Kentucky Retirement Systems lowered its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 44.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,549 shares of the utilities provider’s stock after selling 10,632 shares during the period. Kentucky Retirement Systems’ holdings in Consolidated Edison were worth $1,036,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in ED. Financial Gravity Companies Inc. purchased a new position in shares of Consolidated Edison during the fourth quarter valued at $28,000. Sontag Advisory LLC purchased a new position in shares of Consolidated Edison during the fourth quarter valued at $30,000. Orrstown Financial Services Inc. purchased a new position in shares of Consolidated Edison during the fourth quarter valued at $31,000. Heritage Wealth Advisors acquired a new stake in Consolidated Edison during the fourth quarter valued at $33,000. Finally, Larson Financial Group LLC acquired a new stake in Consolidated Edison during the fourth quarter valued at $33,000. 60.67% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Consolidated Edison stock traded down $0.29 during trading on Friday, reaching $83.61. The company’s stock had a trading volume of 1,417,055 shares, compared to its average volume of 1,403,713. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.56 and a current ratio of 0.62. The firm has a market capitalization of $27.34 billion, a PE ratio of 19.35, a PEG ratio of 9.59 and a beta of 0.12. Consolidated Edison, Inc. has a one year low of $71.12 and a one year high of $85.87.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Wednesday, May 15th will be paid a dividend of $0.74 per share. The ex-dividend date is Tuesday, May 14th. This represents a $2.96 annualized dividend and a yield of 3.54%. Consolidated Edison’s dividend payout ratio is 68.52%.
A number of analysts recently issued reports on ED shares. Zacks Investment Research cut Consolidated Edison from a “hold” rating to a “sell” rating in a research report on Tuesday, January 8th. Bank of America cut Consolidated Edison from a “buy” rating to a “neutral” rating in a research report on Friday, January 18th. Mizuho started coverage on Consolidated Edison in a research report on Monday, March 11th. They set a “neutral” rating and a $85.00 price objective for the company. ValuEngine cut Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Wednesday, January 9th. Finally, Evercore ISI cut Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $78.07 price target for the company. in a research report on Tuesday, February 12th. Five research analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $77.34.
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Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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