Consolidated Edison, Inc. (NYSE:ED) Stock Holdings Lessened by Cornerstone Advisors LLC

Cornerstone Advisors LLC cut its holdings in Consolidated Edison, Inc. (NYSE:ED) by 3.1% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 3,100 shares of the utilities provider’s stock after selling 100 shares during the period. Cornerstone Advisors LLC’s holdings in Consolidated Edison were worth $277,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in Consolidated Edison in the fourth quarter worth $243,511,000. ProShare Advisors LLC grew its position in shares of Consolidated Edison by 6.6% during the first quarter. ProShare Advisors LLC now owns 2,000,741 shares of the utilities provider’s stock worth $181,687,000 after acquiring an additional 123,654 shares during the last quarter. Hsbc Holdings PLC increased its holdings in shares of Consolidated Edison by 11.2% in the 4th quarter. Hsbc Holdings PLC now owns 1,386,743 shares of the utilities provider’s stock worth $126,042,000 after acquiring an additional 139,370 shares during the period. Dimensional Fund Advisors LP lifted its position in Consolidated Edison by 11.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock valued at $113,845,000 after purchasing an additional 125,859 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in Consolidated Edison by 14.6% during the 1st quarter. BNP Paribas Financial Markets now owns 720,573 shares of the utilities provider’s stock valued at $65,435,000 after purchasing an additional 91,559 shares during the period. Institutional investors own 66.29% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ED shares. Scotiabank lifted their price target on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Argus raised Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Wells Fargo & Company raised their price target on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Mizuho lifted their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Finally, Barclays increased their target price on shares of Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research report on Monday, August 5th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $92.65.

Consolidated Edison Trading Down 0.2 %

Shares of ED opened at $104.60 on Wednesday. The business’s 50-day moving average price is $99.37 and its 200 day moving average price is $94.40. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. The stock has a market capitalization of $36.17 billion, a P/E ratio of 20.08, a P/E/G ratio of 3.50 and a beta of 0.36. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $105.99.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same period last year, the firm posted $0.61 earnings per share. Analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were issued a $0.83 dividend. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.17%. Consolidated Edison’s payout ratio is currently 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.