Axxcess Wealth Management LLC Lowers Holdings in Consolidated Edison, Inc. (NYSE:ED)

Axxcess Wealth Management LLC reduced its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 6.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,893 shares of the utilities provider’s stock after selling 187 shares during the period. Axxcess Wealth Management LLC’s holdings in Consolidated Edison were worth $301,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Hsbc Holdings PLC boosted its position in shares of Consolidated Edison by 0.8% during the second quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock worth $134,323,000 after buying an additional 11,785 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Consolidated Edison by 11.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock worth $113,845,000 after buying an additional 125,859 shares during the period. Clean Energy Transition LLP boosted its holdings in Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after purchasing an additional 623,787 shares during the period. AQR Capital Management LLC boosted its holdings in Consolidated Edison by 5.5% in the second quarter. AQR Capital Management LLC now owns 709,713 shares of the utilities provider’s stock valued at $63,413,000 after purchasing an additional 36,991 shares during the period. Finally, Acadian Asset Management LLC boosted its holdings in Consolidated Edison by 302.3% in the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock valued at $63,396,000 after purchasing an additional 532,893 shares during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Stock Down 0.2 %

ED opened at $95.25 on Friday. The business’s 50-day simple moving average is $102.99 and its 200-day simple moving average is $98.00. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The stock has a market capitalization of $33.00 billion, a P/E ratio of 17.93, a price-to-earnings-growth ratio of 3.26 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Analysts anticipate that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ED. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their target price for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Scotiabank lifted their target price on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Jefferies Financial Group began coverage on Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price for the company. Morgan Stanley lifted their target price on Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a report on Wednesday, September 25th. 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 report on Monday, August 5th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Consolidated Edison has an average rating of “Hold” and an average price target of $98.35.

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.