R Squared Ltd cut its holdings in Consolidated Edison Inc (NYSE:ED - Free Report) by 80.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,120 shares of the utilities provider's stock after selling 8,680 shares during the quarter. R Squared Ltd's holdings in Consolidated Edison were worth $234,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in ED. Merit Financial Group LLC lifted its holdings in shares of Consolidated Edison by 16.8% in the 1st quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock valued at $1,180,000 after acquiring an additional 1,533 shares during the last quarter. Ritholtz Wealth Management purchased a new position in Consolidated Edison in the first quarter worth $227,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Consolidated Edison by 2.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider's stock worth $27,649,000 after buying an additional 6,869 shares during the period. Orion Portfolio Solutions LLC lifted its stake 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 buying an additional 1,366 shares during the period. Finally, Flagship Harbor Advisors LLC acquired a new position in Consolidated Edison during the first quarter valued at $217,000. 66.29% of the stock is owned by institutional investors.
Consolidated Edison Stock Up 0.9%
Shares of NYSE ED opened at $104.41 on Friday. The company has a market cap of $37.62 billion, a price-to-earnings ratio of 19.30, a PEG ratio of 3.33 and a beta of 0.24. The stock has a 50-day moving average price of $101.55 and a two-hundred day moving average price of $102.76. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 1.04. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87.
Consolidated Edison (NYSE:ED - Get Free Report) last announced 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 in the prior year, the business earned $2.15 earnings per share. As a group, analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.
Consolidated Edison Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison's dividend payout ratio is currently 62.85%.
Analyst Upgrades and Downgrades
ED has been the subject of several analyst reports. Barclays increased their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a research note on Monday, May 5th. Morgan Stanley cut their price target on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating on the stock in a research note on Wednesday, June 18th. Guggenheim raised their price objective on shares of Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. KeyCorp reaffirmed an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Finally, Wells Fargo & Company lifted their target price on shares of Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $105.09.
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About Consolidated Edison
(
Free Report)
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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