Wedbush Securities Inc. reduced its position in shares of Consolidated Edison Inc (NYSE:ED) by 0.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,235 shares of the utilities provider’s stock after selling 22 shares during the period. Wedbush Securities Inc.’s holdings in Consolidated Edison were worth $261,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the stock. Sigma Planning Corp raised its stake in shares of Consolidated Edison by 1.9% in the second quarter. Sigma Planning Corp now owns 10,738 shares of the utilities provider’s stock worth $868,000 after buying an additional 202 shares during the last quarter. Teacher Retirement System of Texas raised its stake in shares of Consolidated Edison by 0.6% in the second quarter. Teacher Retirement System of Texas now owns 3,186 shares of the utilities provider’s stock worth $257,000 after buying an additional 18 shares during the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of Consolidated Edison by 28.6% in the second quarter. DekaBank Deutsche Girozentrale now owns 113,576 shares of the utilities provider’s stock worth $9,275,000 after buying an additional 25,245 shares during the last quarter. National Planning Corp raised its stake in shares of Consolidated Edison by 1.5% in the second quarter. National Planning Corp now owns 32,159 shares of the utilities provider’s stock worth $2,591,000 after buying an additional 484 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in shares of Consolidated Edison by 5.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,042,131 shares of the utilities provider’s stock worth $84,226,000 after buying an additional 49,442 shares during the last quarter. Institutional investors and hedge funds own 54.90% of the company’s stock.
Shares of Consolidated Edison Inc (ED) opened at 83.53 on Friday. The firm has a market capitalization of $25.53 billion, a price-to-earnings ratio of 20.21 and a beta of 0.08. Consolidated Edison Inc has a 52 week low of $68.76 and a 52 week high of $85.13. The company’s 50-day moving average is $82.08 and its 200 day moving average is $79.65.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by $0.03. The company had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same period in the prior year, the company earned $0.60 earnings per share. Analysts anticipate that Consolidated Edison Inc will post $4.09 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be issued a dividend of $0.69 per share. The ex-dividend date is Monday, August 14th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.30%. Consolidated Edison’s dividend payout ratio (DPR) is 66.67%.
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A number of brokerages have recently weighed in on ED. Morgan Stanley raised their price objective on shares of Consolidated Edison from $75.00 to $78.00 and gave the company an “underweight” rating in a report on Thursday, August 10th. Zacks Investment Research upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a report on Monday, August 7th. BidaskClub upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Finally, Jefferies Group LLC lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating and reduced their price objective for the company from $88.00 to $83.50 in a report on Tuesday, June 13th. Five equities research analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. Consolidated Edison currently has an average rating of “Hold” and a consensus price target of $76.96.
About Consolidated Edison
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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