Envestnet Portfolio Solutions Inc. Sells 1,083 Shares of Consolidated Edison, Inc. (NYSE:ED)

Envestnet Portfolio Solutions Inc. reduced its stake in Consolidated Edison, Inc. (NYSE:ED) by 6.2% in the fourth quarter, Holdings Channel.com reports. The fund owned 16,363 shares of the utilities provider’s stock after selling 1,083 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Consolidated Edison were worth $1,460,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in ED. State Street Corp grew its holdings in shares of Consolidated Edison by 1.7% during the third quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock worth $2,439,684,000 after purchasing an additional 399,034 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Consolidated Edison by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 8,853,788 shares of the utilities provider’s stock worth $919,041,000 after buying an additional 107,281 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Consolidated Edison by 3.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,225,989 shares of the utilities provider’s stock valued at $198,625,000 after acquiring an additional 77,323 shares in the last quarter. Amundi boosted its stake in shares of Consolidated Edison by 12.2% during the 4th quarter. Amundi now owns 2,221,729 shares of the utilities provider’s stock valued at $197,795,000 after purchasing an additional 242,243 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Consolidated Edison by 4.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock worth $223,373,000 after acquiring an additional 82,985 shares during the period. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

ED opened at $107.85 on Friday. The firm has a fifty day moving average price of $97.91 and a 200 day moving average price of $98.44. The stock has a market cap of $37.40 billion, a P/E ratio of 20.58, a P/E/G ratio of 3.05 and a beta of 0.30. Consolidated Edison, Inc. has a 1 year low of $87.16 and a 1 year high of $109.36. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

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

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.15%. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date was Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is 64.89%.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of recent research reports. Scotiabank upped their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. UBS Group upped their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Barclays upped their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a report on Monday, February 24th. Finally, Morgan Stanley raised their price objective on Consolidated Edison from $85.00 to $91.00 and gave the stock an “underweight” rating in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $102.40.

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.