Consolidated Edison Inc $ED Stock Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lowered its stake in shares of Consolidated Edison Inc (NYSE:ED) by 30.2% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 221,230 shares of the utilities provider’s stock after selling 95,687 shares during the period. Pictet Asset Management Holding SA’s holdings in Consolidated Edison were worth $22,612,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in ED. PFS Partners LLC increased its holdings in Consolidated Edison by 12.2% during the 3rd quarter. PFS Partners LLC now owns 836 shares of the utilities provider’s stock worth $85,000 after purchasing an additional 91 shares in the last quarter. Cornerstone Financial Management LLC lifted its holdings in shares of Consolidated Edison by 43.2% in the second quarter. Cornerstone Financial Management LLC now owns 318 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 96 shares in the last quarter. Charles Schwab Trust Co lifted its holdings in shares of Consolidated Edison by 2.3% in the third quarter. Charles Schwab Trust Co now owns 4,400 shares of the utilities provider’s stock valued at $450,000 after purchasing an additional 100 shares in the last quarter. Compass Financial Management LLC lifted its holdings in shares of Consolidated Edison by 18.9% in the third quarter. Compass Financial Management LLC now owns 636 shares of the utilities provider’s stock valued at $65,000 after purchasing an additional 101 shares in the last quarter. Finally, SYM FINANCIAL Corp boosted its position in shares of Consolidated Edison by 5.0% during the third quarter. SYM FINANCIAL Corp now owns 2,158 shares of the utilities provider’s stock valued at $221,000 after buying an additional 102 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ED shares. Scotiabank decreased their price target on Consolidated Edison from $117.00 to $110.00 and set a “sector perform” rating for the company in a report on Wednesday, September 30th. Bank of America reduced their target price on shares of Consolidated Edison from $105.00 to $96.00 in a research note on Friday, October 2nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Consolidated Edison in a research note on Monday, October 19th. JPMorgan Chase & Co. lowered their target price on shares of Consolidated Edison from $115.00 to $112.00 and set an “underweight” rating for the company in a report on Wednesday, August 19th. Finally, The Goldman Sachs Group dropped their price target on shares of Consolidated Edison from $106.00 to $102.00 in a research report on Thursday, October 15th. Five investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and six have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $109.74.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $119.14 on Thursday. Consolidated Edison Inc has a twelve month low of $94.96 and a twelve month high of $122.75. The stock’s 50 day moving average price is $109.61 and its 200-day moving average price is $109.58. The company has a market capitalization of $44.22 billion, a PE ratio of 20.05, a PEG ratio of 4.13 and a beta of 0.23. The company has a quick ratio of 1.07, a current ratio of 1.18 and a debt-to-equity ratio of 1.02.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, November 5th. The utilities provider reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.04. The company had revenue of $4.91 billion during the quarter, compared to analyst estimates of $4.75 billion. Consolidated Edison had a return on equity of 8.58% and a net margin of 12.70%. During the same period in the prior year, the company posted $1.90 earnings per share. On average, equities analysts anticipate that Consolidated Edison Inc will post 6.10 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Wednesday, November 18th will be given a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $3.55 annualized dividend and a yield of 3.0%. Consolidated Edison’s payout ratio is currently 56.80%.

About Consolidated Edison

Consolidated Edison, Inc. is an energy holding company whose principal business is delivering electricity, natural gas and steam through regulated utility subsidiaries. Its services include generating, transmitting and distributing energy to residential, commercial and industrial customers. Its largest subsidiary, Consolidated Edison Company of New York, serves customers in New York City and Westchester County. Orange and Rockland Utilities serves parts of southeastern New York and northern New Jersey.