Consolidated Edison, Inc. (NYSE:ED) Shares Sold by USS Investment Management Ltd

USS Investment Management Ltd trimmed its holdings in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 15.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 95,246 shares of the utilities provider's stock after selling 16,972 shares during the period. USS Investment Management Ltd's holdings in Consolidated Edison were worth $8,497,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Consolidated Edison during the fourth quarter valued at approximately $399,824,000. ExodusPoint Capital Management LP grew its holdings in Consolidated Edison by 412.0% during the 4th quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider's stock valued at $97,564,000 after purchasing an additional 879,866 shares in the last quarter. Invesco Ltd. increased its stake in Consolidated Edison by 27.9% during the 4th quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider's stock worth $332,090,000 after buying an additional 812,885 shares during the period. Marshall Wace LLP lifted its holdings in Consolidated Edison by 232.3% in the 4th quarter. Marshall Wace LLP now owns 1,053,339 shares of the utilities provider's stock worth $93,989,000 after buying an additional 736,348 shares in the last quarter. Finally, Burkehill Global Management LP purchased a new position in Consolidated Edison in the 4th quarter valued at about $53,538,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

NYSE:ED traded up $0.11 during mid-day trading on Tuesday, hitting $104.21. The stock had a trading volume of 400,220 shares, compared to its average volume of 2,279,929. The company has a 50 day simple moving average of $108.26 and a 200-day simple moving average of $100.04. 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 $37.55 billion, a price-to-earnings ratio of 19.88, a P/E/G ratio of 3.05 and a beta of 0.29. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 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 11.93% and a return on equity of 8.62%. During the same period last year, the business posted $2.15 earnings per share. On average, research analysts expect that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Wednesday, May 14th will be issued a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $3.40 annualized dividend and a yield of 3.26%. Consolidated Edison's payout ratio is 62.85%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ED. Citigroup lifted their target price on Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday, April 9th. Wells Fargo & Company lifted their price objective on Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Scotiabank increased their target price on Consolidated Edison from $100.00 to $101.00 and gave the company a "sector perform" rating in a research note on Monday, February 24th. KeyCorp downgraded shares of Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price target for the company. in a research report on Wednesday, May 14th. Finally, Barclays increased their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock an "underweight" rating in a research report on Monday, May 5th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $104.27.

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.