Kentucky Retirement Systems Decreases Position in Consolidated Edison, Inc. (NYSE:ED)

Kentucky Retirement Systems trimmed its holdings in Consolidated Edison, Inc. (NYSE:ED) by 5.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 26,217 shares of the utilities provider’s stock after selling 1,404 shares during the quarter. Kentucky Retirement Systems’ holdings in Consolidated Edison were worth $2,381,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter worth approximately $29,000. Tidemark LLC bought a new position in Consolidated Edison in the fourth quarter worth approximately $29,000. Raleigh Capital Management Inc. bought a new position in Consolidated Edison in the fourth quarter worth approximately $29,000. CVA Family Office LLC bought a new position in Consolidated Edison in the fourth quarter worth approximately $32,000. Finally, Atlantic Edge Private Wealth Management LLC bought a new position in Consolidated Edison in the fourth quarter worth approximately $33,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on ED. Wells Fargo & Company increased their price objective on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Friday, May 3rd. Mizuho increased their target price on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. UBS Group increased their target price on Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Barclays cut Consolidated Edison from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $97.00 to $92.00 in a research report on Monday, July 22nd. Finally, Argus raised Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Consolidated Edison has an average rating of “Hold” and an average price target of $89.04.

Consolidated Edison Stock Performance

ED stock traded up $0.19 during midday trading on Monday, reaching $96.63. The stock had a trading volume of 351,789 shares, compared to its average volume of 1,865,496. The firm has a fifty day simple moving average of $92.02 and a two-hundred day simple moving average of $91.17. 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 stock has a market cap of $33.42 billion, a PE ratio of 18.51, a P/E/G ratio of 2.45 and a beta of 0.34.

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

Consolidated Edison Dividend Announcement

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

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.