Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Wakefield Asset Management LLLP

Wakefield Asset Management LLLP lessened its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,900 shares of the utilities provider’s stock after selling 491 shares during the quarter. Wakefield Asset Management LLLP’s holdings in Consolidated Edison were worth $3,031,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Beacon Capital Management LLC increased its position in Consolidated Edison by 2,307.7% during the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after buying an additional 300 shares during the period. Tidemark LLC purchased a new stake in Consolidated Edison in the 4th quarter valued at $29,000. Raleigh Capital Management Inc. purchased a new stake in Consolidated Edison in the 4th quarter valued at $29,000. Atlantic Edge Private Wealth Management LLC acquired a new stake in Consolidated Edison during the 4th quarter worth $33,000. Finally, Pathway Financial Advisers LLC purchased a new position in Consolidated Edison during the 1st quarter worth $33,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ED. Argus upgraded shares of Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Morgan Stanley increased their price objective on Consolidated Edison from $75.00 to $82.00 and gave the stock an “underweight” rating in a research report on Friday, August 23rd. Mizuho boosted their target price on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Scotiabank increased their price target on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Finally, Wells Fargo & Company boosted their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $92.65.

Consolidated Edison Price Performance

ED stock opened at $103.32 on Friday. The company has a market cap of $35.73 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 3.43 and a beta of 0.34. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. The firm has a 50 day moving average of $97.19 and a 200-day moving average of $93.47. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $105.99.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. The firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same period in the previous year, the firm posted $0.61 earnings per share. As a group, equities analysts expect that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be issued a dividend of $0.83 per share. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 annualized dividend and a yield of 3.21%. Consolidated Edison’s dividend payout ratio (DPR) is currently 63.72%.

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.