Wells Fargo & Company MN Sells 49,477 Shares of Consolidated Edison, Inc. (NYSE:ED)

Wells Fargo & Company MN reduced its holdings in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 14.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 294,236 shares of the utilities provider's stock after selling 49,477 shares during the quarter. Wells Fargo & Company MN owned 0.08% of Consolidated Edison worth $26,255,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. AlphaMark Advisors LLC purchased a new position in Consolidated Edison during the 4th quarter worth $27,000. OFI Invest Asset Management bought a new position in shares of Consolidated Edison during the fourth quarter valued at about $35,000. Fairway Wealth LLC purchased a new position in Consolidated Edison during the fourth quarter worth about $36,000. Centricity Wealth Management LLC bought a new stake in Consolidated Edison in the 4th quarter worth about $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Consolidated Edison in the 4th quarter valued at about $44,000. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock traded down $0.08 during trading on Wednesday, hitting $111.73. The stock had a trading volume of 1,209,684 shares, compared to its average volume of 2,217,952. The firm has a market cap of $40.25 billion, a price-to-earnings ratio of 21.32, a P/E/G ratio of 3.05 and a beta of 0.27. Consolidated Edison, Inc. has a 12 month low of $87.28 and a 12 month high of $114.87. The business's 50-day moving average is $103.83 and its 200 day moving average is $99.05. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

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Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.97 by $0.01. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. As a group, sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th were issued a $0.85 dividend. This is a positive change from Consolidated Edison's previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.04%. Consolidated Edison's dividend payout ratio is presently 64.89%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ED shares. Mizuho boosted their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock a "neutral" rating in a research note on Monday, February 3rd. Scotiabank boosted their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a "sector perform" rating in a research note on Monday, February 24th. Citigroup upped their price target on Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, April 9th. UBS Group increased their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Finally, Barclays boosted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the company an "underweight" rating in a research report on Monday, February 24th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $102.80.

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.