Baird Financial Group Inc. Trims Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Baird Financial Group Inc. cut its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 40.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,860 shares of the utilities provider’s stock after selling 10,209 shares during the period. Baird Financial Group Inc.’s holdings in Consolidated Edison were worth $1,326,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its stake in shares of Consolidated Edison by 4.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock valued at $223,373,000 after purchasing an additional 82,985 shares during the period. Hennessy Advisors Inc. raised its position in shares of Consolidated Edison by 2.8% in the fourth quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider’s stock worth $12,772,000 after acquiring an additional 3,900 shares during the period. Gateway Investment Advisers LLC boosted its stake in shares of Consolidated Edison by 102.7% during the 4th quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider’s stock worth $38,394,000 after acquiring an additional 217,981 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Consolidated Edison by 81.4% during the 4th quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider’s stock worth $885,000 after acquiring an additional 4,451 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its position in shares of Consolidated Edison by 2.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 132,754 shares of the utilities provider’s stock valued at $11,846,000 after acquiring an additional 3,135 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $100.51 on Wednesday. Consolidated Edison, Inc. has a 52-week low of $87.28 and a 52-week high of $114.87. The firm has a market capitalization of $36.21 billion, a price-to-earnings ratio of 19.18, a PEG ratio of 3.05 and a beta of 0.29. The company has a fifty day simple moving average of $108.62 and a 200-day simple moving average of $99.85. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.05). Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The business had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the previous year, the company earned $2.15 EPS. On average, equities analysts anticipate that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date of this dividend is Wednesday, May 14th. Consolidated Edison’s payout ratio is 62.85%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. UBS Group increased their price target on Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Barclays boosted their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock an “underweight” rating in a report on Monday, May 5th. Scotiabank increased their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a report on Monday, February 24th. Finally, Guggenheim lifted their target price on shares of Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $105.80.

About Consolidated Edison

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.