New York State Teachers Retirement System decreased its position in Consolidated Edison, Inc. (NYSE:ED) by 6.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 441,760 shares of the utilities provider’s stock after selling 30,876 shares during the quarter. New York State Teachers Retirement System owned 0.14% of Consolidated Edison worth $33,777,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in the company. Orrstown Financial Services Inc. bought a new stake in Consolidated Edison in the fourth quarter worth about $31,000. Heritage Wealth Advisors bought a new stake in Consolidated Edison in the fourth quarter worth about $33,000. Highwater Wealth Management LLC bought a new stake in Consolidated Edison in the fourth quarter worth about $73,000. IMS Capital Management bought a new stake in Consolidated Edison in the third quarter worth about $120,000. Finally, Psagot Investment House Ltd. bought a new stake in Consolidated Edison in the third quarter worth about $122,000. 58.76% of the stock is owned by institutional investors and hedge funds.
Several brokerages have commented on ED. Zacks Investment Research cut shares of Consolidated Edison from a “hold” rating to a “sell” rating in a research report on Tuesday, January 8th. Morgan Stanley lifted their price target on Consolidated Edison from $78.00 to $81.00 and gave the stock an “underweight” rating in a research note on Tuesday. ValuEngine raised Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Wednesday, December 5th. Evercore ISI cut Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $78.07 price target on the stock. in a research note on Tuesday. Finally, Bank of America dropped their price target on Consolidated Edison from $87.00 to $83.00 and set a “buy” rating on the stock in a research note on Friday, November 2nd. Five investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $76.64.
NYSE:ED opened at $77.83 on Thursday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.56 and a current ratio of 0.62. Consolidated Edison, Inc. has a fifty-two week low of $71.12 and a fifty-two week high of $84.32. The stock has a market cap of $24.72 billion, a price-to-earnings ratio of 19.03, a price-to-earnings-growth ratio of 6.09 and a beta of 0.12.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Wednesday, February 13th will be paid a $0.74 dividend. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.72. The ex-dividend date is Tuesday, February 12th. This represents a $2.96 annualized dividend and a dividend yield of 3.80%. Consolidated Edison’s payout ratio is presently 69.93%.
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About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.
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