Franklin Resources Inc. Sells 83,465 Shares of Consolidated Edison, Inc. (NYSE:ED)

Franklin Resources Inc. lowered its stake in Consolidated Edison, Inc. (NYSE:ED - Free Report) by 27.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 218,766 shares of the utilities provider's stock after selling 83,465 shares during the period. Franklin Resources Inc. owned 0.06% of Consolidated Edison worth $19,520,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ED. Alliancebernstein L.P. raised its position in shares of Consolidated Edison by 2.5% in the 4th quarter. Alliancebernstein L.P. now owns 459,244 shares of the utilities provider's stock worth $40,978,000 after acquiring an additional 11,386 shares in the last quarter. AIA Group Ltd bought a new position in Consolidated Edison in the fourth quarter worth $252,000. O Shaughnessy Asset Management LLC raised its holdings in Consolidated Edison by 4.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 67,504 shares of the utilities provider's stock worth $6,023,000 after purchasing an additional 2,916 shares in the last quarter. Physician Wealth Advisors Inc. purchased a new position in Consolidated Edison during the fourth quarter valued at $100,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of Consolidated Edison by 1,327.9% during the 4th quarter. CIBC Private Wealth Group LLC now owns 322,436 shares of the utilities provider's stock valued at $28,700,000 after buying an additional 299,855 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

NYSE:ED traded up $1.52 during mid-day trading on Friday, reaching $109.82. The company's stock had a trading volume of 2,617,191 shares, compared to its average volume of 2,223,533. 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 has a market cap of $39.56 billion, a P/E ratio of 20.96, a PEG ratio of 3.05 and a beta of 0.27. The firm's fifty day moving average price is $103.19 and its two-hundred day moving average price is $98.94. Consolidated Edison, Inc. has a 12-month low of $87.28 and a 12-month high of $114.87.

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Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings data 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 net margin of 11.93% and a return on equity of 8.62%. The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.63 billion. On average, equities analysts forecast that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.10%. 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. Consolidated Edison's dividend payout ratio is 64.89%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ED shares. Barclays boosted their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an "underweight" rating in a research note on Monday, February 24th. Evercore ISI downgraded Consolidated Edison from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, January 21st. Morgan Stanley raised their price objective on Consolidated Edison from $85.00 to $91.00 and gave the company an "underweight" rating in a research report on Thursday, March 20th. Scotiabank increased their target price on Consolidated Edison from $100.00 to $101.00 and gave the stock a "sector perform" rating in a research note on Monday, February 24th. Finally, Mizuho raised their price target on Consolidated Edison from $92.00 to $95.00 and gave the company a "neutral" rating in a report on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $102.80.

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.