Wealth Enhancement Advisory Services LLC Sells 88,227 Shares of Consolidated Edison, Inc. (NYSE:ED)

Wealth Enhancement Advisory Services LLC reduced its holdings in Consolidated Edison, Inc. (NYSE:ED) by 25.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 263,411 shares of the utilities provider’s stock after selling 88,227 shares during the quarter. Wealth Enhancement Advisory Services LLC owned about 0.08% of Consolidated Edison worth $27,429,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pathway Financial Advisers LLC increased its holdings in shares of Consolidated Edison by 10,302.6% during the third quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock valued at $2,546,000 after acquiring an additional 24,211 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Consolidated Edison by 57.4% during the first quarter. Sei Investments Co. now owns 244,404 shares of the utilities provider’s stock valued at $22,193,000 after acquiring an additional 89,080 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in shares of Consolidated Edison by 153.9% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 245,802 shares of the utilities provider’s stock valued at $22,321,000 after acquiring an additional 148,988 shares in the last quarter. Mizuho Markets Americas LLC boosted its position in shares of Consolidated Edison by 121.1% during the first quarter. Mizuho Markets Americas LLC now owns 113,675 shares of the utilities provider’s stock valued at $10,323,000 after buying an additional 62,260 shares during the last quarter. Finally, Plato Investment Management Ltd boosted its position in shares of Consolidated Edison by 17,683.9% during the first quarter. Plato Investment Management Ltd now owns 9,959 shares of the utilities provider’s stock valued at $904,000 after buying an additional 9,903 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on ED shares. Barclays lifted their target price on Consolidated Edison from $98.00 to $104.00 and gave the company an “underweight” rating in a research report on Monday, October 21st. Jefferies Financial Group started coverage on Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price on the stock. Wells Fargo & Company lifted their target price on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Scotiabank lifted their target price on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Finally, Bank of America lifted their target price on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $98.73.

Consolidated Edison Stock Down 2.2 %

ED stock opened at $104.60 on Monday. The stock has a market cap of $36.17 billion, a P/E ratio of 20.08, a P/E/G ratio of 3.57 and a beta of 0.36. The stock’s fifty day simple moving average is $103.35 and its two-hundred day simple moving average is $97.25. 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, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same period in the previous year, the company posted $0.61 earnings per share. Analysts expect that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a $0.83 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 annualized dividend and a dividend yield of 3.17%. Consolidated Edison’s payout ratio is presently 63.72%.

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.