Corient Private Wealth LLC Trims Holdings in Consolidated Edison, Inc. (NYSE:ED)

Corient Private Wealth LLC lessened its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 131,513 shares of the utilities provider’s stock after selling 493 shares during the period. Corient Private Wealth LLC’s holdings in Consolidated Edison were worth $11,735,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ED. United Bank purchased a new position in Consolidated Edison during the 3rd quarter valued at about $227,000. Empowered Funds LLC grew its holdings in shares of Consolidated Edison by 7.6% during the 3rd quarter. Empowered Funds LLC now owns 5,785 shares of the utilities provider’s stock worth $602,000 after acquiring an additional 409 shares during the period. Natixis Advisors LLC grew its holdings in shares of Consolidated Edison by 7.1% during the 3rd quarter. Natixis Advisors LLC now owns 171,322 shares of the utilities provider’s stock worth $17,840,000 after acquiring an additional 11,419 shares during the period. Thrivent Financial for Lutherans grew its holdings in shares of Consolidated Edison by 11.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 35,104 shares of the utilities provider’s stock worth $3,655,000 after acquiring an additional 3,716 shares during the period. Finally, Meeder Advisory Services Inc. grew its holdings in shares of Consolidated Edison by 3.6% during the 3rd quarter. Meeder Advisory Services Inc. now owns 9,814 shares of the utilities provider’s stock worth $1,022,000 after acquiring an additional 341 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ED shares. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Scotiabank upped their target price on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. Mizuho upped their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Morgan Stanley reduced their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Finally, UBS Group upped their target price on Consolidated Edison from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 25th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $101.50.

Consolidated Edison Stock Performance

ED stock opened at $107.53 on Thursday. The stock has a market capitalization of $37.29 billion, a PE ratio of 20.52, a price-to-earnings-growth ratio of 3.05 and a beta of 0.30. Consolidated Edison, Inc. has a 12-month low of $87.16 and a 12-month high of $108.43. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The stock’s 50 day simple moving average is $97.12 and its 200 day simple moving average is $98.32.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.01. The business had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. As a group, research analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were given a $0.85 dividend. The ex-dividend date of this dividend was Wednesday, February 19th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a yield of 3.16%. Consolidated Edison’s dividend payout ratio is 64.89%.

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.