New York Life Investment Management LLC Sells 4,703 Shares of Consolidated Edison, Inc. (NYSE:ED)

New York Life Investment Management LLC reduced its holdings in Consolidated Edison, Inc. (NYSE:ED) by 9.2% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 46,145 shares of the utilities provider’s stock after selling 4,703 shares during the quarter. New York Life Investment Management LLC’s holdings in Consolidated Edison were worth $4,118,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Performance Advisors LLP bought a new position in shares of Consolidated Edison during the 3rd quarter valued at $27,000. Ashton Thomas Securities LLC purchased a new stake in Consolidated Edison during the third quarter valued at about $30,000. AlphaMark Advisors LLC bought a new position in shares of Consolidated Edison during the fourth quarter valued at about $27,000. Centricity Wealth Management LLC purchased a new position in shares of Consolidated Edison in the fourth quarter worth about $39,000. Finally, FSA Wealth Management LLC purchased a new stake in Consolidated Edison during the 3rd quarter valued at about $55,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Barclays raised their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a report on Monday, February 24th. 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. Morgan Stanley dropped their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Scotiabank boosted their price target on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a report on Monday, February 24th. Finally, Mizuho increased their price objective on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Two 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 stock. According to data from MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and a consensus target price of $101.50.

Consolidated Edison Price Performance

ED stock opened at $101.45 on Friday. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75. 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 firm has a market capitalization of $35.17 billion, a price-to-earnings ratio of 19.36, a PEG ratio of 3.05 and a beta of 0.39. The firm has a 50 day moving average price of $93.13 and a 200-day moving average price of $97.95.

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

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be issued a $0.85 dividend. 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 3.35%. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s payout ratio is presently 64.89%.

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.