Global Wealth Management Investment Advisory Inc. Cuts Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Global Wealth Management Investment Advisory Inc. cut its holdings in Consolidated Edison, Inc. (NYSE:ED) by 21.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 430 shares of the utilities provider’s stock after selling 120 shares during the quarter. Global Wealth Management Investment Advisory Inc.’s holdings in Consolidated Edison were worth $39,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Legal & General Group Plc boosted its stake in shares of Consolidated Edison by 0.5% in the third quarter. Legal & General Group Plc now owns 6,201,026 shares of the utilities provider’s stock worth $530,373,000 after acquiring an additional 27,850 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Consolidated Edison by 8.2% in the third quarter. Northern Trust Corp now owns 4,484,026 shares of the utilities provider’s stock worth $383,519,000 after acquiring an additional 340,239 shares during the last quarter. Morgan Stanley boosted its stake in shares of Consolidated Edison by 1.8% in the third quarter. Morgan Stanley now owns 4,221,543 shares of the utilities provider’s stock worth $361,069,000 after acquiring an additional 72,915 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Consolidated Edison by 4.5% in the third quarter. Invesco Ltd. now owns 2,976,921 shares of the utilities provider’s stock worth $254,616,000 after acquiring an additional 129,519 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Consolidated Edison by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,984,449 shares of the utilities provider’s stock worth $169,716,000 after acquiring an additional 26,910 shares during the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Price Performance

NYSE:ED opened at $94.78 on Thursday. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $100.44. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $32.75 billion, a P/E ratio of 13.20, a P/E/G ratio of 8.89 and a beta of 0.34. The stock’s fifty day moving average is $89.91 and its two-hundred day moving average is $90.04.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, February 15th. The utilities provider reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The company had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.70 billion. During the same quarter in the previous year, the business earned $0.81 earnings per share. The company’s revenue for the quarter was down 14.6% on a year-over-year basis. Equities analysts expect that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be issued a $0.83 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.50%. Consolidated Edison’s dividend payout ratio is presently 46.24%.

Analyst Ratings Changes

ED has been the topic of a number of research analyst reports. KeyCorp raised Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. UBS Group lowered their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research note on Friday, February 16th. Royal Bank of Canada lowered their price objective on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research note on Friday, February 16th. Scotiabank lowered their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research note on Monday, April 22nd. Finally, Barclays boosted their price objective on Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 14th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Consolidated Edison has an average rating of “Hold” and an average price target of $87.54.

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.