Consolidated Edison, Inc. (NYSE:ED) Position Cut by Johnson Investment Counsel Inc.

Johnson Investment Counsel Inc. lowered its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 14,215 shares of the utilities provider’s stock after selling 445 shares during the period. Johnson Investment Counsel Inc.’s holdings in Consolidated Edison were worth $1,271,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Beacon Capital Management LLC raised its stake in Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 300 shares in the last quarter. Raleigh Capital Management Inc. bought a new stake in shares of Consolidated Edison during the fourth quarter valued at about $29,000. Tidemark LLC acquired a new stake in Consolidated Edison in the fourth quarter worth about $29,000. Pathway Financial Advisers LLC bought a new position in Consolidated Edison in the 1st quarter valued at about $33,000. Finally, Atlantic Edge Private Wealth Management LLC acquired a new position in Consolidated Edison during the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Wells Fargo & Company increased their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Morgan Stanley increased their price target on Consolidated Edison from $75.00 to $82.00 and gave the company an “underweight” rating in a research note on Friday, August 23rd. Scotiabank boosted their price objective on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Bank of America raised their target price on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Guggenheim boosted their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and a consensus target price of $92.65.

Consolidated Edison Stock Performance

Shares of ED opened at $104.56 on Friday. Consolidated Edison, Inc. has a one year low of $80.46 and a one year high of $105.99. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The stock has a market cap of $36.19 billion, a price-to-earnings ratio of 20.07, a PEG ratio of 3.50 and a beta of 0.36. The company has a 50-day moving average of $98.73 and a two-hundred day moving average of $94.05.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same quarter in the previous year, the company posted $0.61 earnings per share. On average, equities research analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.18%. Consolidated Edison’s dividend payout ratio is 63.72%.

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.