Valmark Advisers Inc. Has $261,000 Stake in Consolidated Edison, Inc. (NYSE:ED)

Valmark Advisers Inc. reduced its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 6.5% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,868 shares of the utilities provider’s stock after selling 200 shares during the period. Valmark Advisers Inc.’s holdings in Consolidated Edison were worth $261,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. 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 purchasing an additional 194 shares during the last quarter. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Consolidated Edison in the 4th quarter worth approximately $29,000. Bruce G. Allen Investments LLC bought a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $31,000. CVA Family Office LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter valued at approximately $32,000. Finally, Venturi Wealth Management LLC lifted its holdings in Consolidated Edison by 62.2% during the third quarter. Venturi Wealth Management LLC now owns 477 shares of the utilities provider’s stock worth $41,000 after acquiring an additional 183 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ED has been the topic of several research reports. UBS Group lowered their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Scotiabank lowered their target price on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research note on Monday, April 22nd. Barclays increased their target price on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 14th. KeyCorp upgraded shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. Finally, Royal Bank of Canada dropped their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research note on Friday, February 16th. Four 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, the stock has a consensus rating of “Hold” and an average price target of $87.54.

Consolidated Edison Trading Up 1.1 %

Shares of ED opened at $93.97 on Tuesday. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $100.44. The firm has a market cap of $32.47 billion, a price-to-earnings ratio of 13.09, a PEG ratio of 8.75 and a beta of 0.35. The firm has a 50 day moving average price of $89.65 and a 200-day moving average price of $89.97. 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 released its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 EPS for the quarter, topping the consensus estimate of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.70 billion. During the same quarter in the previous year, the business earned $0.81 earnings per share. The company’s quarterly revenue was down 14.6% on a year-over-year basis. As a group, equities research analysts forecast that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s payout ratio is 46.24%.

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.