Consolidated Edison, Inc. (NYSE:ED) Given Consensus Recommendation of "Reduce" by Brokerages

Shares of Consolidated Edison, Inc. (NYSE:ED - Get Free Report) have been given an average rating of "Reduce" by the twelve analysts that are currently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $104.27.

Several research firms recently weighed in on ED. Citigroup increased their price target on shares of Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, April 9th. Scotiabank upped their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a "sector perform" rating in a report on Monday, February 24th. Morgan Stanley lowered their price target on shares of Consolidated Edison from $94.00 to $93.00 and set an "underweight" rating on the stock in a report on Thursday, May 22nd. KeyCorp downgraded shares of Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 target price on the stock. in a research note on Wednesday, May 14th. Finally, UBS Group lifted their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st.

Hedge Funds Weigh In On Consolidated Edison

Several large investors have recently modified their holdings of the business. Jacobi Capital Management LLC raised its holdings in shares of Consolidated Edison by 4.2% in the 4th quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider's stock valued at $229,000 after buying an additional 104 shares during the period. Glen Eagle Advisors LLC increased its holdings in Consolidated Edison by 6.2% during the 4th quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider's stock worth $170,000 after purchasing an additional 111 shares during the period. Richwood Investment Advisors LLC increased its holdings in Consolidated Edison by 2.3% during the 4th quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider's stock worth $463,000 after purchasing an additional 115 shares during the period. Western Wealth Management LLC increased its holdings in Consolidated Edison by 0.7% during the 1st quarter. Western Wealth Management LLC now owns 16,101 shares of the utilities provider's stock worth $1,781,000 after purchasing an additional 116 shares during the period. Finally, Eastern Bank increased its holdings in Consolidated Edison by 2.9% during the 1st quarter. Eastern Bank now owns 4,294 shares of the utilities provider's stock worth $475,000 after purchasing an additional 120 shares during the period. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Stock Performance

NYSE:ED opened at $101.57 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. Consolidated Edison has a twelve month low of $87.28 and a twelve month high of $114.87. The company has a fifty day moving average of $107.33 and a 200-day moving average of $100.41. The firm has a market capitalization of $36.59 billion, a P/E ratio of 19.38, a P/E/G ratio of 3.05 and a beta of 0.27.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing analysts' consensus estimates of $2.30 by ($0.05). Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The business had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter last year, the firm posted $2.15 EPS. As a group, sell-side analysts anticipate that Consolidated Edison will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Wednesday, May 14th will be given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Wednesday, May 14th. Consolidated Edison's payout ratio is 62.85%.

About Consolidated Edison

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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