TD Asset Management Inc Cuts Holdings in Consolidated Edison Inc (NYSE:ED)

Key Points

• TD Asset Management Inc has decreased its stake in Consolidated Edison Inc by 17.4%, owning 306,779 shares valued at approximately $33.93 million.
• Analysts have mixed ratings for Consolidated Edison, with price targets ranging from $92 to $120, and an average consensus rating of "Hold."
• The company announced a quarterly dividend of $0.85, with a payout ratio of 62.85%, representing an annualized yield of 3.33%.

TD Asset Management Inc decreased its position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 17.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 306,779 shares of the utilities provider's stock after selling 64,473 shares during the period. TD Asset Management Inc owned approximately 0.09% of Consolidated Edison worth $33,927,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Alpine Bank Wealth Management purchased a new position in shares of Consolidated Edison in the first quarter worth about $32,000. Fort Vancouver Investment Management LLC bought a new stake in shares of Consolidated Edison in the first quarter worth about $33,000. Wood Tarver Financial Group LLC bought a new stake in shares of Consolidated Edison in the fourth quarter worth about $35,000. Elite Financial Inc. bought a new stake in shares of Consolidated Edison in the first quarter worth about $38,000. Finally, Park Square Financial Group LLC bought a new stake in Consolidated Edison during the 4th quarter valued at approximately $45,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Consolidated Edison Stock Up 0.9%

ED traded up $0.95 during trading on Friday, hitting $104.45. The stock had a trading volume of 936,906 shares, compared to its average volume of 2,745,653. Consolidated Edison Inc has a twelve month low of $87.28 and a twelve month high of $114.87. The stock has a 50 day simple moving average of $101.54 and a two-hundred day simple moving average of $102.57. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.19 and a current ratio of 1.28. The company has a market capitalization of $37.63 billion, a PE ratio of 19.31, a PEG ratio of 3.27 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 analysts' consensus estimates of $2.30 by ($0.05). The business had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.21 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.61%. During the same quarter in the prior year, the firm earned $2.15 earnings per share. On average, research analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be issued 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 yield of 3.3%. Consolidated Edison's payout ratio is presently 62.85%.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of recent analyst reports. KeyCorp restated an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Barclays lifted their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a research report on Monday, May 5th. Wells Fargo & Company increased their price objective on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Mizuho raised shares of Consolidated Edison from a "neutral" rating to an "outperform" rating and increased their price target for the company from $105.00 to $107.00 in a report on Monday, June 30th. Finally, Citigroup raised their price objective on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a research note on Wednesday, April 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus 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.