Envestnet Asset Management Inc. Cuts Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Envestnet Asset Management Inc. decreased its stake in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 10.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 122,475 shares of the utilities provider's stock after selling 14,809 shares during the period. Envestnet Asset Management Inc.'s holdings in Consolidated Edison were worth $10,928,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. AlphaMark Advisors LLC purchased a new position in Consolidated Edison in the fourth quarter worth $27,000. OFI Invest Asset Management bought a new position in Consolidated Edison during the fourth quarter valued at about $35,000. Fairway Wealth LLC purchased a new stake in Consolidated Edison during the fourth quarter worth about $36,000. Centricity Wealth Management LLC bought a new stake in Consolidated Edison in the fourth quarter worth about $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new position in Consolidated Edison in the fourth quarter valued at about $44,000. Institutional investors own 66.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ED shares. Morgan Stanley raised their price target on shares of Consolidated Edison from $85.00 to $91.00 and gave the stock an "underweight" rating in a research note on Thursday, March 20th. Citigroup lifted their price objective on Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a report on Wednesday, April 9th. Mizuho upped their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a "neutral" rating in a report on Monday, February 3rd. UBS Group lifted their price objective on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Friday, March 21st. Finally, Barclays upped their price target on Consolidated Edison from $95.00 to $100.00 and gave the company an "underweight" rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Consolidated Edison presently has a consensus rating of "Hold" and an average target price of $103.30.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock traded down $0.24 on Wednesday, hitting $113.06. 344,775 shares of the company traded hands, compared to its average volume of 2,792,036. Consolidated Edison, Inc. has a 12-month low of $87.28 and a 12-month high of $114.87. 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 company has a market cap of $40.72 billion, a P/E ratio of 21.58, a P/E/G ratio of 3.05 and a beta of 0.27. The firm's 50-day simple moving average is $105.44 and its 200 day simple moving average is $99.32.

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

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date is Wednesday, May 14th. Consolidated Edison's payout ratio is currently 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.