Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Global Retirement Partners LLC

Global Retirement Partners LLC cut its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 6.8% during the third quarter, Holdings Channel.com reports. The fund owned 4,254 shares of the utilities provider’s stock after selling 312 shares during the period. Global Retirement Partners LLC’s holdings in Consolidated Edison were worth $443,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Retirement Planning Co of New England Inc. grew its position in shares of Consolidated Edison by 4.2% during the 2nd quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock valued at $224,000 after acquiring an additional 100 shares during the period. Benjamin F. Edwards & Company Inc. boosted its holdings in Consolidated Edison by 13.0% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock worth $78,000 after buying an additional 100 shares during the last quarter. Brookstone Capital Management boosted its holdings in Consolidated Edison by 0.6% in the 3rd quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider’s stock worth $2,517,000 after buying an additional 136 shares during the last quarter. G&S Capital LLC boosted its holdings in Consolidated Edison by 1.6% in the 1st quarter. G&S Capital LLC now owns 8,747 shares of the utilities provider’s stock worth $794,000 after buying an additional 139 shares during the last quarter. Finally, Checchi Capital Advisers LLC boosted its holdings in Consolidated Edison by 2.6% in the 2nd quarter. Checchi Capital Advisers LLC now owns 5,627 shares of the utilities provider’s stock worth $503,000 after buying an additional 141 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on ED. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Wells Fargo & Company lifted their price objective on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Jefferies Financial Group began coverage on Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective on the stock. Bank of America lifted their price objective on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, Guggenheim raised their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Consolidated Edison has a consensus rating of “Hold” and an average target price of $98.73.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $106.26 on Tuesday. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.10. The stock has a market cap of $36.75 billion, a P/E ratio of 20.40, a PEG ratio of 3.46 and a beta of 0.36. The company has a 50-day moving average price of $102.89 and a 200 day moving average price of $96.80. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period last year, the business earned $0.61 earnings per share. Sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th 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 3.12%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio 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.