Diversified Trust Co Cuts Position in Consolidated Edison Inc (NYSE:ED)

Diversified Trust Co trimmed its position in shares of Consolidated Edison Inc (NYSE:ED) by 22.8% during the 1st quarter, Holdings Channel reports. The fund owned 34,227 shares of the utilities provider’s stock after selling 10,090 shares during the period. Diversified Trust Co’s holdings in Consolidated Edison were worth $3,785,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in Consolidated Edison in the fourth quarter worth $399,824,000. GAMMA Investing LLC lifted its holdings in shares of Consolidated Edison by 15,937.5% in the 1st quarter. GAMMA Investing LLC now owns 1,022,073 shares of the utilities provider’s stock valued at $113,031,000 after acquiring an additional 1,015,700 shares during the last quarter. ExodusPoint Capital Management LP boosted its holdings in shares of Consolidated Edison by 412.0% in the 4th quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider’s stock worth $97,564,000 after purchasing an additional 879,866 shares during the period. Invesco Ltd. increased its position in shares of Consolidated Edison by 27.9% during the 4th quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider’s stock valued at $332,090,000 after purchasing an additional 812,885 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in Consolidated Edison by 232.3% during the 4th quarter. Marshall Wace LLP now owns 1,053,339 shares of the utilities provider’s stock valued at $93,989,000 after buying an additional 736,348 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ED has been the subject of several recent analyst reports. KeyCorp lowered shares of Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 price objective for the company. in a research note on Wednesday, May 14th. Barclays lifted their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock an “underweight” rating in a research note on Monday, May 5th. Guggenheim increased their price objective on shares of Consolidated Edison from $96.00 to $103.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. Morgan Stanley dropped their target price on Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating for the company in a research report on Wednesday, June 18th. Finally, Wells Fargo & Company upped their target price on Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a research note on Friday, May 2nd. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $104.18.

Consolidated Edison Price Performance

Shares of ED stock opened at $98.49 on Friday. The company has a market capitalization of $35.48 billion, a P/E ratio of 18.20, a P/E/G ratio of 3.13 and a beta of 0.27. The company’s 50-day simple moving average is $105.13 and its two-hundred day simple moving average is $100.65. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.28 and a quick ratio of 1.19.

Consolidated Edison (NYSE:ED) last announced its quarterly 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 net margin of 11.98% and a return on equity of 8.61%. The firm had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter in the previous year, the firm posted $2.15 EPS. As a group, equities analysts anticipate that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th were issued a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend was Wednesday, May 14th. Consolidated Edison’s dividend payout ratio is 62.85%.

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.