Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Wealthfront Advisers LLC

Wealthfront Advisers LLC decreased its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 95.0% during the fourth quarter, HoldingsChannel reports. The firm owned 4,220 shares of the utilities provider’s stock after selling 80,008 shares during the quarter. Wealthfront Advisers LLC’s holdings in Consolidated Edison were worth $377,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. AlphaMark Advisors LLC acquired a new stake in shares of Consolidated Edison in the fourth quarter worth $27,000. OFI Invest Asset Management acquired a new stake in shares of Consolidated Edison in the fourth quarter worth $35,000. Fairway Wealth LLC acquired a new stake in shares of Consolidated Edison in the fourth quarter worth $36,000. Centricity Wealth Management LLC acquired a new stake in shares of Consolidated Edison in the fourth quarter worth $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Consolidated Edison in the fourth quarter worth $44,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

ED opened at $106.60 on Monday. The firm’s fifty day simple moving average is $95.96 and its two-hundred day simple moving average is $98.17. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The company has a market cap of $36.97 billion, a price-to-earnings ratio of 20.34, a PEG ratio of 3.05 and a beta of 0.30. Consolidated Edison, Inc. has a 52-week low of $87.16 and a 52-week high of $107.97.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.01. The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. Equities analysts anticipate that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th were paid a $0.85 dividend. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.19%. The ex-dividend date was Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 64.89%.

Analyst Upgrades and Downgrades

ED has been the topic of a number of research reports. UBS Group increased their price objective on shares of Consolidated Edison from $105.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 25th. Morgan Stanley cut their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Scotiabank raised their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research report on Monday, February 24th. Finally, Barclays raised their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research report on Monday, February 24th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Consolidated Edison currently has a consensus rating of “Hold” and an average price target of $101.50.

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.