Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp reduced its holdings in Consolidated Edison, Inc. (NYSE:ED) by 20.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 57,066 shares of the utilities provider’s stock after selling 14,298 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Consolidated Edison were worth $5,103,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Beacon Capital Management LLC increased its holdings in shares of Consolidated Edison by 2,307.7% during the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares during the period. Raleigh Capital Management Inc. acquired a new position in Consolidated Edison during the 4th quarter valued at about $29,000. Tidemark LLC bought a new stake in shares of Consolidated Edison during the 4th quarter worth about $29,000. Pathway Financial Advisers LLC acquired a new stake in shares of Consolidated Edison in the 1st quarter worth approximately $33,000. Finally, Atlantic Edge Private Wealth Management LLC bought a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $33,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

NYSE ED opened at $103.38 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The firm has a market capitalization of $35.75 billion, a price-to-earnings ratio of 19.84, a price-to-earnings-growth ratio of 3.49 and a beta of 0.36. The company has a 50 day simple moving average of $98.42 and a 200-day simple moving average of $93.92. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $105.99.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the prior year, the firm earned $0.61 EPS. Equities research analysts predict that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be paid a $0.83 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.21%. Consolidated Edison’s dividend payout ratio (DPR) is currently 63.72%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Morgan Stanley boosted their target price on Consolidated Edison from $75.00 to $82.00 and gave the stock an “underweight” rating in a report on Friday, August 23rd. Mizuho lifted their price target on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Bank of America raised their price objective on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Scotiabank upped their target price on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Finally, Wells Fargo & Company lifted their price target on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $92.65.

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.