Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. reduced its position in Consolidated Edison, Inc. (NYSE:ED) by 23.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 515,233 shares of the utilities provider’s stock after selling 156,978 shares during the period. Victory Capital Management Inc.’s holdings in Consolidated Edison were worth $53,651,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP acquired a new position in Consolidated Edison in the third quarter valued at $27,000. Ashton Thomas Securities LLC purchased a new stake in Consolidated Edison during the 3rd quarter valued at approximately $30,000. Beacon Capital Management LLC lifted its position in Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after acquiring an additional 300 shares during the period. Pathway Financial Advisers LLC purchased a new position in shares of Consolidated Edison in the 1st quarter valued at approximately $33,000. Finally, TruNorth Capital Management LLC acquired a new position in shares of Consolidated Edison in the second quarter valued at approximately $33,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Down 0.2 %

Consolidated Edison stock opened at $95.25 on Friday. The firm has a market capitalization of $33.00 billion, a price-to-earnings ratio of 17.94, a price-to-earnings-growth ratio of 3.26 and a beta of 0.36. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The stock’s fifty day moving average is $102.99 and its two-hundred day moving average is $98.00.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. Analysts predict that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.49%. Consolidated Edison’s dividend payout ratio (DPR) is 62.52%.

Analysts Set New Price Targets

ED has been the subject of several recent research reports. Barclays decreased their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Wells Fargo & Company lifted their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Morgan Stanley lifted their price objective on Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a report on Wednesday, September 25th. Finally, Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and increased their target price for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $98.35.

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.