QRG Capital Management Inc. Cuts Position in Consolidated Edison Inc (NYSE:ED)

QRG Capital Management Inc. lowered its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 7.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 321,236 shares of the utilities provider's stock after selling 24,917 shares during the quarter. QRG Capital Management Inc. owned approximately 0.09% of Consolidated Edison worth $35,525,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Jacobi Capital Management LLC grew its holdings in Consolidated Edison by 4.2% during the 4th quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider's stock valued at $229,000 after buying an additional 104 shares in the last quarter. Glen Eagle Advisors LLC grew its holdings in Consolidated Edison by 6.2% during the 4th quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider's stock valued at $170,000 after buying an additional 111 shares in the last quarter. Richwood Investment Advisors LLC grew its holdings in Consolidated Edison by 2.3% during the 4th quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider's stock valued at $463,000 after buying an additional 115 shares in the last quarter. Integrated Advisors Network LLC grew its holdings in Consolidated Edison by 1.6% during the 1st quarter. Integrated Advisors Network LLC now owns 7,842 shares of the utilities provider's stock valued at $867,000 after buying an additional 121 shares in the last quarter. Finally, Penobscot Investment Management Company Inc. grew its holdings in Consolidated Edison by 5.7% during the 4th quarter. Penobscot Investment Management Company Inc. now owns 2,300 shares of the utilities provider's stock valued at $205,000 after buying an additional 125 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on ED. UBS Group raised their price target on Consolidated Edison from $110.00 to $113.00 and gave the company a "neutral" rating in a report on Friday, March 21st. KeyCorp cut Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 target price for the company. in a report on Wednesday, May 14th. Guggenheim lifted their target price on Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Wells Fargo & Company lifted their target price on Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Finally, Morgan Stanley dropped their target price on Consolidated Edison from $94.00 to $93.00 and set an "underweight" rating for the company in a report on Thursday, May 22nd. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $104.27.

Consolidated Edison Trading Down 0.3%

Shares of ED stock traded down $0.30 on Tuesday, reaching $101.34. 2,844,877 shares of the company's stock were exchanged, compared to its average volume of 2,313,146. Consolidated Edison Inc has a 52 week low of $87.28 and a 52 week high of $114.87. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $36.51 billion, a PE ratio of 18.73, a P/E/G ratio of 3.25 and a beta of 0.27. The company's fifty day simple moving average is $106.65 and its 200 day simple moving average is $100.50.

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 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 firm had revenue of $4.80 billion during the quarter, compared to analysts' expectations of $4.21 billion. During the same quarter in the prior year, the company posted $2.15 earnings per share. As a group, analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th were issued a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 3.36%. The ex-dividend date was Wednesday, May 14th. Consolidated Edison's dividend payout ratio is 62.85%.

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.