First Horizon Advisors Inc. Sells 130 Shares of Consolidated Edison, Inc. (NYSE:ED)

First Horizon Advisors Inc. cut its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 5.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,299 shares of the utilities provider’s stock after selling 130 shares during the period. First Horizon Advisors Inc.’s holdings in Consolidated Edison were worth $239,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Hsbc Holdings PLC lifted its position in shares of Consolidated Edison by 0.8% during the second quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock valued at $134,323,000 after purchasing an additional 11,785 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Consolidated Edison by 11.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock valued at $113,845,000 after buying an additional 125,859 shares during the last quarter. Swiss National Bank lifted its position in shares of Consolidated Edison by 0.3% during the 3rd quarter. Swiss National Bank now owns 1,026,500 shares of the utilities provider’s stock worth $106,889,000 after buying an additional 3,500 shares in the last quarter. Clean Energy Transition LLP boosted its stake in shares of Consolidated Edison by 227.9% in the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock worth $80,259,000 after buying an additional 623,787 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of Consolidated Edison by 5.5% in the second quarter. AQR Capital Management LLC now owns 709,713 shares of the utilities provider’s stock valued at $63,413,000 after acquiring an additional 36,991 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ED. UBS Group lifted their price target on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Evercore ISI upgraded Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Wells Fargo & Company boosted their price target on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Finally, Guggenheim lifted their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $98.19.

Consolidated Edison Stock Performance

NYSE ED opened at $98.36 on Friday. The company’s 50 day simple moving average is $102.01 and its two-hundred day simple moving average is $98.08. 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, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75. The stock has a market capitalization of $34.07 billion, a PE ratio of 18.52, a P/E/G ratio of 3.26 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.12. The firm had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. Analysts predict that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

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

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.