New York State Teachers Retirement System Trims Position in Consolidated Edison, Inc. (NYSE:ED)

New York State Teachers Retirement System lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 5.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 294,933 shares of the utilities provider's stock after selling 16,925 shares during the quarter. New York State Teachers Retirement System owned about 0.09% of Consolidated Edison worth $26,317,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ED. Point72 Asset Management L.P. boosted its holdings in Consolidated Edison by 1,766.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider's stock valued at $102,980,000 after purchasing an additional 935,962 shares in the last quarter. FMR LLC boosted its holdings in Consolidated Edison by 82.3% in the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider's stock valued at $132,081,000 after purchasing an additional 572,530 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Consolidated Edison by 10,262.1% in the 3rd quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider's stock valued at $57,641,000 after purchasing an additional 548,204 shares in the last quarter. National Bank of Canada FI boosted its holdings in Consolidated Edison by 350.6% in the 3rd quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider's stock valued at $64,634,000 after purchasing an additional 482,953 shares in the last quarter. Finally, State Street Corp boosted its holdings in Consolidated Edison by 1.7% in the 3rd quarter. State Street Corp now owns 23,429,218 shares of the utilities provider's stock valued at $2,439,684,000 after purchasing an additional 399,034 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ED. Mizuho lifted their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company a "neutral" rating in a report on Monday, February 3rd. Morgan Stanley decreased their price target on Consolidated Edison from $88.00 to $85.00 and set an "underweight" rating on the stock in a research note on Friday, November 22nd. Scotiabank raised Consolidated Edison from a "sector underperform" rating to a "sector perform" rating and boosted their price target for the stock from $90.00 to $100.00 in a research note on Thursday, December 12th. Barclays decreased their price target on Consolidated Edison from $99.00 to $92.00 and set an "underweight" rating on the stock in a research note on Monday, January 27th. Finally, Evercore ISI lowered Consolidated Edison from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, January 21st. 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. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $100.70.

Consolidated Edison Price Performance

NYSE:ED traded up $0.26 during trading hours on Wednesday, reaching $95.17. 1,857,548 shares of the company traded hands, compared to its average volume of 2,395,298. The firm's 50-day moving average is $91.86 and its 200-day moving average is $98.05. The stock has a market cap of $32.97 billion, a P/E ratio of 17.92, a P/E/G ratio of 3.02 and a beta of 0.39. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. Consolidated Edison, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75.

Consolidated Edison Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.57%. 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. Consolidated Edison's dividend payout ratio is currently 62.52%.

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.