Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Alpha Cubed Investments LLC

Alpha Cubed Investments LLC trimmed its holdings in Consolidated Edison, Inc. (NYSE:ED) by 4.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,708 shares of the utilities provider’s stock after selling 120 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Consolidated Edison were worth $242,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its position in shares of Consolidated Edison by 11.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock worth $113,845,000 after purchasing an additional 125,859 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its position in Consolidated Edison by 13.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock worth $78,000 after buying an additional 100 shares during the period. King Luther Capital Management Corp purchased a new stake in Consolidated Edison in the second quarter valued at approximately $234,000. AE Wealth Management LLC boosted its holdings in shares of Consolidated Edison by 23.4% in the second quarter. AE Wealth Management LLC now owns 11,412 shares of the utilities provider’s stock valued at $1,020,000 after acquiring an additional 2,163 shares during the period. Finally, Thrivent Financial for Lutherans grew its position in shares of Consolidated Edison by 5.0% during the second quarter. Thrivent Financial for Lutherans now owns 31,388 shares of the utilities provider’s stock worth $2,806,000 after acquiring an additional 1,489 shares during the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ED has been the subject of several research reports. Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Morgan Stanley decreased their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Barclays dropped their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research report on Friday, November 8th. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and increased their price objective for the stock from $90.00 to $100.00 in a research report on Thursday, December 12th. Finally, Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their target price for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and an average target price of $100.64.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $93.17 on Wednesday. The company has a market cap of $32.28 billion, a P/E ratio of 17.55, a price-to-earnings-growth ratio of 2.99 and a beta of 0.38. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The business has a fifty day moving average of $93.25 and a two-hundred day moving average of $98.01. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.56 by $0.12. The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. As a group, analysts predict that Consolidated Edison, Inc. will post 5.35 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be paid a dividend of $0.85 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date is Wednesday, February 19th. This represents a $3.40 annualized dividend and a dividend yield of 3.65%. Consolidated Edison’s payout ratio is 62.52%.

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.