Envestnet Asset Management Inc. Lowers Holdings in Consolidated Edison Inc (NYSE:ED)

Envestnet Asset Management Inc. decreased its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 4.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 117,420 shares of the utilities provider's stock after selling 5,055 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Consolidated Edison were worth $12,985,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Alpine Bank Wealth Management purchased a new stake in Consolidated Edison in the first quarter worth approximately $32,000. Fort Vancouver Investment Management LLC purchased a new stake in Consolidated Edison in the first quarter worth approximately $33,000. Elite Financial Inc. purchased a new stake in Consolidated Edison in the first quarter worth approximately $38,000. Wood Tarver Financial Group LLC purchased a new stake in Consolidated Edison in the fourth quarter worth approximately $35,000. Finally, Garde Capital Inc. purchased a new stake in Consolidated Edison in the first quarter worth approximately $49,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Consolidated Edison Stock Performance

Shares of NYSE ED traded down $1.06 during trading on Wednesday, hitting $102.54. The company had a trading volume of 2,563,066 shares, compared to its average volume of 2,414,506. The stock has a 50 day simple moving average of $101.78 and a 200 day simple moving average of $102.00. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.19 and a current ratio of 1.28. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87. The firm has a market capitalization of $36.94 billion, a P/E ratio of 18.95, a price-to-earnings-growth ratio of 3.31 and a beta of 0.26.

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

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison's dividend payout ratio is currently 62.85%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ED shares. Morgan Stanley lowered their price objective on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a research report on Wednesday, June 18th. Wells Fargo & Company boosted their price objective on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Citigroup upped their target price on Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, April 9th. Guggenheim upped their target price on Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Finally, Mizuho upgraded Consolidated Edison from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $105.00 to $107.00 in a report on Monday, June 30th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $105.09.

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.