IFP Advisors Inc cut its stake in shares of Consolidated Edison, Inc. (NYSE:ED – Free Report) by 75.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,438 shares of the utilities provider’s stock after selling 22,534 shares during the quarter. IFP Advisors Inc’s holdings in Consolidated Edison were worth $464,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in ED. Roundview Capital LLC bought a new position in shares of Consolidated Edison during the first quarter valued at approximately $680,000. Dimensional Fund Advisors LP boosted its position in shares of Consolidated Edison by 22.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,030,616 shares of the utilities provider’s stock worth $97,579,000 after buying an additional 190,138 shares during the period. Sei Investments Co. boosted its position in shares of Consolidated Edison by 54.4% during the first quarter. Sei Investments Co. now owns 18,204 shares of the utilities provider’s stock worth $1,693,000 after buying an additional 6,412 shares during the period. Cetera Investment Advisers boosted its position in shares of Consolidated Edison by 1.3% during the first quarter. Cetera Investment Advisers now owns 19,489 shares of the utilities provider’s stock worth $1,845,000 after buying an additional 254 shares during the period. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Consolidated Edison during the first quarter worth approximately $214,000. 67.30% of the stock is owned by institutional investors.
Consolidated Edison Price Performance
Shares of NYSE:ED opened at $91.01 on Tuesday. Consolidated Edison, Inc. has a one year low of $78.10 and a one year high of $102.21. The stock has a fifty day moving average of $94.66 and a 200-day moving average of $94.69. The company has a market capitalization of $31.54 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 9.31 and a beta of 0.36. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.11 and a current ratio of 1.20.
Consolidated Edison Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Wednesday, May 17th were paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 3.56%. The ex-dividend date of this dividend was Tuesday, May 16th. Consolidated Edison’s dividend payout ratio (DPR) is currently 46.15%.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on ED. The Goldman Sachs Group began coverage on Consolidated Edison in a research report on Wednesday, June 7th. They set a “sell” rating and a $88.00 price objective for the company. StockNews.com began coverage on Consolidated Edison in a research report on Thursday, May 18th. They set a “hold” rating for the company. Argus upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $104.00 price objective for the company in a research report on Wednesday, March 22nd. Guggenheim upped their target price on Consolidated Edison from $86.00 to $90.00 in a research report on Monday, May 8th. Finally, Morgan Stanley upped their target price on Consolidated Edison from $70.00 to $77.00 and gave the stock an “underweight” rating in a research report on Thursday, April 20th. Five research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $90.38.
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 3.6 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.
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