Procyon Advisors LLC Reduces Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Procyon Advisors LLC cut its holdings in Consolidated Edison, Inc. (NYSE:ED) by 10.2% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 19,517 shares of the utilities provider’s stock after selling 2,213 shares during the quarter. Procyon Advisors LLC’s holdings in Consolidated Edison were worth $1,772,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Legal & General Group Plc raised its holdings in shares of Consolidated Edison by 0.5% in the third quarter. Legal & General Group Plc now owns 6,201,026 shares of the utilities provider’s stock worth $530,373,000 after acquiring an additional 27,850 shares during the last quarter. Morgan Stanley boosted its stake in shares of Consolidated Edison by 1.8% during the 3rd quarter. Morgan Stanley now owns 4,221,543 shares of the utilities provider’s stock worth $361,069,000 after purchasing an additional 72,915 shares during the last quarter. Norges Bank purchased a new stake in shares of Consolidated Edison during the fourth quarter worth about $243,511,000. Charles Schwab Investment Management Inc. raised its position in shares of Consolidated Edison by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,032,385 shares of the utilities provider’s stock valued at $184,886,000 after buying an additional 47,936 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Consolidated Edison by 2.4% during the third quarter. JPMorgan Chase & Co. now owns 1,491,266 shares of the utilities provider’s stock valued at $127,548,000 after buying an additional 34,887 shares during the period. 66.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on the stock. Argus raised shares of Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Scotiabank dropped their target price on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research note on Monday, April 22nd. Morgan Stanley reduced their target price on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a research report on Monday. Mizuho upped their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Finally, Wells Fargo & Company increased their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $89.27.

Consolidated Edison Trading Up 0.0 %

Shares of ED stock opened at $89.68 on Friday. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $98.85. The firm’s 50 day moving average price is $93.63 and its two-hundred day moving average price is $91.16. The stock has a market cap of $31.01 billion, a price-to-earnings ratio of 17.21, a price-to-earnings-growth ratio of 2.28 and a beta of 0.35. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01.

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

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th were paid a $0.83 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.70%. Consolidated Edison’s dividend payout ratio (DPR) is currently 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.