Baird Financial Group Inc. Trims Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Baird Financial Group Inc. lessened its holdings in shares of Consolidated Edison, Inc. (NYSE:EDGet Rating) by 22.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 39,246 shares of the utilities provider’s stock after selling 11,577 shares during the period. Baird Financial Group Inc.’s holdings in Consolidated Edison were worth $3,733,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of ED. Vanguard Group Inc. boosted its stake in Consolidated Edison by 18.0% in the 1st quarter. Vanguard Group Inc. now owns 41,690,313 shares of the utilities provider’s stock worth $3,947,238,000 after purchasing an additional 6,349,773 shares in the last quarter. State Street Corp boosted its stake in Consolidated Edison by 4.4% in the 1st quarter. State Street Corp now owns 28,573,910 shares of the utilities provider’s stock worth $2,705,378,000 after purchasing an additional 1,209,292 shares in the last quarter. California Public Employees Retirement System boosted its stake in Consolidated Edison by 0.3% in the 1st quarter. California Public Employees Retirement System now owns 2,656,978 shares of the utilities provider’s stock worth $251,563,000 after purchasing an additional 7,098 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Consolidated Edison by 3.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,909,853 shares of the utilities provider’s stock worth $180,825,000 after purchasing an additional 65,145 shares in the last quarter. Finally, Swiss National Bank boosted its stake in Consolidated Edison by 14.1% in the 1st quarter. Swiss National Bank now owns 1,532,169 shares of the utilities provider’s stock worth $145,066,000 after purchasing an additional 188,900 shares in the last quarter. Institutional investors own 64.76% of the company’s stock.

Analysts Set New Price Targets

ED has been the topic of a number of analyst reports. Wells Fargo & Company upped their price target on shares of Consolidated Edison from $84.00 to $87.00 and gave the stock an “underweight” rating in a research note on Friday, November 4th. Royal Bank of Canada upped their target price on shares of Consolidated Edison from $89.00 to $90.00 and gave the company a “sector perform” rating in a research note on Monday, October 3rd. StockNews.com began coverage on shares of Consolidated Edison in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Morgan Stanley upped their target price on shares of Consolidated Edison from $68.00 to $73.00 and gave the company an “underweight” rating in a research note on Friday. Finally, Guggenheim lowered their target price on shares of Consolidated Edison from $94.00 to $82.00 in a research note on Monday, October 24th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $82.30.

Consolidated Edison Price Performance

NYSE ED opened at $89.33 on Tuesday. Consolidated Edison, Inc. has a 52 week low of $76.42 and a 52 week high of $102.21. The firm has a market capitalization of $31.70 billion, a P/E ratio of 18.73, a PEG ratio of 9.83 and a beta of 0.31. The company has a quick ratio of 0.75, a current ratio of 0.83 and a debt-to-equity ratio of 1.07. The company has a 50-day moving average price of $89.83 and a 200-day moving average price of $93.55.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Wednesday, November 16th will be given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Tuesday, November 15th. Consolidated Edison’s payout ratio is currently 66.25%.

About Consolidated Edison

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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 3.5 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 1,555 customers in parts of Manhattan.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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