Snowden Capital Advisors LLC Sells 6,788 Shares of Consolidated Edison, Inc. (NYSE:ED)

Snowden Capital Advisors LLC trimmed its stake in Consolidated Edison, Inc. (NYSE:ED - Free Report) by 20.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,729 shares of the utilities provider's stock after selling 6,788 shares during the period. Snowden Capital Advisors LLC's holdings in Consolidated Edison were worth $2,296,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank bought a new position in Consolidated Edison during the fourth quarter valued at $399,824,000. ExodusPoint Capital Management LP raised its position in shares of Consolidated Edison by 412.0% in the 4th quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider's stock valued at $97,564,000 after purchasing an additional 879,866 shares during the last quarter. Invesco Ltd. lifted its position in Consolidated Edison by 27.9% during the 4th quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider's stock worth $332,090,000 after acquiring an additional 812,885 shares during the period. Marshall Wace LLP boosted its holdings in shares of Consolidated Edison by 232.3% in the 4th quarter. Marshall Wace LLP now owns 1,053,339 shares of the utilities provider's stock valued at $93,989,000 after acquiring an additional 736,348 shares during the last quarter. Finally, Burkehill Global Management LP purchased a new stake in shares of Consolidated Edison in the fourth quarter worth about $53,538,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ED. Morgan Stanley cut their target price on shares of Consolidated Edison from $94.00 to $93.00 and set an "underweight" rating for the company in a research note on Thursday. Barclays increased their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a research note on Monday, May 5th. Citigroup raised their price objective on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a report on Wednesday, April 9th. UBS Group lifted their price objective on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. Finally, Guggenheim raised their price target on Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Consolidated Edison currently has an average rating of "Hold" and a consensus target price of $104.27.

Consolidated Edison Stock Up 0.0%

Shares of NYSE ED traded up $0.03 during trading hours on Friday, hitting $103.45. The company had a trading volume of 424,318 shares, compared to its average volume of 2,277,207. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The firm's 50 day moving average is $108.41 and its 200-day moving average is $99.95. The stock has a market capitalization of $37.27 billion, a P/E ratio of 19.72, a price-to-earnings-growth ratio of 3.05 and a beta of 0.29. Consolidated Edison, Inc. has a 1-year low of $87.28 and a 1-year high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.30 by ($0.05). The business had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.21 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. During the same quarter in the previous year, the company earned $2.15 EPS. On average, analysts expect that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th will be paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend is Wednesday, May 14th. Consolidated Edison's dividend payout ratio is 62.85%.

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.