Wealthfront Advisers LLC Lowers Stock Holdings in Consolidated Edison Inc $ED

Wealthfront Advisers LLC cut its holdings in Consolidated Edison Inc (NYSE:ED) by 8.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 129,719 shares of the utilities provider’s stock after selling 12,123 shares during the period. Wealthfront Advisers LLC’s holdings in Consolidated Edison were worth $13,039,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Salomon & Ludwin LLC grew its position in shares of Consolidated Edison by 270.4% in the third quarter. Salomon & Ludwin LLC now owns 300 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 219 shares during the period. Bogart Wealth LLC boosted its stake in Consolidated Edison by 886.5% in the 2nd quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock worth $37,000 after buying an additional 328 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Consolidated Edison in the 3rd quarter valued at about $38,000. Webster Bank N. A. increased its stake in shares of Consolidated Edison by 67.8% during the 3rd quarter. Webster Bank N. A. now owns 495 shares of the utilities provider’s stock valued at $50,000 after acquiring an additional 200 shares during the last quarter. Finally, True Wealth Design LLC increased its stake in shares of Consolidated Edison by 392.1% during the 3rd quarter. True Wealth Design LLC now owns 497 shares of the utilities provider’s stock valued at $50,000 after acquiring an additional 396 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

ED has been the subject of a number of recent analyst reports. Wells Fargo & Company lowered their target price on shares of Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating for the company in a report on Tuesday, January 20th. JPMorgan Chase & Co. decreased their price target on shares of Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating on the stock in a report on Friday, December 12th. UBS Group boosted their price objective on shares of Consolidated Edison from $108.00 to $112.00 and gave the company a “neutral” rating in a research note on Friday, January 23rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Consolidated Edison in a research report on Monday, December 29th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $96.00 target price on shares of Consolidated Edison in a report on Wednesday, January 21st. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $104.20.

Consolidated Edison Stock Performance

Shares of ED stock opened at $108.46 on Wednesday. The company’s fifty day simple moving average is $101.25 and its 200-day simple moving average is $100.39. Consolidated Edison Inc has a 52 week low of $93.52 and a 52 week high of $114.87. The company has a current ratio of 1.08, a quick ratio of 0.97 and a debt-to-equity ratio of 1.03. The company has a market cap of $39.15 billion, a PE ratio of 18.96, a P/E/G ratio of 2.91 and a beta of 0.38.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Wednesday, February 18th will be given a $0.8875 dividend. This represents a $3.55 annualized dividend and a yield of 3.3%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend is Wednesday, February 18th. Consolidated Edison’s dividend payout ratio is 62.06%.

Insider Activity at Consolidated Edison

In other news, Director John F. Killian sold 2,276 shares of the company’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $96.89, for a total value of $220,521.64. Following the completion of the sale, the director owned 38,661 shares of the company’s stock, valued at $3,745,864.29. This represents a 5.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

About Consolidated Edison

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.