Envestnet Asset Management Inc. Sells 5,055 Shares of Consolidated Edison Inc (NYSE:ED)

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

Several other hedge funds and other institutional investors have also made changes to their positions in ED. Alpine Bank Wealth Management purchased a new position in Consolidated Edison during the 1st quarter worth approximately $32,000. Fort Vancouver Investment Management LLC purchased a new position in shares of Consolidated Edison in the 1st quarter valued at approximately $33,000. Wood Tarver Financial Group LLC purchased a new position in shares of Consolidated Edison in the 4th quarter valued at approximately $35,000. Elite Financial Inc. purchased a new position in shares of Consolidated Edison in the 1st quarter valued at approximately $38,000. Finally, Park Square Financial Group LLC purchased a new position in shares of Consolidated Edison in the 4th quarter valued at approximately $45,000. Institutional investors and hedge funds own 66.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ED. Guggenheim lifted 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. Mizuho upgraded Consolidated Edison from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $105.00 to $107.00 in a research note on Monday, June 30th. KeyCorp reaffirmed an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Barclays lifted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock an "underweight" rating in a report on Monday, May 5th. Finally, Morgan Stanley reduced their price objective on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a report on Wednesday, June 18th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Consolidated Edison presently has an average rating of "Hold" and an average price target of $105.09.

Consolidated Edison Price Performance

Shares of ED traded up $1.53 during trading hours on Tuesday, hitting $103.60. 595,567 shares of the company were exchanged, compared to its average volume of 2,401,888. The company has a market capitalization of $37.33 billion, a PE ratio of 19.14, a PEG ratio of 3.23 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 firm has a fifty day simple moving average of $101.68 and a 200-day simple moving average of $101.89. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last issued 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 during the quarter, compared to analyst estimates of $4.21 billion. During the same period last year, the business earned $2.15 EPS. As a group, sell-side analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, August 13th will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison's dividend payout ratio (DPR) is presently 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.