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

State of Alaska Department of Revenue cut its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 16.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 97,529 shares of the utilities provider’s stock after selling 18,850 shares during the period. State of Alaska Department of Revenue’s holdings in Consolidated Edison were worth $8,856,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Legal & General Group Plc grew its stake in 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 purchasing an additional 27,850 shares in the last quarter. Morgan Stanley grew its stake in Consolidated Edison by 1.8% in the third 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 in the last quarter. Norges Bank acquired a new position in Consolidated Edison in the fourth quarter valued at approximately $243,511,000. Charles Schwab Investment Management Inc. boosted its stake in 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 acquiring an additional 47,936 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Consolidated Edison by 2.4% in the third quarter. JPMorgan Chase & Co. now owns 1,491,266 shares of the utilities provider’s stock valued at $127,548,000 after acquiring an additional 34,887 shares during the period. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on ED shares. Wells Fargo & Company lifted their target price on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Mizuho lifted their target price on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Scotiabank decreased 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. Barclays lifted their target price on Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 7th. Finally, Argus raised Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $89.27.

Consolidated Edison Price Performance

NYSE:ED traded down $0.26 during midday trading on Wednesday, hitting $88.71. 922,332 shares of the stock were exchanged, compared to its average volume of 1,912,795. Consolidated Edison, Inc. has a one year low of $80.46 and a one year high of $98.85. The company has a market capitalization of $30.68 billion, a price-to-earnings ratio of 17.03, a P/E/G ratio of 2.27 and a beta of 0.34. The business has a 50-day moving average price of $93.40 and a two-hundred day moving average price of $91.08. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01.

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

Consolidated Edison Dividend Announcement

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

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.