California Public Employees Retirement System Sells 16,268 Shares of Consolidated Edison, Inc. (NYSE:ED)

California Public Employees Retirement System lessened its stake in Consolidated Edison, Inc. (NYSE:ED) by 0.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,149,628 shares of the utilities provider’s stock after selling 16,268 shares during the quarter. California Public Employees Retirement System owned approximately 0.62% of Consolidated Edison worth $195,552,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of ED. Financial Gravity Asset Management Inc. grew its stake in Consolidated Edison by 215.6% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after buying an additional 194 shares in the last quarter. Level Financial Advisors Inc. purchased a new position in shares of Consolidated Edison during the 3rd quarter valued at $26,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Consolidated Edison during the 4th quarter valued at $29,000. Bruce G. Allen Investments LLC purchased a new position in shares of Consolidated Edison during the 4th quarter valued at $31,000. Finally, CVA Family Office LLC purchased a new position in shares of Consolidated Edison during the 4th quarter valued at $32,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.4 %

Shares of NYSE ED traded up $0.34 during midday trading on Tuesday, hitting $93.07. 296,725 shares of the company traded hands, compared to its average volume of 1,848,667. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $100.92. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. The stock has a 50-day moving average price of $89.03 and a 200 day moving average price of $89.76. The firm has a market cap of $32.16 billion, a P/E ratio of 12.92, a P/E/G ratio of 8.65 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. The business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.70 billion. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The business’s revenue was down 14.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.81 earnings per share. As a group, analysts expect that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 46.24%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ED. Barclays boosted their price target on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research report on Thursday, March 14th. LADENBURG THALM/SH SH initiated coverage on shares of Consolidated Edison in a research report on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 target price for the company. Scotiabank cut their target price on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday. UBS Group cut their target price on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. Finally, KeyCorp raised shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $87.54.

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.