Consolidated Edison, Inc. (NYSE:ED) Shares Sold by KCM Investment Advisors LLC

KCM Investment Advisors LLC cut its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 9.3% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 3,002 shares of the utilities provider’s stock after selling 307 shares during the period. KCM Investment Advisors LLC’s holdings in Consolidated Edison were worth $273,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Diversified Trust Co lifted its stake in shares of Consolidated Edison by 140.8% in the fourth quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock worth $3,361,000 after acquiring an additional 21,604 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Consolidated Edison by 3.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 418,244 shares of the utilities provider’s stock valued at $38,897,000 after buying an additional 12,953 shares during the last quarter. Corient Private Wealth LLC grew its position in shares of Consolidated Edison by 4.6% during the fourth quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock worth $15,958,000 after buying an additional 7,725 shares in the last quarter. abrdn plc grew its position in shares of Consolidated Edison by 30.2% during the fourth quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock worth $28,373,000 after buying an additional 72,273 shares in the last quarter. Finally, UBS Group AG increased its stake in shares of Consolidated Edison by 14.7% in the fourth quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock worth $44,437,000 after buying an additional 62,519 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

NYSE ED traded down $1.25 during trading hours on Monday, hitting $90.94. The company had a trading volume of 191,125 shares, compared to its average volume of 1,874,496. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. The firm has a market cap of $31.45 billion, a P/E ratio of 17.56, a price-to-earnings-growth ratio of 2.34 and a beta of 0.34. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $98.85. The business has a fifty day simple moving average of $92.66 and a 200-day simple moving average of $91.08.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, topping the consensus estimate of $1.89 by $0.26. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company’s quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.83 earnings per share. Equities analysts predict that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th were issued a dividend of $0.83 per share. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.65%. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Analysts Set New Price Targets

A number of research analysts have commented on ED shares. Scotiabank decreased their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a report on Monday, April 22nd. Barclays lifted their price target on Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 7th. Argus raised Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Wells Fargo & Company increased their target price on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. Finally, Mizuho boosted their price target on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $89.27.

Consolidated Edison 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.