Lincoln National Corp Lowers Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Lincoln National Corp reduced its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,104 shares of the utilities provider’s stock after selling 302 shares during the quarter. Lincoln National Corp’s holdings in Consolidated Edison were worth $1,738,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of ED. Financial Gravity Asset Management Inc. increased its stake in shares of Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 194 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $29,000. Bruce G. Allen Investments LLC purchased a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $31,000. CVA Family Office LLC acquired a new position in Consolidated Edison in the 4th quarter valued at $32,000. Finally, Venturi Wealth Management LLC boosted its stake in Consolidated Edison by 62.2% during the 3rd quarter. Venturi Wealth Management LLC now owns 477 shares of the utilities provider’s stock worth $41,000 after purchasing an additional 183 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Price Performance

Shares of NYSE ED traded up $0.40 during trading on Wednesday, hitting $97.90. 333,778 shares of the company were exchanged, compared to its average volume of 1,882,291. The firm’s fifty day moving average price is $90.62 and its 200 day moving average price is $90.28. The company has a market cap of $33.86 billion, a price-to-earnings ratio of 18.71, a PEG ratio of 8.99 and a beta of 0.34. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $100.08. 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 EPS for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The business had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. During the same quarter in the previous year, the firm posted $1.83 earnings per share. The company’s revenue was down 2.8% compared to the same quarter last year. On average, sell-side analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s payout ratio is 63.72%.

Analyst Ratings Changes

ED has been the subject of a number of recent research reports. UBS Group cut their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a report on Friday, February 16th. Scotiabank lowered their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research note on Monday, April 22nd. Royal Bank of Canada reduced their price target on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a report on Friday, February 16th. 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 report on Friday, May 3rd. Finally, Barclays boosted their target price on shares of Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a report on Tuesday. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $88.46.

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.