Wealthfront Advisers LLC Sells 80,008 Shares of Consolidated Edison, Inc. (NYSE:ED)

Wealthfront Advisers LLC trimmed its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 95.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,220 shares of the utilities provider’s stock after selling 80,008 shares during the period. Wealthfront Advisers LLC’s holdings in Consolidated Edison were worth $377,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. AlphaMark Advisors LLC bought a new position in Consolidated Edison during the 4th quarter valued at about $27,000. Fairway Wealth LLC purchased a new stake in Consolidated Edison in the 4th quarter valued at about $36,000. OFI Invest Asset Management purchased a new stake in Consolidated Edison in the 4th quarter valued at about $35,000. Centricity Wealth Management LLC purchased a new stake in Consolidated Edison in the 4th quarter valued at about $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Consolidated Edison in the 4th quarter valued at about $44,000. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Price Performance

Shares of ED opened at $106.60 on Monday. Consolidated Edison, Inc. has a fifty-two week low of $87.16 and a fifty-two week high of $107.97. The company has a 50 day moving average price of $95.96 and a 200-day moving average price of $98.17. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The stock has a market capitalization of $36.97 billion, a PE ratio of 20.34, a PEG ratio of 3.05 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.63 billion. Equities analysts predict that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were given a dividend of $0.85 per share. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date was Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a yield of 3.19%. Consolidated Edison’s dividend payout ratio is presently 64.89%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ED. Mizuho boosted their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Barclays boosted their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research report on Monday, February 24th. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. UBS Group boosted their price objective on shares of Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 25th. Finally, Scotiabank boosted their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research report on Monday, February 24th. 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison has an average rating of “Hold” and a consensus target price of $101.50.

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.