Consolidated Edison Inc $ED Shares Sold by Gulf International Bank UK Ltd

Key Points

• Gulf International Bank UK Ltd reduced its holdings in Consolidated Edison Inc by 32.2%, selling 9,276 shares and leaving the fund with 19,543 shares valued at approximately $2.16 million.
• Other institutional investors have increased their stakes significantly, with Deutsche Bank AG raising its share ownership by 130.6% and JPMorgan Chase & Co. increasing theirs by 106.9%.
• Consolidated Edison recently announced a quarterly dividend of $0.85, which translates to an annualized yield of 3.3%, with a dividend payout ratio of 61.71%.

Gulf International Bank UK Ltd trimmed its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 32.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,543 shares of the utilities provider's stock after selling 9,276 shares during the quarter. Gulf International Bank UK Ltd's holdings in Consolidated Edison were worth $2,161,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Merit Financial Group LLC raised its stake in Consolidated Edison by 16.8% in the first quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock valued at $1,180,000 after buying an additional 1,533 shares during the last quarter. Ritholtz Wealth Management purchased a new stake in Consolidated Edison in the first quarter valued at about $227,000. Wealth Enhancement Advisory Services LLC raised its stake in Consolidated Edison by 2.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider's stock valued at $27,649,000 after buying an additional 6,869 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new position in shares of Consolidated Edison in the first quarter valued at about $217,000. Finally, GAMMA Investing LLC increased its holdings in shares of Consolidated Edison by 45.0% in the first quarter. GAMMA Investing LLC now owns 9,242 shares of the utilities provider's stock valued at $1,022,000 after purchasing an additional 2,869 shares during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ED. Wells Fargo & Company increased their price objective on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Morgan Stanley lowered their price target on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating on the stock in a research report on Wednesday, June 18th. Mizuho raised their target price on Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Scotiabank restated a "sector perform" rating and issued a $106.00 target price (up previously from $101.00) on shares of Consolidated Edison in a research report on Monday, August 11th. Finally, Barclays set a $107.00 target price on Consolidated Edison and gave the company an "underweight" rating in a research report on Wednesday, August 13th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $105.82.

Consolidated Edison Stock Down 0.9%

ED traded down $0.92 on Monday, hitting $99.85. 2,788,506 shares of the company were exchanged, compared to its average volume of 2,734,329. Consolidated Edison Inc has a twelve month low of $87.28 and a twelve month high of $114.87. The company has a market cap of $36.01 billion, a price-to-earnings ratio of 18.12, a price-to-earnings-growth ratio of 3.22 and a beta of 0.24. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. The firm has a 50-day moving average price of $101.70 and a two-hundred day moving average price of $103.61.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analysts' expectations 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 in the prior year, the firm posted $0.59 EPS. On average, equities 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 $0.85 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.4%. Consolidated Edison's dividend payout ratio is 61.71%.

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.