Voya Financial Advisors Inc. lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 7.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 9,325 shares of the utilities provider’s stock after selling 782 shares during the quarter. Voya Financial Advisors Inc.’s holdings in Consolidated Edison were worth $662,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. West Financial Advisors LLC purchased a new position in Consolidated Edison during the 4th quarter valued at $29,000. Crescent Capital Consulting LLC purchased a new position in Consolidated Edison during the 4th quarter valued at $30,000. Financial Avengers Inc. purchased a new position in Consolidated Edison during the 4th quarter valued at $30,000. Retirement Group LLC purchased a new position in Consolidated Edison during the 4th quarter valued at $32,000. Finally, SRS Capital Advisors Inc. purchased a new position in Consolidated Edison during the 4th quarter valued at $32,000. Institutional investors own 62.44% of the company’s stock.
Shares of NYSE ED opened at $75.31 on Thursday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.54. The stock has a market capitalization of $25.79 billion, a P/E ratio of 18.64, a price-to-earnings-growth ratio of 7.80 and a beta of 0.11. Consolidated Edison, Inc. has a 1-year low of $65.56 and a 1-year high of $90.00. The business has a fifty day moving average price of $70.81 and a 200 day moving average price of $74.07.
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 15th. Investors of record on Wednesday, February 17th were paid a dividend of $0.775 per share. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.77. This represents a $3.10 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date of this dividend was Tuesday, February 16th. Consolidated Edison’s dividend payout ratio is 70.94%.
A number of research firms recently issued reports on ED. TheStreet cut Consolidated Edison from a “b-” rating to a “c” rating in a report on Monday, March 22nd. Royal Bank of Canada lowered their target price on Consolidated Edison from $80.00 to $77.00 and set a “sector perform” rating for the company in a report on Friday, January 22nd. Evercore ISI cut Consolidated Edison from an “in-line” rating to an “underperform” rating in a report on Thursday, January 21st. Morgan Stanley upped their target price on Consolidated Edison from $65.00 to $67.00 and gave the stock an “underweight” rating in a report on Thursday, March 25th. Finally, Credit Suisse Group reiterated an “underperform” rating and issued a $65.00 target price (down from $75.00) on shares of Consolidated Edison in a report on Monday, March 1st. Six investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. Consolidated Edison has an average rating of “Hold” and a consensus price target of $75.08.
About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,576 customers in parts of Manhattan.
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