Mackenzie Financial Corp Reduces Position in Consolidated Edison, Inc. (NYSE:ED)

Mackenzie Financial Corp trimmed its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 9.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 95,909 shares of the utilities provider’s stock after selling 9,888 shares during the quarter. Mackenzie Financial Corp’s holdings in Consolidated Edison were worth $8,725,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Geode Capital Management LLC increased its position in shares of Consolidated Edison by 2.0% during the first quarter. Geode Capital Management LLC now owns 7,949,371 shares of the utilities provider’s stock worth $761,387,000 after acquiring an additional 154,945 shares during the last quarter. Legal & General Group Plc raised its stake in Consolidated Edison by 0.5% during the third quarter. Legal & General Group Plc now owns 6,201,026 shares of the utilities provider’s stock valued at $530,373,000 after buying an additional 27,850 shares in the last quarter. Northern Trust Corp raised its stake in Consolidated Edison by 8.2% during the third quarter. Northern Trust Corp now owns 4,484,026 shares of the utilities provider’s stock valued at $383,519,000 after buying an additional 340,239 shares in the last quarter. Morgan Stanley raised its stake in Consolidated Edison by 1.8% during the third quarter. Morgan Stanley now owns 4,221,543 shares of the utilities provider’s stock valued at $361,069,000 after buying an additional 72,915 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC raised its stake in Consolidated Edison by 89,231.2% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 4,145,861 shares of the utilities provider’s stock valued at $395,142,000 after buying an additional 4,141,220 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ED shares. Royal Bank of Canada cut their price objective on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research note on Friday, February 16th. Scotiabank upped their price objective on Consolidated Edison from $90.00 to $91.00 and gave the company a “sector underperform” rating in a research note on Tuesday, February 20th. KeyCorp upgraded Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. UBS Group cut their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research note on Friday, February 16th. Finally, Barclays upped their price objective on Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $87.96.

Consolidated Edison Stock Up 1.0 %

NYSE:ED opened at $91.77 on Friday. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $100.92. The firm has a market capitalization of $31.71 billion, a PE ratio of 12.78, a price-to-earnings-growth ratio of 8.52 and a beta of 0.35. The stock has a 50 day moving average of $88.97 and a 200-day moving average of $89.62. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.70 billion. During the same period in the prior year, the company posted $0.81 EPS. The business’s revenue for the quarter was down 14.6% compared to the same quarter last year. Analysts predict that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is 46.24%.

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.