Prudential PLC Has $7.25 Million Position in Consolidated Edison, Inc. (NYSE:ED)

Prudential PLC trimmed its position in Consolidated Edison, Inc. (NYSE:ED) by 20.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,213 shares of the utilities provider’s stock after selling 20,745 shares during the period. Prudential PLC’s holdings in Consolidated Edison were worth $7,247,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AlphaMark Advisors LLC bought a new position in shares of Consolidated Edison during the fourth quarter worth $27,000. OFI Invest Asset Management acquired a new position in Consolidated Edison in the fourth quarter valued at about $35,000. Fairway Wealth LLC acquired a new stake in shares of Consolidated Edison during the fourth quarter worth about $36,000. Centricity Wealth Management LLC bought a new position in shares of Consolidated Edison during the 4th quarter valued at about $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new stake in Consolidated Edison during the 4th quarter worth approximately $44,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Down 2.8 %

Consolidated Edison stock opened at $109.53 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The company’s 50-day moving average is $101.43 and its 200-day moving average is $98.77. The firm has a market capitalization of $37.98 billion, a PE ratio of 20.90, a P/E/G ratio of 3.05 and a beta of 0.30. Consolidated Edison, Inc. has a fifty-two week low of $87.28 and a fifty-two week high of $114.87.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. Sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were issued a $0.85 dividend. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend was Wednesday, February 19th. Consolidated Edison’s payout ratio is currently 64.89%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. 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 lifted their price target on Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a research note on Thursday, March 20th. UBS Group increased their price objective on Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Mizuho boosted their target price on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Finally, Barclays raised their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research note on Monday, February 24th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Consolidated Edison currently has an average rating of “Hold” and a consensus target price of $102.40.

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.