Retirement Systems of Alabama Sells 303,357 Shares of Consolidated Edison, Inc. (NYSE:ED)

Retirement Systems of Alabama lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 80.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 75,601 shares of the utilities provider's stock after selling 303,357 shares during the quarter. Retirement Systems of Alabama's holdings in Consolidated Edison were worth $7,872,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. State Street Corp lifted its position in shares of Consolidated Edison by 1.7% in the 3rd quarter. State Street Corp now owns 23,429,218 shares of the utilities provider's stock worth $2,439,684,000 after acquiring an additional 399,034 shares during the period. Geode Capital Management LLC raised its stake in shares of Consolidated Edison by 1.2% in the third quarter. Geode Capital Management LLC now owns 8,853,788 shares of the utilities provider's stock valued at $919,041,000 after purchasing an additional 107,281 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Consolidated Edison by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,148,666 shares of the utilities provider's stock worth $223,741,000 after purchasing an additional 28,254 shares during the period. Hsbc Holdings PLC boosted its stake in Consolidated Edison by 0.8% during the second quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider's stock worth $134,323,000 after buying an additional 11,785 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Consolidated Edison by 11.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider's stock valued at $113,845,000 after buying an additional 125,859 shares during the period. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ED has been the subject of a number of analyst reports. Evercore ISI raised Consolidated Edison from a "hold" rating to a "strong-buy" rating in a report on Friday, November 8th. Citigroup upgraded shares of Consolidated Edison from a "neutral" rating to a "buy" rating and increased their target price for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Jefferies Financial Group started coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They issued a "hold" rating and a $108.00 price target on the stock. UBS Group upped their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a "neutral" rating in a research note on Friday, September 20th. Finally, Morgan Stanley cut their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an "underweight" rating for the company in a research note on Friday, November 22nd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Consolidated Edison presently has a consensus rating of "Hold" and an average price target of $99.96.

Consolidated Edison Stock Down 2.2 %

ED traded down $1.97 during trading on Wednesday, hitting $88.87. The company had a trading volume of 2,675,176 shares, compared to its average volume of 1,905,769. The company has a market capitalization of $30.79 billion, a PE ratio of 16.74, a PEG ratio of 3.11 and a beta of 0.36. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The firm's 50-day moving average price is $99.32 and its 200 day moving average price is $98.12.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. As a group, equities analysts expect that Consolidated Edison, Inc. will post 5.34 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Wednesday, November 13th were given a dividend of $0.83 per share. The ex-dividend date of this dividend was Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.74%. Consolidated Edison's dividend payout ratio (DPR) is presently 62.52%.

Consolidated Edison 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.