Larson Financial Group LLC Sells 3,458 Shares of Consolidated Edison Inc (NYSE:ED)

Larson Financial Group LLC trimmed its stake in Consolidated Edison Inc (NYSE:ED - Free Report) by 64.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,881 shares of the utilities provider's stock after selling 3,458 shares during the period. Larson Financial Group LLC's holdings in Consolidated Edison were worth $208,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Merit Financial Group LLC lifted 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 period. Ritholtz Wealth Management acquired a new position in Consolidated Edison in the first quarter valued at about $227,000. Wealth Enhancement Advisory Services LLC lifted 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 period. Orion Portfolio Solutions LLC raised its position in shares of Consolidated Edison by 22.2% during the fourth quarter. Orion Portfolio Solutions LLC now owns 7,516 shares of the utilities provider's stock worth $671,000 after purchasing an additional 1,366 shares during the period. Finally, Flagship Harbor Advisors LLC bought a new position in Consolidated Edison in the first quarter valued at approximately $217,000. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Trading Down 1.0%

ED traded down $1.06 on Wednesday, hitting $102.54. 2,563,066 shares of the company were exchanged, compared to its average volume of 2,414,506. The firm has a fifty day simple moving average of $101.78 and a two-hundred 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 stock has a market capitalization of $36.94 billion, a PE 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 posted 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). Consolidated Edison had a net margin of 11.98% and a return on equity of 8.61%. The business had revenue of $4.80 billion for the quarter, compared to analysts' expectations of $4.21 billion. During the same period last year, the firm posted $2.15 earnings per share. Sell-side analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

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 issued a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.32%. The ex-dividend date is Wednesday, August 13th. Consolidated Edison's dividend payout ratio is currently 62.85%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ED shares. Guggenheim raised their price objective on Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. KeyCorp reissued an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Wells Fargo & Company boosted their price target on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Barclays upped their target price on Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a research report on Monday, May 5th. Finally, Citigroup increased their target price 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. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, Consolidated Edison presently has an average rating of "Hold" and an average price target of $105.09.

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.