) by 7.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,372 shares of the utilities provider’s stock after selling 404 shares during the quarter. Kovack Advisors Inc.’s holdings in Consolidated Edison were worth $489,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Diversified Trust Co increased its position in shares of Consolidated Edison by 140.8% during the fourth quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock worth $3,361,000 after acquiring an additional 21,604 shares during the last quarter. abrdn plc increased its position in shares of Consolidated Edison by 30.2% during the fourth quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock worth $28,373,000 after acquiring an additional 72,273 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Consolidated Edison by 169.9% during the fourth quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock worth $5,487,000 after acquiring an additional 37,971 shares during the last quarter. Blackhawk Capital Partners LLC. purchased a new stake in shares of Consolidated Edison during the fourth quarter worth about $1,551,000. Finally, Mariner LLC increased its position in shares of Consolidated Edison by 24.9% during the third quarter. Mariner LLC now owns 91,702 shares of the utilities provider’s stock worth $7,844,000 after acquiring an additional 18,270 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Price Performance

NYSE ED opened at $92.93 on Monday. The stock has a market capitalization of $32.11 billion, a P/E ratio of 12.94, a P/E/G ratio of 8.75 and a beta of 0.35. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $100.44. The business’s fifty day moving average is $89.52 and its two-hundred day moving average is $89.92. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01.

Consolidated Edison (NYSE:ED) last posted 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 company 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 was down 14.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.81 earnings per share. On average, research analysts forecast that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be issued a $0.83 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.57%. Consolidated Edison’s dividend payout ratio is currently 46.24%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ED shares. Barclays boosted 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. 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 note on Friday, February 16th. Royal Bank of Canada decreased their target price on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research note on Friday, February 16th. KeyCorp upgraded Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. Finally, Scotiabank decreased their target price on 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. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Consolidated Edison currently has a consensus rating of “Hold” and a consensus price target 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.