CIBC Private Wealth Group LLC Cuts Holdings in Consolidated Edison, Inc. (NYSE:ED)

CIBC Private Wealth Group LLC trimmed its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 71.7% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 9,079 shares of the utilities provider’s stock after selling 23,023 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Consolidated Edison were worth $858,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Integrated Wealth Concepts LLC boosted its stake in Consolidated Edison by 4.1% in the second quarter. Integrated Wealth Concepts LLC now owns 2,912 shares of the utilities provider’s stock valued at $255,000 after acquiring an additional 115 shares in the last quarter. Wilbanks Smith & Thomas Asset Management LLC boosted its stake in Consolidated Edison by 2.7% in the second quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 4,380 shares of the utilities provider’s stock valued at $384,000 after acquiring an additional 116 shares in the last quarter. 6 Meridian boosted its stake in Consolidated Edison by 1.9% in the second quarter. 6 Meridian now owns 6,295 shares of the utilities provider’s stock valued at $552,000 after acquiring an additional 117 shares in the last quarter. Valmark Advisers Inc. boosted its stake in Consolidated Edison by 5.5% in the second quarter. Valmark Advisers Inc. now owns 2,510 shares of the utilities provider’s stock valued at $220,000 after acquiring an additional 131 shares in the last quarter. Finally, Round Table Services LLC boosted its stake in Consolidated Edison by 2.3% in the second quarter. Round Table Services LLC now owns 6,140 shares of the utilities provider’s stock valued at $538,000 after acquiring an additional 138 shares in the last quarter. 59.80% of the stock is currently owned by institutional investors.

NYSE:ED opened at $93.28 on Wednesday. Consolidated Edison, Inc. has a 12 month low of $73.29 and a 12 month high of $94.97. The firm has a fifty day simple moving average of $92.03 and a 200-day simple moving average of $88.10. The company has a current ratio of 0.62, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $30.78 billion, a P/E ratio of 21.59, a PEG ratio of 10.67 and a beta of 0.07.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.02). Consolidated Edison had a return on equity of 8.04% and a net margin of 10.71%. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same quarter in the previous year, the firm posted $0.61 earnings per share. Equities analysts forecast that Consolidated Edison, Inc. will post 4.34 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be paid a dividend of $0.74 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $2.96 annualized dividend and a dividend yield of 3.17%. Consolidated Edison’s payout ratio is currently 68.52%.

Several equities research analysts have weighed in on ED shares. UBS Group raised their target price on shares of Consolidated Edison from $96.00 to $98.00 and gave the company a “neutral” rating in a research note on Monday. Credit Suisse Group lowered their target price on shares of Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating for the company in a research note on Thursday, August 8th. ValuEngine downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. KeyCorp raised their target price on shares of Consolidated Edison from $98.00 to $100.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Wells Fargo & Co raised their target price on shares of Consolidated Edison from $94.00 to $95.00 and gave the company a “market perform” rating in a research note on Monday. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $88.73.

Consolidated Edison Company Profile

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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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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