Morgan Stanley Cuts Consolidated Edison (NYSE:ED) Price Target to $85.00

Consolidated Edison (NYSE:ED) had its price objective cut by Morgan Stanley from $88.00 to $85.00 in a research report report published on Friday morning,Benzinga reports. They currently have an underweight rating on the utilities provider’s stock.

ED has been the topic of a number of other research reports. UBS Group raised their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and raised their target price for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Bank of America boosted their target price on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Wells Fargo & Company raised their price target on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Finally, Guggenheim upped their price objective on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $98.19.

Consolidated Edison Stock Down 0.3 %

Shares of Consolidated Edison stock opened at $98.36 on Friday. The stock has a market capitalization of $34.07 billion, a PE ratio of 18.52, a price-to-earnings-growth ratio of 3.32 and a beta of 0.36. 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 company has a 50-day simple moving average of $102.01 and a two-hundred day simple moving average of $98.09. Consolidated Edison has a 52-week low of $85.85 and a 52-week high of $107.75.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. On average, analysts anticipate that Consolidated Edison will post 5.33 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.38%. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.52%.

Institutional Trading of Consolidated Edison

Hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Asset Management L.P. grew its position in shares of Consolidated Edison by 1,766.0% during the third quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock worth $102,980,000 after purchasing an additional 935,962 shares in the last quarter. Clean Energy Transition LLP grew its holdings in Consolidated Edison by 227.9% during the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after buying an additional 623,787 shares in the last quarter. FMR LLC grew its holdings in Consolidated Edison by 82.3% during the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after buying an additional 572,530 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of Consolidated Edison by 10,262.1% during the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock valued at $57,641,000 after buying an additional 548,204 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in shares of Consolidated Edison by 302.3% in the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after buying an additional 532,893 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

About Consolidated Edison

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.