Prudential PLC Has $7.25 Million Position in Consolidated Edison, Inc. (NYSE:ED)

Prudential PLC trimmed its position in Consolidated Edison, Inc. (NYSE:ED) by 20.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,213 shares of the utilities provider’s stock after selling 20,745 shares during the quarter. Prudential PLC’s holdings in Consolidated Edison were worth $7,247,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. AlphaMark Advisors LLC acquired a new position in shares of Consolidated Edison in the fourth quarter valued at about $27,000. Fairway Wealth LLC acquired a new position in shares of Consolidated Edison during the 4th quarter worth approximately $36,000. OFI Invest Asset Management bought a new position in shares of Consolidated Edison during the fourth quarter worth approximately $35,000. Centricity Wealth Management LLC acquired a new stake in shares of Consolidated Edison in the fourth quarter valued at approximately $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Consolidated Edison in the fourth quarter valued at approximately $44,000. Institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

ED has been the subject of several analyst reports. UBS Group lifted their price objective on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Morgan Stanley upped their price objective on shares of Consolidated Edison from $85.00 to $91.00 and gave the stock an “underweight” rating in a research report on Thursday, March 20th. Mizuho raised their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Scotiabank upped their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. Finally, Barclays lifted their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research note on Monday, February 24th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $102.40.

Consolidated Edison Stock Down 2.8 %

Shares of ED opened at $109.53 on Friday. 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 52 week low of $87.28 and a 52 week high of $114.87. The stock has a market capitalization of $37.98 billion, a price-to-earnings ratio of 20.90, a PEG ratio of 3.05 and a beta of 0.30. The stock has a fifty day moving average of $101.43 and a 200-day moving average of $98.77.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. As a group, sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.10%. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date was Wednesday, February 19th. Consolidated Edison’s payout ratio is presently 64.89%.

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.