Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. lowered its position in Consolidated Edison, Inc. (NYSE:ED) by 2.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,138,702 shares of the utilities provider’s stock after selling 33,774 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Consolidated Edison were worth $103,406,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Advisors Capital Management LLC lifted its holdings in Consolidated Edison by 3.8% in the 3rd quarter. Advisors Capital Management LLC now owns 3,312 shares of the utilities provider’s stock valued at $283,000 after purchasing an additional 122 shares in the last quarter. Jeppson Wealth Management LLC lifted its holdings in Consolidated Edison by 1.6% in the 4th quarter. Jeppson Wealth Management LLC now owns 7,716 shares of the utilities provider’s stock valued at $702,000 after purchasing an additional 125 shares in the last quarter. Sandy Spring Bank lifted its holdings in Consolidated Edison by 11.4% in the 4th quarter. Sandy Spring Bank now owns 1,222 shares of the utilities provider’s stock valued at $111,000 after purchasing an additional 125 shares in the last quarter. Syon Capital LLC lifted its holdings in Consolidated Edison by 2.3% in the 4th quarter. Syon Capital LLC now owns 5,954 shares of the utilities provider’s stock valued at $542,000 after purchasing an additional 136 shares in the last quarter. Finally, G&S Capital LLC lifted its holdings in Consolidated Edison by 1.6% in the 1st quarter. G&S Capital LLC now owns 8,747 shares of the utilities provider’s stock valued at $794,000 after purchasing an additional 139 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Wells Fargo & Company raised their price objective on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a report on Friday, May 3rd. Barclays lifted their price target on Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 7th. Mizuho lifted their price target on Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Scotiabank reduced their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. Finally, Morgan Stanley reduced their price target on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a report on Monday, June 24th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $89.27.

Consolidated Edison Stock Down 0.3 %

Shares of ED opened at $88.71 on Thursday. The firm has a market cap of $30.68 billion, a P/E ratio of 17.03, a price-to-earnings-growth ratio of 2.26 and a beta of 0.34. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $98.85. The company’s 50-day moving average price is $93.40 and its 200 day moving average price is $91.08. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.26. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. Consolidated Edison’s revenue was down 2.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.83 EPS. On average, sell-side analysts forecast that Consolidated Edison, Inc. will post 5.33 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th were given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.74%. The ex-dividend date was Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is currently 63.72%.

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.