Morgan Stanley Cuts Consolidated Edison (NYSE:ED) Price Target to $85.00

Consolidated Edison (NYSE:ED) had its target price reduced by Morgan Stanley from $88.00 to $85.00 in a research note issued to investors on Friday,Benzinga reports. Morgan Stanley currently has an underweight rating on the utilities provider’s stock.

Other analysts have also recently issued reports about the stock. Jefferies Financial Group assumed coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target for the company. Barclays lowered their target price on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research note on Friday, November 8th. Bank of America boosted their price target on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Guggenheim increased their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $98.19.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $98.36 on Friday. The company has a market cap of $34.07 billion, a price-to-earnings ratio of 18.52, a price-to-earnings-growth ratio of 3.32 and a beta of 0.36. Consolidated Edison has a 12 month low of $85.85 and a 12 month high of $107.75. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The stock’s 50-day moving average is $102.01 and its 200-day moving average is $98.08.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Equities analysts anticipate that Consolidated Edison will post 5.33 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is presently 62.52%.

Institutional Trading of Consolidated Edison

Institutional investors and hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. raised its stake in Consolidated Edison by 1,766.0% during the third quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock worth $102,980,000 after acquiring an additional 935,962 shares during the period. Clean Energy Transition LLP raised its position in shares of Consolidated Edison by 227.9% during the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock worth $80,259,000 after purchasing an additional 623,787 shares during the period. FMR LLC lifted its holdings in shares of Consolidated Edison by 82.3% in the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock worth $132,081,000 after purchasing an additional 572,530 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Consolidated Edison by 10,262.1% in the 3rd quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock worth $57,641,000 after purchasing an additional 548,204 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its position in Consolidated Edison by 302.3% during the 2nd quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock valued at $63,396,000 after purchasing an additional 532,893 shares during the period. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Company 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.