California Public Employees Retirement System Cuts Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

California Public Employees Retirement System decreased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 0.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,149,628 shares of the utilities provider's stock after selling 16,268 shares during the period. California Public Employees Retirement System owned approximately 0.62% of Consolidated Edison worth $195,552,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Financial Gravity Asset Management Inc. lifted its holdings in Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider's stock valued at $25,000 after purchasing an additional 194 shares in the last quarter. Level Financial Advisors Inc. acquired a new stake in shares of Consolidated Edison during the third quarter valued at about $26,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $29,000. Bruce G. Allen Investments LLC purchased a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $31,000. Finally, CVA Family Office LLC purchased a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. UBS Group cut their target price on shares of Consolidated Edison from $99.00 to $94.00 and set a "neutral" rating on the stock in a report on Friday, February 16th. KeyCorp raised shares of Consolidated Edison from an "underweight" rating to a "sector weight" rating in a research note on Thursday, January 4th. LADENBURG THALM/SH SH began coverage on shares of Consolidated Edison in a research report on Wednesday, January 3rd. They set a "neutral" rating and a $92.50 target price for the company. Scotiabank decreased their price target on Consolidated Edison from $91.00 to $85.00 and set a "sector underperform" rating for the company in a report on Monday. Finally, Royal Bank of Canada reduced their target price on Consolidated Edison from $94.00 to $93.00 and set a "sector perform" rating for the company in a research note on Friday, February 16th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Consolidated Edison has a consensus rating of "Hold" and an average price target of $87.54.

Consolidated Edison Price Performance

NYSE ED traded up $0.10 during trading hours on Tuesday, reaching $92.83. 1,843,830 shares of the stock traded hands, compared to its average volume of 1,870,003. The stock has a 50 day simple moving average of $89.16 and a two-hundred day simple moving average of $89.80. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $100.92. The company has a market cap of $32.07 billion, a price-to-earnings ratio of 12.93, a price-to-earnings-growth ratio of 8.65 and a beta of 0.35. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The firm had revenue of $3.44 billion for the quarter, compared to analysts' expectations of $3.70 billion. During the same period in the prior year, the firm earned $0.81 EPS. The company's revenue was down 14.6% compared to the same quarter last year. On average, analysts predict that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison's dividend payout ratio (DPR) is presently 46.24%.

Consolidated Edison Company 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.