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

California Public Employees Retirement System trimmed its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.8% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 2,149,628 shares of the utilities provider’s stock after selling 16,268 shares during the quarter. California Public Employees Retirement System’s holdings in Consolidated Edison were worth $195,552,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Financial Gravity Asset Management Inc. increased 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 worth $25,000 after buying an additional 194 shares in the last quarter. Level Financial Advisors Inc. bought a new position in shares of Consolidated Edison in the 3rd quarter valued at about $26,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Consolidated Edison in the 4th quarter valued at about $29,000. Bruce G. Allen Investments LLC bought a new stake in Consolidated Edison in the fourth quarter worth about $31,000. Finally, CVA Family Office LLC bought a new stake in Consolidated Edison in the fourth quarter worth about $32,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Price Performance

NYSE ED traded up $0.34 during trading hours on Tuesday, hitting $93.07. 296,725 shares of the company’s stock traded hands, compared to its average volume of 1,848,667. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $100.92. The company has a market capitalization of $32.16 billion, a PE ratio of 12.92, a PEG ratio of 8.65 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 firm’s 50-day moving average is $89.03 and its 200-day moving average is $89.76.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.02. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The business had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.70 billion. During the same quarter in the prior year, the company posted $0.81 EPS. The business’s revenue for the quarter was down 14.6% on a year-over-year basis. Equities analysts forecast that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Royal Bank of Canada decreased their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research note on Friday, February 16th. Barclays lifted 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 note on Thursday, March 14th. KeyCorp raised shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. LADENBURG THALM/SH SH began coverage on shares of Consolidated Edison in a report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 price objective on the stock. Finally, UBS Group cut their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus 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.