Envestnet Portfolio Solutions Inc. Has $1.46 Million Position in Consolidated Edison, Inc. (NYSE:ED)

Envestnet Portfolio Solutions Inc. reduced its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 6.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,363 shares of the utilities provider’s stock after selling 1,083 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Consolidated Edison were worth $1,460,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in ED. AlphaMark Advisors LLC bought a new position in Consolidated Edison during the 4th quarter worth approximately $27,000. OFI Invest Asset Management bought a new stake in Consolidated Edison during the 4th quarter worth approximately $35,000. Fairway Wealth LLC acquired a new stake in Consolidated Edison during the 4th quarter worth approximately $36,000. Centricity Wealth Management LLC bought a new position in Consolidated Edison in the fourth quarter valued at approximately $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $44,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ED. UBS Group increased their price objective on Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday. Barclays raised their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research note on Monday, February 24th. Scotiabank increased their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Finally, Morgan Stanley increased their price objective on shares of Consolidated Edison from $85.00 to $91.00 and gave the stock an “underweight” rating in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $102.40.

Consolidated Edison Stock Performance

Shares of ED stock opened at $107.85 on Friday. The business’s 50 day simple moving average is $97.91 and its 200 day simple moving average is $98.44. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. Consolidated Edison, Inc. has a one year low of $87.16 and a one year high of $109.36. The stock has a market capitalization of $37.40 billion, a PE ratio of 20.58, a PEG ratio of 3.05 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. As a group, research analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were issued a $0.85 dividend. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date was Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 64.89%.

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.