RMR Wealth Builders Cuts Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

RMR Wealth Builders lowered its holdings in Consolidated Edison, Inc. (NYSE:ED) by 3.5% in the 4th quarter, HoldingsChannel reports. The firm owned 5,140 shares of the utilities provider’s stock after selling 185 shares during the quarter. RMR Wealth Builders’ holdings in Consolidated Edison were worth $468,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Diversified Trust Co raised its stake in Consolidated Edison by 140.8% in the fourth quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock worth $3,361,000 after buying an additional 21,604 shares in the last quarter. abrdn plc increased its holdings in shares of Consolidated Edison by 30.2% in the 4th quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock valued at $28,373,000 after acquiring an additional 72,273 shares during the period. Pacer Advisors Inc. increased its holdings in shares of Consolidated Edison by 169.9% in the 4th quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock valued at $5,487,000 after acquiring an additional 37,971 shares during the period. Blackhawk Capital Partners LLC. bought a new position in shares of Consolidated Edison in the 4th quarter worth $1,551,000. Finally, Mariner LLC lifted its stake in shares of Consolidated Edison by 24.9% during the 3rd quarter. Mariner LLC now owns 91,702 shares of the utilities provider’s stock worth $7,844,000 after purchasing an additional 18,270 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of recent research reports. Barclays boosted their target price on shares of Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a report on Tuesday. Royal Bank of Canada decreased their target price on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research report on Friday, February 16th. Scotiabank cut their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. UBS Group decreased their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a report on Friday, February 16th. Finally, Wells Fargo & Company raised their price objective on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $88.46.

Consolidated Edison Stock Performance

Shares of ED stock traded up $0.05 during mid-day trading on Wednesday, reaching $97.55. The stock had a trading volume of 2,179,661 shares, compared to its average volume of 1,904,048. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $100.08. The firm has a market cap of $33.74 billion, a price-to-earnings ratio of 18.72, a PEG ratio of 8.99 and a beta of 0.34. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. The business’s fifty day moving average is $90.62 and its 200-day moving average is $90.28.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. During the same quarter in the prior year, the company earned $1.83 EPS. Consolidated Edison’s quarterly revenue was down 2.8% on a year-over-year basis. On average, research analysts forecast that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.40%. Consolidated Edison’s dividend payout ratio (DPR) is presently 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.