Consolidated Edison, Inc. (NYSE:ED) Position Lowered by Asset Dedication LLC

Asset Dedication LLC reduced its position in Consolidated Edison, Inc. (NYSE:ED) by 14.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,196 shares of the utilities provider’s stock after selling 561 shares during the quarter. Asset Dedication LLC’s holdings in Consolidated Edison were worth $285,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new stake in shares of Consolidated Edison in the 3rd quarter valued at approximately $27,000. AlphaMark Advisors LLC bought a new stake in Consolidated Edison during the fourth quarter valued at $27,000. Ashton Thomas Securities LLC acquired a new stake in shares of Consolidated Edison during the third quarter worth $30,000. Future Financial Wealth Managment LLC bought a new position in shares of Consolidated Edison in the 3rd quarter worth about $55,000. Finally, FSA Wealth Management LLC acquired a new position in shares of Consolidated Edison in the 3rd quarter valued at about $55,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

ED stock opened at $92.60 on Thursday. The company has a 50-day simple moving average of $92.78 and a 200 day simple moving average of $98.10. The company has a market capitalization of $32.08 billion, a P/E ratio of 17.44, a PEG ratio of 2.89 and a beta of 0.38. 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 fifty-two week low of $85.85 and a fifty-two week high of $107.75.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. Sell-side analysts predict that Consolidated Edison, Inc. will post 5.35 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be paid a dividend of $0.85 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.52%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ED. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Morgan Stanley dropped their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday, November 22nd. Jefferies Financial Group initiated coverage on Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective for the company. Citigroup raised 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. Finally, Barclays reduced their price target on shares of Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a report on Monday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $100.00.

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.