Lincoln National Corp Sells 302 Shares of Consolidated Edison, Inc. (NYSE:ED)

Lincoln National Corp lowered its position in Consolidated Edison, Inc. (NYSE:ED) by 1.6% during the 4th quarter, HoldingsChannel reports. The firm owned 19,104 shares of the utilities provider’s stock after selling 302 shares during the period. Lincoln National Corp’s holdings in Consolidated Edison were worth $1,738,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Diversified Trust Co boosted its holdings in shares of Consolidated Edison by 140.8% in the 4th quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock worth $3,361,000 after purchasing an additional 21,604 shares in the last quarter. abrdn plc grew its position in Consolidated Edison by 30.2% during the 4th quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock worth $28,373,000 after acquiring an additional 72,273 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Consolidated Edison by 169.9% in the fourth quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock worth $5,487,000 after purchasing an additional 37,971 shares during the last quarter. Blackhawk Capital Partners LLC. purchased a new position in shares of Consolidated Edison in the fourth quarter valued at about $1,551,000. Finally, Mariner LLC boosted its holdings in shares of Consolidated Edison by 24.9% during the third quarter. Mariner LLC now owns 91,702 shares of the utilities provider’s stock worth $7,844,000 after purchasing an additional 18,270 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Royal Bank of Canada dropped their price objective 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 boosted their price target on shares of Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a research report on Tuesday. UBS Group reduced their target price on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. Scotiabank dropped their target price on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. Finally, Wells Fargo & Company boosted their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Friday, May 3rd. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $88.46.

Consolidated Edison Stock Performance

NYSE:ED traded up $0.40 during mid-day trading on Wednesday, hitting $97.90. 333,778 shares of the company traded hands, compared to its average volume of 1,882,291. The stock’s fifty day moving average price is $90.62 and its 200-day moving average price is $90.28. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. Consolidated Edison, Inc. has a one year low of $80.46 and a one year high of $100.08. The firm has a market cap of $33.86 billion, a price-to-earnings ratio of 18.71, a price-to-earnings-growth ratio of 8.99 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The business had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.83 earnings per share. Research analysts anticipate 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 paid a $0.83 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 annualized dividend and a yield of 3.39%. Consolidated Edison’s payout ratio is 63.72%.

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.