Raymond James Financial Services Advisors Inc. trimmed its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.9% during the 1st quarter, Holdings Channel reports. The firm owned 95,436 shares of the utilities provider’s stock after selling 887 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Consolidated Edison were worth $8,094,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Financial Gravity Companies Inc. purchased a new stake in shares of Consolidated Edison during the 4th quarter valued at about $28,000. Sontag Advisory LLC purchased a new stake in shares of Consolidated Edison during the 4th quarter valued at about $30,000. Field & Main Bank purchased a new stake in shares of Consolidated Edison during the 1st quarter valued at about $30,000. Orrstown Financial Services Inc. purchased a new stake in shares of Consolidated Edison during the 4th quarter valued at about $31,000. Finally, Financial Gravity Wealth Inc. purchased a new stake in shares of Consolidated Edison during the 1st quarter valued at about $32,000. 59.86% of the stock is currently owned by institutional investors.
ED has been the topic of a number of research reports. ValuEngine raised shares of Consolidated Edison from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Morgan Stanley raised their price objective on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “underweight” rating in a report on Thursday, May 16th. Zacks Investment Research raised shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $88.00 price objective on the stock in a report on Wednesday, February 13th. Credit Suisse Group set a $80.00 price objective on shares of Consolidated Edison and gave the stock a “sell” rating in a report on Monday, April 22nd. Finally, Mizuho initiated coverage on shares of Consolidated Edison in a report on Monday, March 11th. They issued a “neutral” rating and a $85.00 price objective on the stock. Five equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. Consolidated Edison presently has an average rating of “Hold” and a consensus target price of $78.92.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.04. Consolidated Edison had a net margin of 11.03% and a return on equity of 8.31%. The company had revenue of $3.51 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter last year, the firm posted $1.38 earnings per share. On average, equities research analysts predict that Consolidated Edison, Inc. will post 4.35 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Wednesday, May 15th will be paid a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s payout ratio is 68.52%.
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About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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