Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Savant Capital LLC

Savant Capital LLC cut its stake in Consolidated Edison, Inc. (NYSE:ED) by 2.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 9,808 shares of the utilities provider’s stock after selling 298 shares during the period. Savant Capital LLC’s holdings in Consolidated Edison were worth $875,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently added to or reduced their stakes in ED. Point72 Asset Management L.P. increased its holdings in shares of Consolidated Edison by 1,766.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock worth $102,980,000 after acquiring an additional 935,962 shares during the period. FMR LLC increased its stake in shares of Consolidated Edison by 82.3% in the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after purchasing an additional 572,530 shares during the period. International Assets Investment Management LLC raised its holdings in shares of Consolidated Edison by 10,262.1% during the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock valued at $57,641,000 after buying an additional 548,204 shares during the last quarter. National Bank of Canada FI boosted its position in shares of Consolidated Edison by 350.6% during the third quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock worth $64,634,000 after buying an additional 482,953 shares during the period. Finally, State Street Corp grew its holdings in Consolidated Edison by 1.7% in the 3rd quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock worth $2,439,684,000 after buying an additional 399,034 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Performance

Shares of NYSE ED opened at $95.01 on Friday. The stock’s fifty day simple moving average is $91.84 and its 200 day simple moving average is $98.14. The stock has a market capitalization of $32.91 billion, a price-to-earnings ratio of 17.89, a PEG ratio of 3.04 and a beta of 0.39. 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, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be paid a $0.85 dividend. The ex-dividend date is Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a yield of 3.58%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ED. Morgan Stanley cut their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Evercore ISI downgraded shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Mizuho increased their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Scotiabank upgraded shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and boosted their price target for the stock from $90.00 to $100.00 in a research report on Thursday, December 12th. Finally, Barclays decreased their price objective on shares of Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a report on Monday, January 27th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and a consensus price target of $100.00.

About Consolidated Edison

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.