Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. cut its holdings in Consolidated Edison, Inc. (NYSE:ED) by 9.0% during the first quarter, HoldingsChannel reports. The firm owned 365,157 shares of the utilities provider’s stock after selling 36,178 shares during the period. Russell Investments Group Ltd.’s holdings in Consolidated Edison were worth $33,146,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Turtle Creek Wealth Advisors LLC acquired a new position in Consolidated Edison during the fourth quarter worth about $29,000. Tidemark LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at about $29,000. Raleigh Capital Management Inc. purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at about $29,000. Bruce G. Allen Investments LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at about $31,000. Finally, CVA Family Office LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at about $32,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Mizuho upped their price target on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Scotiabank reduced their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. Barclays upped their price objective on shares of Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 7th. Wells Fargo & Company upped their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Finally, Argus raised shares of Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and an average target price of $89.27.

Consolidated Edison Trading Up 1.4 %

NYSE:ED traded up $1.29 during trading hours on Tuesday, reaching $91.55. 1,523,280 shares of the company were exchanged, compared to its average volume of 1,881,542. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $98.85. The stock has a 50 day simple moving average of $92.55 and a 200 day simple moving average of $91.08. The firm has a market cap of $31.66 billion, a price-to-earnings ratio of 17.32, a PEG ratio of 2.34 and a beta of 0.34. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The business’s revenue was down 2.8% on a year-over-year basis. During the same period last year, the business earned $1.83 EPS. As a group, analysts predict that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Wednesday, May 15th were issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date of this dividend was Tuesday, May 14th. Consolidated Edison’s payout ratio is 63.72%.

Consolidated Edison Company 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.