Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Farmers & Merchants Investments Inc.

Farmers & Merchants Investments Inc. cut its holdings in Consolidated Edison, Inc. (NYSE:ED) by 7.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,030 shares of the utilities provider’s stock after selling 165 shares during the period. Farmers & Merchants Investments Inc.’s holdings in Consolidated Edison were worth $224,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Revolve Wealth Partners LLC boosted its stake in Consolidated Edison by 13.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider’s stock valued at $332,000 after acquiring an additional 441 shares in the last quarter. Empowered Funds LLC boosted its stake in Consolidated Edison by 9.2% in the fourth quarter. Empowered Funds LLC now owns 6,319 shares of the utilities provider’s stock valued at $564,000 after acquiring an additional 534 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Consolidated Edison by 44.3% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 306,197 shares of the utilities provider’s stock valued at $27,261,000 after acquiring an additional 93,956 shares in the last quarter. Van ECK Associates Corp boosted its stake in Consolidated Edison by 12.8% in the fourth quarter. Van ECK Associates Corp now owns 108,165 shares of the utilities provider’s stock valued at $9,651,000 after acquiring an additional 12,238 shares in the last quarter. Finally, Asset Management One Co. Ltd. boosted its stake in Consolidated Edison by 3.0% in the fourth quarter. Asset Management One Co. Ltd. now owns 180,823 shares of the utilities provider’s stock valued at $16,195,000 after acquiring an additional 5,318 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ED has been the subject of several research analyst reports. Wells Fargo & Company upped their price objective on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a research note on Friday, May 2nd. UBS Group upped their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Citigroup upped their target price on shares of Consolidated Edison from $116.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, April 9th. Barclays upped their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a report on Monday, May 5th. Finally, Scotiabank upped their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a report on Monday, February 24th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $104.27.

Consolidated Edison Trading Up 0.1%

NYSE ED opened at $103.89 on Friday. The stock has a market capitalization of $37.43 billion, a P/E ratio of 19.83, a P/E/G ratio of 3.05 and a beta of 0.27. Consolidated Edison, Inc. has a 52-week low of $87.28 and a 52-week high of $114.87. The firm has a 50-day moving average price of $106.74 and a 200 day moving average price of $100.51. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.05). Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The firm had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the prior year, the company earned $2.15 earnings per share. Equities research analysts expect that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $3.40 dividend on an annualized basis and a yield of 3.27%. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.85%.

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.