Prudential PLC trimmed its stake in Consolidated Edison, Inc. (NYSE:ED - Free Report) by 20.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 81,213 shares of the utilities provider's stock after selling 20,745 shares during the quarter. Prudential PLC's holdings in Consolidated Edison were worth $7,247,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently bought and sold shares of ED. AlphaMark Advisors LLC acquired a new stake in shares of Consolidated Edison in the fourth quarter worth $27,000. OFI Invest Asset Management purchased a new stake in Consolidated Edison during the 4th quarter worth approximately $35,000. Fairway Wealth LLC acquired a new stake in Consolidated Edison in the fourth quarter valued at $36,000. Centricity Wealth Management LLC acquired a new stake in Consolidated Edison in the fourth quarter valued at $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new position in Consolidated Edison during the 4th quarter valued at $44,000. Institutional investors and hedge funds own 66.29% of the company's stock.
Consolidated Edison Price Performance
NYSE ED traded up $1.65 on Thursday, reaching $107.42. 874,055 shares of the stock traded hands, compared to its average volume of 2,206,421. 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 $38.69 billion, a price-to-earnings ratio of 20.51, a P/E/G ratio of 3.05 and a beta of 0.27. The firm's fifty day simple moving average is $102.63 and its 200 day simple moving average is $98.85. Consolidated Edison, Inc. has a 12 month low of $87.28 and a 12 month high of $114.87.
Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. As a group, research analysts predict that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.
Consolidated Edison Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were given a $0.85 dividend. This is a positive change from Consolidated Edison's previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Wednesday, February 19th. Consolidated Edison's dividend payout ratio is presently 64.89%.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on ED. Mizuho upped their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a "neutral" rating in a research note on Monday, February 3rd. Evercore ISI downgraded Consolidated Edison from a "strong-buy" rating to a "hold" rating in a report on Tuesday, January 21st. UBS Group upped their price target on Consolidated Edison from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. Scotiabank increased their target price 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. Finally, Morgan Stanley lifted their price target on shares of Consolidated Edison from $85.00 to $91.00 and gave the company an "underweight" rating in a report on Thursday, March 20th. Two equities 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 issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $102.80.
Check Out Our Latest Report on Consolidated Edison
Consolidated Edison Profile
(
Free Report)
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.
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