Consolidated Edison, Inc. (NYSE:ED) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue cut its position in Consolidated Edison, Inc. (NYSE:ED) by 16.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 97,529 shares of the utilities provider’s stock after selling 18,850 shares during the quarter. State of Alaska Department of Revenue’s holdings in Consolidated Edison were worth $8,856,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of ED. Norges Bank acquired a new position in Consolidated Edison during the 4th quarter worth $243,511,000. International Assets Investment Management LLC grew its stake in Consolidated Edison by 9,063.6% during the 4th quarter. International Assets Investment Management LLC now owns 519,028 shares of the utilities provider’s stock worth $47,216,000 after purchasing an additional 513,364 shares in the last quarter. Retirement Systems of Alabama grew its stake in Consolidated Edison by 408.8% during the 4th quarter. Retirement Systems of Alabama now owns 396,849 shares of the utilities provider’s stock worth $36,101,000 after purchasing an additional 318,858 shares in the last quarter. Pinebridge Investments L.P. grew its stake in Consolidated Edison by 56.1% during the 4th quarter. Pinebridge Investments L.P. now owns 702,721 shares of the utilities provider’s stock worth $63,927,000 after purchasing an additional 252,617 shares in the last quarter. Finally, AMF Tjanstepension AB acquired a new position in Consolidated Edison during the 1st quarter worth $13,193,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ED has been the subject of several analyst reports. Wells Fargo & Company upped their price objective on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Morgan Stanley lowered their price objective on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a research report on Monday, June 24th. Mizuho upped their price objective on Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Barclays upped their price objective on Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 7th. Finally, Argus raised Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Consolidated Edison currently has a consensus rating of “Hold” and an average price target of $89.27.

Consolidated Edison Stock Performance

ED traded down $0.26 on Wednesday, hitting $88.71. 922,332 shares of the company traded hands, compared to its average volume of 1,912,795. The company has a 50 day moving average of $93.40 and a 200-day moving average of $91.08. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $30.68 billion, a PE ratio of 17.03, a PEG ratio of 2.27 and a beta of 0.34. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $98.85.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, beating the consensus estimate of $1.89 by $0.26. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.40 billion. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The firm’s revenue was down 2.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.83 EPS. Sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.33 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th were paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.74%. The ex-dividend date was Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is presently 63.72%.

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.