Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. decreased its position in Consolidated Edison, Inc. (NYSE:ED) by 2.0% in the 4th quarter, HoldingsChannel reports. The firm owned 1,172,476 shares of the utilities provider’s stock after selling 23,608 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Consolidated Edison were worth $106,660,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Retirement Group LLC increased its stake in shares of Consolidated Edison by 74.8% during the 4th quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 116 shares during the last quarter. Financial Gravity Asset Management Inc. increased its stake in shares of Consolidated Edison by 215.6% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 194 shares during the last quarter. Level Financial Advisors Inc. acquired a new position in shares of Consolidated Edison during the 3rd quarter valued at about $26,000. Tyler Stone Wealth Management acquired a new position in shares of Consolidated Edison during the 2nd quarter valued at about $28,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in shares of Consolidated Edison during the 4th quarter valued at about $29,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $87.42 on Wednesday. The stock has a market cap of $30.20 billion, a P/E ratio of 12.18, a price-to-earnings-growth ratio of 8.36 and a beta of 0.35. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. The stock has a 50 day moving average of $88.85 and a 200-day moving average of $89.53. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $100.92.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.02. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.70 billion. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The business’s revenue was down 14.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.81 EPS. On average, analysts expect that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Wednesday, February 14th were given a $0.83 dividend. The ex-dividend date was Tuesday, February 13th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.81. This represents a $3.32 annualized dividend and a yield of 3.80%. Consolidated Edison’s dividend payout ratio (DPR) is currently 46.24%.

Analyst Upgrades and Downgrades

ED has been the subject of a number of research analyst reports. UBS Group dropped their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. KeyCorp raised shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research report on Thursday, January 4th. Scotiabank increased their target price on shares of Consolidated Edison from $90.00 to $91.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, February 20th. LADENBURG THALM/SH SH began coverage on shares of Consolidated Edison in a research report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 target price for the company. Finally, Barclays increased their target price on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 14th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Consolidated Edison has an average rating of “Hold” and an average price target of $87.96.

Consolidated Edison 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.