Toronto Dominion Bank Trims Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Toronto Dominion Bank trimmed its position in Consolidated Edison, Inc. (NYSE:ED) by 13.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 153,575 shares of the utilities provider’s stock after selling 24,031 shares during the period. Toronto Dominion Bank’s holdings in Consolidated Edison were worth $11,487,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. WealthTrust Axiom LLC grew its stake in shares of Consolidated Edison by 5.8% in the first quarter. WealthTrust Axiom LLC now owns 33,948 shares of the utilities provider’s stock worth $2,539,000 after acquiring an additional 1,850 shares during the last quarter. LPL Financial LLC grew its stake in shares of Consolidated Edison by 5.4% in the fourth quarter. LPL Financial LLC now owns 180,204 shares of the utilities provider’s stock worth $13,023,000 after acquiring an additional 9,186 shares during the last quarter. Hennessy Advisors Inc. grew its stake in shares of Consolidated Edison by 3.0% in the first quarter. Hennessy Advisors Inc. now owns 188,036 shares of the utilities provider’s stock worth $14,065,000 after acquiring an additional 5,400 shares during the last quarter. CWM Advisors LLC grew its stake in shares of Consolidated Edison by 63.1% in the first quarter. CWM Advisors LLC now owns 21,380 shares of the utilities provider’s stock worth $1,599,000 after acquiring an additional 8,269 shares during the last quarter. Finally, Verition Fund Management LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter worth $1,556,000. 60.71% of the stock is currently owned by hedge funds and other institutional investors.

Shares of ED opened at $77.04 on Friday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.65 and a current ratio of 0.70. The stock has a 50-day moving average of $77.32. The stock has a market capitalization of $26.41 billion, a PE ratio of 22.73, a price-to-earnings-growth ratio of 9.12 and a beta of 0.16. Consolidated Edison, Inc. has a 52 week low of $65.56 and a 52 week high of $83.92.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 6th. The utilities provider reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.08. The business had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.45 billion. Consolidated Edison had a return on equity of 7.64% and a net margin of 9.02%. During the same quarter in the prior year, the business posted $1.35 earnings per share. Equities research analysts forecast that Consolidated Edison, Inc. will post 4.24 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 15th. Shareholders of record on Wednesday, May 19th will be given a $0.775 dividend. This represents a $3.10 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date of this dividend is Tuesday, May 18th. Consolidated Edison’s payout ratio is 74.16%.

A number of research analysts have recently issued reports on ED shares. Morgan Stanley lowered their price target on Consolidated Edison from $73.00 to $72.00 and set an “underweight” rating on the stock in a report on Tuesday, May 18th. Credit Suisse Group upped their price target on Consolidated Edison from $65.00 to $74.00 and gave the company an “underperform” rating in a report on Thursday, April 29th. Barclays upped their price target on Consolidated Edison from $69.00 to $75.00 and gave the company an “underweight” rating in a report on Tuesday, May 25th. Finally, TheStreet raised Consolidated Edison from a “c” rating to a “b-” rating in a report on Thursday, April 22nd. Six research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $75.50.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. The company 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 1,576 customers in parts of Manhattan.

Further Reading: Depreciation

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

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