Teacher Retirement System of Texas Trims Holdings in Consolidated Edison Inc (NYSE:ED)

Teacher Retirement System of Texas cut its stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 85.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 50,647 shares of the utilities provider's stock after selling 307,777 shares during the quarter. Teacher Retirement System of Texas' holdings in Consolidated Edison were worth $5,601,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in ED. Alpine Bank Wealth Management bought a new stake in Consolidated Edison during the 1st quarter worth approximately $32,000. Fort Vancouver Investment Management LLC bought a new stake in shares of Consolidated Edison in the 1st quarter valued at $33,000. OFI Invest Asset Management bought a new stake in shares of Consolidated Edison in the 4th quarter valued at $35,000. Wood Tarver Financial Group LLC bought a new stake in shares of Consolidated Edison in the 4th quarter valued at $35,000. Finally, Fairway Wealth LLC bought a new stake in shares of Consolidated Edison in the 4th quarter valued at $36,000. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Stock Performance

Shares of ED traded down $0.86 during trading hours on Tuesday, hitting $98.85. The company's stock had a trading volume of 114,170 shares, compared to its average volume of 2,379,763. The company has a market cap of $35.61 billion, a price-to-earnings ratio of 18.27, a PEG ratio of 3.20 and a beta of 0.26. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.28 and a quick ratio of 1.19. The business has a 50 day simple moving average of $103.47 and a two-hundred day simple moving average of $101.20. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its earnings results on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.05). Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. The business had revenue of $4.80 billion for the quarter, compared to analysts' expectations of $4.21 billion. During the same quarter in the previous year, the firm earned $2.15 earnings per share. On average, equities analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th were given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend was Wednesday, May 14th. Consolidated Edison's payout ratio is currently 62.85%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ED shares. UBS Group boosted their target price 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. Mizuho upgraded shares of Consolidated Edison from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $105.00 to $107.00 in a research report on Monday, June 30th. Barclays boosted their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a research report on Monday, May 5th. Morgan Stanley dropped their target price on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating on the stock in a research report on Wednesday, June 18th. Finally, Citigroup boosted their target price 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. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Consolidated Edison currently has a consensus rating of "Hold" and an average target price of $105.27.

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.