Spinnaker Trust decreased its holdings in Consolidated Edison, Inc. (NYSE:ED) by 14.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,954 shares of the utilities provider’s stock after selling 1,208 shares during the quarter. Spinnaker Trust’s holdings in Consolidated Edison were worth $541,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also made changes to their positions in ED. Calton & Associates Inc. purchased a new position in Consolidated Edison during the fourth quarter valued at $119,000. Lee Financial Co purchased a new position in Consolidated Edison during the first quarter valued at $153,000. Bray Capital Advisors purchased a new position in Consolidated Edison during the first quarter valued at $166,000. Meeder Asset Management Inc. purchased a new position in Consolidated Edison during the first quarter valued at $177,000. Finally, Cranbrook Wealth Management LLC purchased a new position in Consolidated Edison during the first quarter valued at $178,000. 57.09% of the stock is owned by institutional investors.
ED has been the subject of several analyst reports. ValuEngine upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a report on Wednesday, March 28th. Zacks Investment Research upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a report on Wednesday, May 2nd. UBS initiated coverage on Consolidated Edison in a report on Friday, February 2nd. They set a “neutral” rating and a $80.00 price target for the company. JPMorgan Chase & Co. raised their price target on Consolidated Edison from $75.00 to $78.00 and gave the company a “sell” rating in a report on Tuesday, April 10th. Finally, Morgan Stanley raised their price target on Consolidated Edison from $74.00 to $77.00 and gave the company an “underweight” rating in a report on Monday, April 16th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. Consolidated Edison currently has an average rating of “Hold” and an average price target of $82.69.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, May 3rd. The utilities provider reported $1.38 EPS for the quarter, topping the consensus estimate of $1.33 by $0.05. Consolidated Edison had a return on equity of 8.61% and a net margin of 12.86%. The company had revenue of $3.36 billion during the quarter, compared to the consensus estimate of $3.23 billion. During the same period last year, the company earned $1.27 EPS. Consolidated Edison’s revenue for the quarter was up 4.2% on a year-over-year basis. sell-side analysts predict that Consolidated Edison, Inc. will post 4.26 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Wednesday, May 16th will be issued a $0.715 dividend. The ex-dividend date of this dividend is Tuesday, May 15th. This represents a $2.86 annualized dividend and a yield of 3.77%. Consolidated Edison’s payout ratio is 69.93%.
Consolidated Edison Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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