Consolidated Edison, Inc. (NYSE:ED) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lessened its stake in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 3.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 115,197 shares of the utilities provider's stock after selling 4,541 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Consolidated Edison were worth $10,279,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Capital Performance Advisors LLP bought a new position in shares of Consolidated Edison during the 3rd quarter worth approximately $27,000. AlphaMark Advisors LLC acquired a new stake in Consolidated Edison in the fourth quarter valued at approximately $27,000. Ashton Thomas Securities LLC purchased a new position in Consolidated Edison in the third quarter worth $30,000. CGC Financial Services LLC increased its position in shares of Consolidated Edison by 64.0% during the fourth quarter. CGC Financial Services LLC now owns 546 shares of the utilities provider's stock worth $49,000 after purchasing an additional 213 shares in the last quarter. Finally, FSA Wealth Management LLC purchased a new stake in shares of Consolidated Edison during the 3rd quarter valued at $55,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ED shares. Scotiabank upgraded Consolidated Edison from a "sector underperform" rating to a "sector perform" rating and boosted their target price for the stock from $90.00 to $100.00 in a research note on Thursday, December 12th. Barclays lowered their price target on Consolidated Edison from $99.00 to $92.00 and set an "underweight" rating for the company in a report on Monday, January 27th. Morgan Stanley cut their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an "underweight" rating on the stock in a report on Friday, November 22nd. Evercore ISI cut shares of Consolidated Edison from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, January 21st. Finally, Mizuho boosted their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a "neutral" rating in a research report on Monday, February 3rd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $100.70.

Consolidated Edison Price Performance

Shares of ED stock traded up $2.51 during mid-day trading on Friday, hitting $98.27. 4,414,776 shares of the stock were exchanged, compared to its average volume of 2,460,125. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The company has a market cap of $34.04 billion, a PE ratio of 18.51, a price-to-earnings-growth ratio of 3.04 and a beta of 0.39. The firm has a fifty day moving average of $91.98 and a 200 day moving average of $98.02.

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, topping analysts' consensus estimates of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.63 billion. Research analysts anticipate that Consolidated Edison, Inc. will post 5.35 earnings per share for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be paid a $0.85 dividend. The ex-dividend date is Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a yield of 3.46%. This is a boost from Consolidated Edison's previous quarterly dividend of $0.83. Consolidated Edison's dividend payout ratio (DPR) is currently 64.03%.

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.