Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. reduced its holdings in Consolidated Edison, Inc. (NYSE:ED) by 2.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,172,476 shares of the utilities provider’s stock after selling 23,608 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.34% of Consolidated Edison worth $106,660,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in ED. Louisiana State Employees Retirement System acquired a new position in Consolidated Edison during the fourth quarter worth $1,901,000. Crestwood Advisors Group LLC raised its position in Consolidated Edison by 50.1% during the fourth quarter. Crestwood Advisors Group LLC now owns 4,592 shares of the utilities provider’s stock worth $418,000 after acquiring an additional 1,533 shares during the period. Horst & Graben Wealth Management LLC acquired a new position in Consolidated Edison during the fourth quarter worth $289,000. Koshinski Asset Management Inc. raised its position in Consolidated Edison by 48.7% during the fourth quarter. Koshinski Asset Management Inc. now owns 7,600 shares of the utilities provider’s stock worth $691,000 after acquiring an additional 2,489 shares during the period. Finally, Vaughan David Investments LLC IL raised its position in Consolidated Edison by 0.7% during the fourth quarter. Vaughan David Investments LLC IL now owns 23,011 shares of the utilities provider’s stock worth $2,093,000 after acquiring an additional 156 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $87.42 on Wednesday. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $100.92. The stock has a market cap of $30.20 billion, a P/E ratio of 12.18, a PEG ratio of 8.36 and a beta of 0.35. The company has a 50-day moving average price of $88.85 and a 200 day moving average price of $89.53. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.02. The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.70 billion. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. Consolidated Edison’s revenue was down 14.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.81 earnings per share. Sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Wednesday, February 14th were paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.80%. The ex-dividend date was Tuesday, February 13th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.81. Consolidated Edison’s dividend payout ratio (DPR) is 46.24%.

Analysts Set New Price Targets

A number of research firms have weighed in on ED. Scotiabank upped their price objective on shares of Consolidated Edison from $90.00 to $91.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, February 20th. KeyCorp upgraded shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research report on Thursday, January 4th. LADENBURG THALM/SH SH initiated coverage on shares of Consolidated Edison in a research report on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 target price for the company. UBS Group reduced their target price on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. Finally, Barclays increased their target price on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research report on Thursday, March 14th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $87.96.

About Consolidated Edison

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.