Toronto Dominion Bank Decreases Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Toronto Dominion Bank reduced its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 24.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 111,961 shares of the utilities provider’s stock after selling 35,376 shares during the quarter. Toronto Dominion Bank’s holdings in Consolidated Edison were worth $10,167,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ED. Norges Bank purchased a new position in shares of Consolidated Edison in the fourth quarter valued at $243,511,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Consolidated Edison by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,032,385 shares of the utilities provider’s stock valued at $184,886,000 after purchasing an additional 47,936 shares during the period. ProShare Advisors LLC boosted its stake in shares of Consolidated Edison by 6.6% in the first quarter. ProShare Advisors LLC now owns 2,000,741 shares of the utilities provider’s stock valued at $181,687,000 after purchasing an additional 123,654 shares during the period. Hsbc Holdings PLC boosted its stake in shares of Consolidated Edison by 11.2% in the fourth quarter. Hsbc Holdings PLC now owns 1,386,743 shares of the utilities provider’s stock valued at $126,042,000 after purchasing an additional 139,370 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Consolidated Edison by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,126,595 shares of the utilities provider’s stock valued at $102,484,000 after purchasing an additional 6,176 shares during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Price Performance

Shares of NYSE:ED traded up $0.52 during trading hours on Friday, hitting $96.44. 1,436,565 shares of the company’s stock traded hands, compared to its average volume of 1,876,387. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $98.55. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. The company’s fifty day simple moving average is $92.02 and its two-hundred day simple moving average is $91.21. The company has a market cap of $33.35 billion, a price-to-earnings ratio of 18.51, a price-to-earnings-growth ratio of 2.44 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.40 billion. During the same quarter last year, the firm posted $1.83 EPS. The business’s revenue for the quarter was down 2.8% on a year-over-year basis. As a group, equities analysts anticipate that Consolidated Edison, Inc. will post 5.32 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend is Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is presently 63.72%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Morgan Stanley dropped their target price on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a report on Monday, June 24th. Wells Fargo & Company increased their target price on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. Argus raised shares of Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Barclays cut shares of Consolidated Edison from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $97.00 to $92.00 in a report on Monday. Finally, Mizuho increased their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $89.04.

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.