Teachers Retirement System of The State of Kentucky lowered its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 11.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 29,100 shares of the utilities provider’s stock after selling 3,750 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Consolidated Edison were worth $2,217,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Itau Unibanco Holding S.A. lifted its holdings in Consolidated Edison by 385.5% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 1,442 shares of the utilities provider’s stock worth $112,000 after buying an additional 1,145 shares during the period. Peak Capital Management LLC acquired a new position in Consolidated Edison during the 2nd quarter worth about $114,000. Psagot Investment House Ltd. acquired a new position in Consolidated Edison during the 3rd quarter worth about $122,000. First Mercantile Trust Co. acquired a new position in Consolidated Edison during the 2nd quarter worth about $123,000. Finally, ELM Advisors LLC acquired a new position in Consolidated Edison during the 3rd quarter worth about $133,000. Institutional investors and hedge funds own 58.75% of the company’s stock.
Shares of NYSE:ED opened at $77.34 on Friday. The stock has a market capitalization of $24.09 billion and a PE ratio of 18.91. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.56 and a current ratio of 0.62. Consolidated Edison, Inc. has a 1 year low of $71.12 and a 1 year high of $89.70.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Wednesday, November 14th will be paid a dividend of $0.715 per share. This represents a $2.86 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date is Tuesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is currently 69.93%.
A number of research analysts have recently issued reports on ED shares. Barclays boosted their price objective on Consolidated Edison from $79.00 to $83.00 and gave the company a “hold” rating in a research note on Monday, November 19th. Goldman Sachs Group raised Consolidated Edison from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $72.00 to $73.00 in a research note on Monday, November 5th. Bank of America dropped their price objective on Consolidated Edison from $87.00 to $83.00 and set a “buy” rating on the stock in a research note on Friday, November 2nd. Citigroup boosted their price objective on Consolidated Edison from $79.00 to $80.00 and gave the company a “neutral” rating in a research note on Tuesday, October 16th. Finally, Zacks Investment Research raised Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Friday, October 12th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $77.36.
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About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.
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