Consolidated Edison, Inc. (NYSE:ED) Shares Bought by Retirement Systems of Alabama

Retirement Systems of Alabama boosted its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 408.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 396,849 shares of the utilities provider’s stock after acquiring an additional 318,858 shares during the quarter. Retirement Systems of Alabama’s holdings in Consolidated Edison were worth $36,101,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of ED. Ballentine Partners LLC boosted its position in shares of Consolidated Edison by 6.6% during the third quarter. Ballentine Partners LLC now owns 2,877 shares of the utilities provider’s stock worth $246,000 after buying an additional 178 shares during the period. Valeo Financial Advisors LLC boosted its position in shares of Consolidated Edison by 13.5% during the third quarter. Valeo Financial Advisors LLC now owns 2,557 shares of the utilities provider’s stock worth $219,000 after buying an additional 305 shares during the period. Harbor Capital Advisors Inc. boosted its position in shares of Consolidated Edison by 3.7% during the third quarter. Harbor Capital Advisors Inc. now owns 9,105 shares of the utilities provider’s stock worth $779,000 after buying an additional 326 shares during the period. PDS Planning Inc purchased a new position in shares of Consolidated Edison during the third quarter worth $203,000. Finally, LFA Lugano Financial Advisors SA purchased a new position in shares of Consolidated Edison during the third quarter worth $113,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ED shares. KeyCorp upgraded Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research report on Thursday, January 4th. Royal Bank of Canada decreased their target price on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a report on Friday, February 16th. Barclays lifted their target price on Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. UBS Group decreased their target price on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a report on Friday, February 16th. Finally, LADENBURG THALM/SH SH started coverage on Consolidated Edison in a report on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 target price for the company. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $87.54.

Consolidated Edison Stock Down 1.3 %

Shares of NYSE ED opened at $92.93 on Monday. The company has a market capitalization of $32.11 billion, a price-to-earnings ratio of 12.94, a price-to-earnings-growth ratio of 8.75 and a beta of 0.35. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94. The business has a 50-day moving average of $89.52 and a two-hundred day moving average of $89.92. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $100.44.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.70 billion. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. Consolidated Edison’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.81 EPS. On average, analysts forecast that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. 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 46.24%.

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.