Commonwealth Equity Services LLC Sells 787 Shares of Consolidated Edison, Inc. (NYSE:ED)

Commonwealth Equity Services LLC reduced its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 392,357 shares of the utilities provider’s stock after selling 787 shares during the quarter. Commonwealth Equity Services LLC owned approximately 0.11% of Consolidated Edison worth $35,693,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. raised its stake in shares of 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 acquiring an additional 194 shares during the last quarter. Turtle Creek Wealth Advisors LLC purchased a new position in Consolidated Edison during the 4th quarter valued at about $29,000. Bruce G. Allen Investments LLC bought a new position in Consolidated Edison during the 4th quarter valued at approximately $31,000. CVA Family Office LLC purchased a new stake in Consolidated Edison in the 4th quarter worth approximately $32,000. Finally, Venturi Wealth Management LLC grew its position in shares of Consolidated Edison by 62.2% in the 3rd quarter. Venturi Wealth Management LLC now owns 477 shares of the utilities provider’s stock worth $41,000 after buying an additional 183 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on ED shares. Barclays upped their target price on Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. Wells Fargo & Company upped their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday. 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 research note on Friday, February 16th. Royal Bank of Canada decreased their price target on shares of 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. Finally, Scotiabank cut their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research report on Monday, April 22nd. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $87.75.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $95.56 on Friday. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month 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 $33.02 billion, a P/E ratio of 18.34, a PEG ratio of 8.99 and a beta of 0.34. The stock’s 50 day moving average is $90.21 and its 200 day moving average is $90.13.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.86% and a net margin of 12.43%. The firm had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. During the same period in the prior year, the firm posted $1.83 earnings per share. The company’s quarterly revenue was down 2.8% on a year-over-year basis. On average, equities research analysts predict that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be paid a dividend of $0.83 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.47%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

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.