Burkehill Global Management LP Sells 200,000 Shares of Consolidated Edison Inc (NYSE:ED)

Key Points

• Burkehill Global Management LP has reduced its stake in Consolidated Edison Inc by 33.3%, owning 400,000 shares worth approximately $44.2 million, making it the fund's 9th largest position.
• Analysts have set a new average price target of $105.20 for Consolidated Edison, with varying ratings including three buy, six hold, and two sell ratings.
• The company recently announced a quarterly dividend of $0.85 per share, representing a 3.3% yield, with a payout ratio of 62.85%.

Burkehill Global Management LP lessened its holdings in Consolidated Edison Inc (NYSE:ED - Free Report) by 33.3% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 400,000 shares of the utilities provider's stock after selling 200,000 shares during the quarter. Consolidated Edison makes up 3.3% of Burkehill Global Management LP's holdings, making the stock its 9th largest holding. Burkehill Global Management LP owned about 0.11% of Consolidated Edison worth $44,236,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ED. Revolve Wealth Partners LLC grew its position in shares of Consolidated Edison by 13.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider's stock worth $332,000 after buying an additional 441 shares in the last quarter. Federated Hermes Inc. lifted its stake in shares of Consolidated Edison by 262.9% during the 4th quarter. Federated Hermes Inc. now owns 2,613 shares of the utilities provider's stock worth $233,000 after purchasing an additional 1,893 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Consolidated Edison during the 4th quarter worth $24,294,000. Treasurer of the State of North Carolina lifted its stake in shares of Consolidated Edison by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 152,313 shares of the utilities provider's stock worth $13,591,000 after purchasing an additional 950 shares during the last quarter. Finally, Heritage Trust Co purchased a new stake in shares of Consolidated Edison during the 4th quarter worth $481,000. Institutional investors own 66.29% of the company's stock.

Consolidated Edison Stock Performance

Shares of NYSE:ED traded down $0.51 during trading on Tuesday, hitting $103.62. The stock had a trading volume of 2,578,283 shares, compared to its average volume of 2,122,352. The stock has a market capitalization of $37.37 billion, a price-to-earnings ratio of 18.80, a price-to-earnings-growth ratio of 3.32 and a beta of 0.24. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87. The stock has a 50-day simple moving average of $101.67 and a two-hundred day simple moving average of $103.36. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its earnings results on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.66 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.39 billion. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%. During the same period last year, the company earned $0.59 earnings per share. On average, equities research analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, August 13th will be issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison's dividend payout ratio (DPR) is 61.71%.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of analyst reports. KeyCorp restated an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Morgan Stanley decreased their price objective on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a research note on Wednesday, June 18th. Mizuho increased their price target on Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a research note on Friday. Guggenheim increased their price target on Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Finally, Wells Fargo & Company increased their price target on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $105.70.

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.