Long Island Wealth Management Inc. Sells 23,957 Shares of Consolidated Edison Inc (NYSE:ED)

Key Points

• Long Island Wealth Management Inc. reduced its stake in Consolidated Edison Inc by 88.9%, selling 23,957 shares and holding 2,984 shares valued at $330,000 as of the latest reporting period.
• Several institutional investors, including Vanguard Group Inc. and JPMorgan Chase & Co., have increased their positions in Consolidated Edison, signaling ongoing confidence in the company.
• Consolidated Edison reported a quarterly earnings per share of $0.67, exceeding the consensus estimate, along with a declared quarterly dividend of $0.85 to be distributed on September 15th.

Long Island Wealth Management Inc. cut its stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 88.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,984 shares of the utilities provider's stock after selling 23,957 shares during the period. Long Island Wealth Management Inc.'s holdings in Consolidated Edison were worth $330,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Consolidated Edison by 1.6% in the first quarter. Vanguard Group Inc. now owns 43,117,094 shares of the utilities provider's stock worth $4,768,319,000 after purchasing an additional 661,432 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Consolidated Edison by 6.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,820,449 shares of the utilities provider's stock worth $430,129,000 after purchasing an additional 271,088 shares during the last quarter. Northern Trust Corp increased its position in shares of Consolidated Edison by 10.2% in the fourth quarter. Northern Trust Corp now owns 4,207,753 shares of the utilities provider's stock worth $375,458,000 after purchasing an additional 390,708 shares during the last quarter. Deutsche Bank AG increased its position in shares of Consolidated Edison by 130.6% in the first quarter. Deutsche Bank AG now owns 3,926,814 shares of the utilities provider's stock worth $434,266,000 after purchasing an additional 2,223,959 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Consolidated Edison by 106.9% in the first quarter. JPMorgan Chase & Co. now owns 2,790,876 shares of the utilities provider's stock worth $308,643,000 after purchasing an additional 1,441,785 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ED shares. Scotiabank restated a "sector perform" rating and issued a $106.00 price objective (up from $101.00) on shares of Consolidated Edison in a research report on Monday. Barclays set a $107.00 target price on Consolidated Edison and gave the stock an "underweight" rating in a research note on Wednesday. Guggenheim upped their target price on Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Mizuho upped their target price on Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Finally, Wells Fargo & Company upped their target price on Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $106.30.

Consolidated Edison Stock Down 0.1%

Shares of Consolidated Edison stock opened at $103.61 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.10. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week high of $114.87. The stock has a market capitalization of $37.37 billion, a price-to-earnings ratio of 18.80, a P/E/G ratio of 3.31 and a beta of 0.24. The company's 50 day moving average price is $101.70 and its 200-day moving average price is $103.36.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.01. The business had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.39 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. During the same quarter in the previous year, the business posted $0.59 earnings per share. Equities research analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Dividend Announcement

The business also recently declared 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. The ex-dividend date is Wednesday, August 13th. This represents a $3.40 annualized dividend and a yield of 3.3%. Consolidated Edison's payout ratio is 61.71%.

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.

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