Johnson Investment Counsel Inc. Lowers Stake in Consolidated Edison Inc (NYSE:ED)

Johnson Investment Counsel Inc. trimmed its position in Consolidated Edison Inc (NYSE:ED) by 1.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,409 shares of the utilities provider’s stock after selling 283 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Consolidated Edison were worth $1,593,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. OFI Invest Asset Management acquired a new position in shares of Consolidated Edison during the 4th quarter valued at $35,000. Wood Tarver Financial Group LLC acquired a new position in shares of Consolidated Edison in the fourth quarter worth about $35,000. Fairway Wealth LLC purchased a new position in shares of Consolidated Edison during the 4th quarter valued at approximately $36,000. Centricity Wealth Management LLC bought a new position in Consolidated Edison during the 4th quarter valued at $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Consolidated Edison during the fourth quarter worth about $44,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Price Performance

Shares of NYSE:ED opened at $100.92 on Friday. The company’s fifty day moving average is $106.12 and its two-hundred day moving average is $100.55. The company has a market cap of $36.36 billion, a P/E ratio of 18.65, a price-to-earnings-growth ratio of 3.21 and a beta of 0.27. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.05). Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. The business had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the prior year, the company posted $2.15 earnings per share. Equities analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th were given a $0.85 dividend. The ex-dividend date of this dividend was Wednesday, May 14th. This represents a $3.40 dividend on an annualized basis and a yield of 3.37%. Consolidated Edison’s payout ratio is 62.85%.

Analysts Set New Price Targets

A number of research firms have commented on ED. Wells Fargo & Company increased their target price on Consolidated Edison from $103.00 to $114.00 and gave the stock an “equal weight” rating in a report on Friday, May 2nd. Morgan Stanley decreased their price objective on shares of Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating for the company in a report on Wednesday. Guggenheim boosted their target price on shares of Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a research note on Friday, May 2nd. UBS Group increased their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Finally, Scotiabank lifted their price target 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. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $104.18.

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.