Global Retirement Partners LLC Sells 312 Shares of Consolidated Edison, Inc. (NYSE:ED)

Global Retirement Partners LLC lowered its position in Consolidated Edison, Inc. (NYSE:ED) by 6.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,254 shares of the utilities provider’s stock after selling 312 shares during the quarter. Global Retirement Partners LLC’s holdings in Consolidated Edison were worth $443,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. nVerses Capital LLC bought a new stake in Consolidated Edison during the 3rd quarter valued at $115,000. FLC Capital Advisors bought a new stake in Consolidated Edison during the 3rd quarter valued at $208,000. Cornerstone Wealth Management LLC boosted its position in Consolidated Edison by 2.7% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 46,461 shares of the utilities provider’s stock valued at $4,838,000 after acquiring an additional 1,201 shares in the last quarter. Presima Securities ULC boosted its position in Consolidated Edison by 2.1% during the 3rd quarter. Presima Securities ULC now owns 9,900 shares of the utilities provider’s stock valued at $1,031,000 after acquiring an additional 200 shares in the last quarter. Finally, McKinley Carter Wealth Services Inc. bought a new stake in Consolidated Edison during the 3rd quarter valued at $205,000. Institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

ED has been the topic of several recent research reports. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and increased their target price for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Jefferies Financial Group assumed coverage on Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective for the company. Bank of America increased their price objective on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Barclays increased their price objective on Consolidated Edison from $98.00 to $104.00 and gave the company an “underweight” rating in a report on Monday. Finally, Morgan Stanley increased their price objective on Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a report on Wednesday, September 25th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $98.73.

Consolidated Edison Stock Performance

NYSE ED opened at $106.26 on Tuesday. The stock has a 50-day simple moving average of $102.89 and a two-hundred day simple moving average of $96.80. The firm has a market capitalization of $36.75 billion, a P/E ratio of 20.40, a PEG ratio of 3.46 and a beta of 0.36. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.10. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same quarter last year, the business posted $0.61 EPS. On average, equities analysts forecast that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.12%. Consolidated Edison’s payout ratio is currently 63.72%.

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.