Wells Fargo & Company MN lessened its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 31.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 723,016 shares of the utilities provider’s stock after selling 332,632 shares during the quarter. Wells Fargo & Company MN owned 0.22% of Consolidated Edison worth $61,318,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the business. Field & Main Bank acquired a new position in Consolidated Edison during the first quarter valued at approximately $30,000. Willingdon Wealth Management bought a new stake in shares of Consolidated Edison in the first quarter worth $31,000. Financial Gravity Companies Inc. bought a new stake in shares of Consolidated Edison in the fourth quarter worth $28,000. Financial Gravity Wealth Inc. bought a new stake in shares of Consolidated Edison in the first quarter worth $32,000. Finally, Sontag Advisory LLC bought a new stake in shares of Consolidated Edison in the fourth quarter worth $30,000. Institutional investors and hedge funds own 59.41% of the company’s stock.
A number of analysts have recently commented on the stock. Barclays reissued a “hold” rating and issued a $90.00 price objective on shares of Consolidated Edison in a research report on Thursday, June 20th. Mizuho assumed coverage on shares of Consolidated Edison in a report on Monday, March 11th. They set a “neutral” rating and a $85.00 target price on the stock. Morgan Stanley boosted their target price 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. Bank of America upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $96.00 to $94.00 in a report on Friday, April 26th. They noted that the move was a valuation call. Finally, ValuEngine upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Monday, May 13th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $79.84.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 2nd. The utilities provider reported $1.39 EPS for the quarter, topping the Zacks’ consensus estimate of $1.35 by $0.04. The company had revenue of $3.51 billion for the quarter, compared to analysts’ expectations of $3.39 billion. Consolidated Edison had a return on equity of 8.31% and a net margin of 11.03%. During the same period in the previous year, the business posted $1.38 EPS. On average, analysts forecast that Consolidated Edison, Inc. will post 4.38 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Wednesday, May 15th were issued a $0.74 dividend. This represents a $2.96 annualized dividend and a yield of 3.39%. The ex-dividend date was Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is currently 68.52%.
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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