Consolidated Edison, Inc. (NYSE:ED) Shares Sold by New York Life Investment Management LLC

New York Life Investment Management LLC decreased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 9.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 46,145 shares of the utilities provider's stock after selling 4,703 shares during the period. New York Life Investment Management LLC's holdings in Consolidated Edison were worth $4,118,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Wilmington Savings Fund Society FSB purchased a new position in Consolidated Edison during the third quarter worth about $776,000. JPMorgan Chase & Co. raised its holdings in Consolidated Edison by 4.0% during the third quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider's stock worth $223,373,000 after purchasing an additional 82,985 shares in the last quarter. Hennessy Advisors Inc. raised its holdings in Consolidated Edison by 2.8% during the fourth quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider's stock worth $12,772,000 after purchasing an additional 3,900 shares in the last quarter. Gateway Investment Advisers LLC raised its holdings in Consolidated Edison by 102.7% during the fourth quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider's stock worth $38,394,000 after purchasing an additional 217,981 shares in the last quarter. Finally, National Pension Service raised its holdings in Consolidated Edison by 7.0% during the third quarter. National Pension Service now owns 468,572 shares of the utilities provider's stock worth $48,792,000 after purchasing an additional 30,838 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company's stock.

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Wall Street Analysts Forecast Growth

ED has been the subject of several analyst reports. Barclays increased their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an "underweight" rating in a report on Monday, February 24th. Scotiabank increased their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a "sector perform" rating in a report on Monday, February 24th. UBS Group increased their target price on shares of Consolidated Edison from $105.00 to $110.00 and gave the company a "neutral" rating in a report on Tuesday, February 25th. Morgan Stanley dropped their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an "underweight" rating for the company in a report on Friday, November 22nd. Finally, Evercore ISI cut shares of Consolidated Edison from a "strong-buy" rating to a "hold" rating in a report on Tuesday, January 21st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Consolidated Edison presently has an average rating of "Hold" and an average target price of $101.50.

Consolidated Edison Price Performance

Shares of ED stock traded down $1.97 during trading hours on Wednesday, hitting $100.18. The company's stock had a trading volume of 5,509,673 shares, compared to its average volume of 2,699,228. The business has a fifty day moving average of $93.89 and a 200-day moving average of $98.00. The stock has a market cap of $34.73 billion, a price-to-earnings ratio of 19.12, a P/E/G ratio of 3.05 and a beta of 0.39. Consolidated Edison, Inc. has a twelve month low of $87.16 and a twelve month high of $107.75. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

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

Consolidated Edison Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be given a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, February 19th. This is a positive change from Consolidated Edison's previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.39%. Consolidated Edison's dividend payout ratio is currently 64.89%.

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.