Modera Wealth Management LLC cut its stake in shares of Consolidated Edison Inc (NYSE:ED – Free Report) by 72.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,471 shares of the utilities provider’s stock after selling 9,121 shares during the period. Modera Wealth Management LLC’s holdings in Consolidated Edison were worth $393,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of ED. Revolve Wealth Partners LLC increased its position in shares of Consolidated Edison by 13.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider’s stock worth $332,000 after acquiring an additional 441 shares in the last quarter. Empowered Funds LLC boosted its stake in Consolidated Edison by 42.1% in the 1st quarter. Empowered Funds LLC now owns 8,978 shares of the utilities provider’s stock worth $993,000 after purchasing an additional 2,659 shares during the period. Woodline Partners LP grew its position in Consolidated Edison by 40.7% during the 1st quarter. Woodline Partners LP now owns 29,271 shares of the utilities provider’s stock worth $3,237,000 after purchasing an additional 8,468 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Consolidated Edison during the 2nd quarter worth approximately $3,256,000. Finally, Baird Financial Group Inc. raised its stake in Consolidated Edison by 2.1% during the 2nd quarter. Baird Financial Group Inc. now owns 14,679 shares of the utilities provider’s stock valued at $1,473,000 after purchasing an additional 296 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.
Consolidated Edison Stock Performance
Shares of NYSE ED opened at $111.16 on Tuesday. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.19 and a quick ratio of 1.09. Consolidated Edison Inc has a one year low of $94.96 and a one year high of $116.23. The business’s 50-day moving average price is $108.59 and its two-hundred day moving average price is $108.73. The company has a market capitalization of $40.97 billion, a P/E ratio of 18.71, a price-to-earnings-growth ratio of 2.86 and a beta of 0.27.
Consolidated Edison Dividend Announcement
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on ED shares. Mizuho restated a “neutral” rating and issued a $105.00 target price on shares of Consolidated Edison in a report on Tuesday, June 2nd. Morgan Stanley reissued an “underweight” rating on shares of Consolidated Edison in a research report on Wednesday, June 24th. The Goldman Sachs Group reissued a “sell” rating and issued a $105.00 price objective on shares of Consolidated Edison in a research note on Thursday, May 14th. Argus set a $112.00 price objective on Consolidated Edison in a research report on Tuesday, June 23rd. Finally, Barclays dropped their target price on Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating on the stock in a report on Monday, May 11th. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $108.07.
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Consolidated Edison Company Profile
Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.
The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.
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