Dynamic Advisor Solutions LLC Cuts Holdings in Consolidated Edison Inc (NYSE:ED)

Dynamic Advisor Solutions LLC trimmed its holdings in Consolidated Edison Inc (NYSE:ED) by 2.4% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 6,851 shares of the utilities provider’s stock after selling 166 shares during the quarter. Dynamic Advisor Solutions LLC’s holdings in Consolidated Edison were worth $758,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Jacobi Capital Management LLC lifted its holdings in shares of Consolidated Edison by 4.2% in the 4th quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider’s stock worth $229,000 after acquiring an additional 104 shares during the last quarter. Glen Eagle Advisors LLC raised its holdings in Consolidated Edison by 6.2% during the 4th quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider’s stock valued at $170,000 after buying an additional 111 shares during the last quarter. Richwood Investment Advisors LLC raised its holdings in Consolidated Edison by 2.3% during the 4th quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider’s stock valued at $463,000 after buying an additional 115 shares during the last quarter. Integrated Advisors Network LLC raised its holdings in Consolidated Edison by 1.6% during the 1st quarter. Integrated Advisors Network LLC now owns 7,842 shares of the utilities provider’s stock valued at $867,000 after buying an additional 121 shares during the last quarter. Finally, Penobscot Investment Management Company Inc. raised its holdings in Consolidated Edison by 5.7% during the 4th quarter. Penobscot Investment Management Company Inc. now owns 2,300 shares of the utilities provider’s stock valued at $205,000 after buying an additional 125 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on ED shares. Scotiabank upped their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a report on Monday, February 24th. KeyCorp lowered shares of Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 price target for the company. in a report on Wednesday, May 14th. Citigroup upped their price target on shares of Consolidated Edison from $116.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, April 9th. Wells Fargo & Company upped their price target on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. Finally, Morgan Stanley decreased their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set an “underweight” rating for the company in a report on Thursday, May 22nd. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Consolidated Edison has a consensus rating of “Hold” and an average target price of $104.27.

Consolidated Edison Stock Down 0.3%

Shares of NYSE ED opened at $101.34 on Wednesday. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 1.04. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87. The firm has a market capitalization of $36.51 billion, a PE ratio of 18.73, a price-to-earnings-growth ratio of 3.25 and a beta of 0.27. The firm has a fifty day simple moving average of $106.56 and a two-hundred day simple moving average of $100.51.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.05). The business had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.21 billion. Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. During the same period in the prior year, the company earned $2.15 earnings per share. Equities analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th were given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date was Wednesday, May 14th. Consolidated Edison’s dividend payout ratio is presently 62.85%.

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.