Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Hartford Investment Management Co.

Hartford Investment Management Co. cut its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 21,330 shares of the utilities provider’s stock after selling 412 shares during the period. Hartford Investment Management Co.’s holdings in Consolidated Edison were worth $1,903,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ritholtz Wealth Management acquired a new stake in Consolidated Edison in the third quarter valued at approximately $211,000. Exchange Traded Concepts LLC lifted its position in shares of Consolidated Edison by 36.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 9,960 shares of the utilities provider’s stock valued at $1,037,000 after buying an additional 2,646 shares in the last quarter. Creative Planning grew its stake in Consolidated Edison by 7.9% in the 3rd quarter. Creative Planning now owns 98,928 shares of the utilities provider’s stock valued at $10,301,000 after acquiring an additional 7,269 shares during the period. McKinley Carter Wealth Services Inc. purchased a new stake in Consolidated Edison in the 3rd quarter worth $205,000. Finally, Presima Securities ULC raised its position in Consolidated Edison by 2.1% during the third quarter. Presima Securities ULC now owns 9,900 shares of the utilities provider’s stock worth $1,031,000 after acquiring an additional 200 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Up 1.2 %

Shares of NYSE:ED opened at $95.75 on Friday. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75. The stock has a market cap of $33.17 billion, a P/E ratio of 18.03, a PEG ratio of 3.04 and a beta of 0.39. The business has a fifty day moving average of $91.85 and a two-hundred day moving average of $98.16. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.55%. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Wall Street Analyst Weigh In

ED has been the topic of several research analyst reports. Mizuho lifted their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Evercore ISI cut Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Morgan Stanley reduced their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Barclays lowered their price target on Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating on the stock in a research note on Monday, January 27th. Finally, Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and increased their price objective for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Consolidated Edison currently has a consensus rating of “Hold” and an average target price of $100.00.

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.