Envestnet Asset Management Inc. Cuts Stock Holdings in Consolidated Edison Inc (NYSE:ED)

Envestnet Asset Management Inc. reduced its position in Consolidated Edison Inc (NYSE:ED) by 4.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 117,420 shares of the utilities provider’s stock after selling 5,055 shares during the period. Envestnet Asset Management Inc.’s holdings in Consolidated Edison were worth $12,985,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ED. Alpine Bank Wealth Management bought a new stake in shares of Consolidated Edison in the first quarter worth $32,000. Fort Vancouver Investment Management LLC purchased a new stake in shares of Consolidated Edison during the 1st quarter valued at about $33,000. Elite Financial Inc. bought a new position in shares of Consolidated Edison in the 1st quarter worth approximately $38,000. Wood Tarver Financial Group LLC bought a new stake in Consolidated Edison during the fourth quarter valued at approximately $35,000. Finally, Garde Capital Inc. purchased a new stake in Consolidated Edison during the first quarter valued at approximately $49,000. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Price Performance

Shares of NYSE:ED opened at $101.02 on Friday. 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 twelve month low of $87.28 and a twelve month high of $114.87. The company’s 50 day moving average is $101.68 and its 200 day moving average is $101.80. The company has a market cap of $36.40 billion, a PE ratio of 18.67, a price-to-earnings-growth ratio of 3.23 and a beta of 0.26.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.05). Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. The firm had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same period last year, the company posted $2.15 earnings per share. On average, sell-side analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, August 13th will be paid a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison’s dividend payout ratio is currently 62.85%.

Analyst Upgrades and Downgrades

ED has been the topic of several recent analyst reports. Wells Fargo & Company lifted their target price on Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a research note on Friday, May 2nd. Citigroup increased their target price on Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, April 9th. KeyCorp reissued an “overweight” rating on shares of Consolidated Edison in a research note on Wednesday. Guggenheim raised their price target on shares of Consolidated Edison from $96.00 to $103.00 and gave the stock a “neutral” rating in a research note on Friday, May 2nd. Finally, Morgan Stanley decreased their price objective on shares of Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating for the company in a report on Wednesday, June 18th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $105.09.

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.