Consolidated Edison Inc $ED Stock: Maryland State Retirement & Pension System Reduces Stake

Maryland State Retirement & Pension System reduced its stake in Consolidated Edison Inc (NYSE:ED) by 7.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 341,528 shares of the utilities provider’s stock after selling 27,830 shares during the period. Maryland State Retirement & Pension System owned 0.09% of Consolidated Edison worth $34,908,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Aberdeen Wealth Management LLC bought a new position in Consolidated Edison during the 2nd quarter valued at $27,000. Activest Wealth Management increased its position in shares of Consolidated Edison by 77.3% during the 3rd quarter. Activest Wealth Management now owns 250 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 109 shares during the period. Keating Financial Advisory Services Inc. acquired a new position in shares of Consolidated Edison during the 2nd quarter valued at $30,000. GoalVest Advisory LLC raised its stake in shares of Consolidated Edison by 80.0% in the 3rd quarter. GoalVest Advisory LLC now owns 306 shares of the utilities provider’s stock worth $31,000 after buying an additional 136 shares in the last quarter. Finally, Westside Investment Management Inc. raised its stake in shares of Consolidated Edison by 155.6% in the 3rd quarter. Westside Investment Management Inc. now owns 317 shares of the utilities provider’s stock worth $33,000 after buying an additional 193 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ED has been the subject of several research analyst reports. Jefferies Financial Group restated a “hold” rating and issued a $105.00 price objective (down from $121.00) on shares of Consolidated Edison in a report on Tuesday, October 6th. Evercore lowered their target price on Consolidated Edison from $116.00 to $112.00 in a report on Thursday, October 8th. Scotiabank dropped their price target on shares of Consolidated Edison from $117.00 to $110.00 and set a “sector perform” rating on the stock in a research report on Wednesday, September 30th. Morgan Stanley cut their price target on shares of Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating for the company in a report on Friday, September 18th. Finally, The Goldman Sachs Group cut their price target on shares of Consolidated Edison from $106.00 to $102.00 in a report on Thursday, October 15th. Five analysts have rated the stock with a Buy rating, eight have given a Hold rating and six have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $109.74.

Consolidated Edison Trading Down 0.1%

Shares of NYSE:ED opened at $119.14 on Thursday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.07 and a current ratio of 1.18. The stock has a market capitalization of $44.22 billion, a price-to-earnings ratio of 19.06, a PEG ratio of 4.13 and a beta of 0.23. Consolidated Edison Inc has a 1-year low of $94.96 and a 1-year high of $122.75. The company has a 50 day moving average price of $109.61 and a 200 day moving average price of $109.58.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 5th. The utilities provider reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.04. Consolidated Edison had a return on equity of 8.58% and a net margin of 12.70%. The company had revenue of $4.91 billion for the quarter, compared to analysts’ expectations of $4.75 billion. During the same quarter in the prior year, the company earned $1.90 earnings per share. On average, research analysts anticipate that Consolidated Edison Inc will post 6.10 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Wednesday, November 18th will be issued a $0.8875 dividend. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Wednesday, November 18th. Consolidated Edison’s payout ratio is presently 56.80%.

About Consolidated Edison

Consolidated Edison, Inc. is an energy holding company whose principal business is delivering electricity, natural gas and steam through regulated utility subsidiaries. Its services include generating, transmitting and distributing energy to residential, commercial and industrial customers. Its largest subsidiary, Consolidated Edison Company of New York, serves customers in New York City and Westchester County. Orange and Rockland Utilities serves parts of southeastern New York and northern New Jersey.