Consolidated Edison, Inc. (NYSE:ED) Shares Sold by AMF Tjanstepension AB

AMF Tjanstepension AB trimmed its stake in Consolidated Edison, Inc. (NYSE:ED) by 9.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 451,449 shares of the utilities provider’s stock after selling 46,533 shares during the period. AMF Tjanstepension AB owned approximately 0.13% of Consolidated Edison worth $47,044,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Beacon Capital Management LLC lifted its stake in shares of Consolidated Edison by 2,307.7% in the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares during the period. Raleigh Capital Management Inc. purchased a new stake in Consolidated Edison in the fourth quarter valued at approximately $29,000. Pathway Financial Advisers LLC purchased a new stake in Consolidated Edison in the first quarter valued at approximately $33,000. TruNorth Capital Management LLC purchased a new stake in Consolidated Edison in the second quarter valued at approximately $33,000. Finally, Quarry LP purchased a new stake in Consolidated Edison during the fourth quarter worth approximately $35,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ED. Argus raised shares of Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Guggenheim upped their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Bank of America increased their target price on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Morgan Stanley increased their target price on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research report on Wednesday, September 25th. Finally, Wells Fargo & Company raised their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $93.81.

Consolidated Edison Trading Down 0.7 %

NYSE ED opened at $104.45 on Thursday. The company has a market cap of $36.12 billion, a PE ratio of 20.05, a PEG ratio of 3.52 and a beta of 0.36. 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 12 month low of $80.46 and a 12 month high of $105.99. The stock has a 50 day moving average of $101.75 and a 200-day moving average of $95.45.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same quarter last year, the business earned $0.61 EPS. On average, equities research analysts anticipate that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Wednesday, August 14th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is currently 63.72%.

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.