Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Farmers & Merchants Investments Inc.

Farmers & Merchants Investments Inc. cut its holdings in Consolidated Edison, Inc. (NYSE:ED) by 7.5% during the 1st quarter, Holdings Channel reports. The firm owned 2,030 shares of the utilities provider’s stock after selling 165 shares during the period. Farmers & Merchants Investments Inc.’s holdings in Consolidated Edison were worth $224,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. OFI Invest Asset Management acquired a new stake in shares of Consolidated Edison in the fourth quarter valued at approximately $35,000. Wood Tarver Financial Group LLC acquired a new stake in shares of Consolidated Edison in the fourth quarter valued at approximately $35,000. Fairway Wealth LLC acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $36,000. Centricity Wealth Management LLC acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $44,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Performance

NYSE:ED opened at $103.89 on Friday. The firm’s 50 day moving average is $106.74 and its two-hundred day moving average is $100.51. Consolidated Edison, Inc. has a fifty-two week low of $87.28 and a fifty-two week high of $114.87. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The company has a market cap of $37.43 billion, a P/E ratio of 19.83, a P/E/G ratio of 3.05 and a beta of 0.27.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.05). Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The business had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the prior year, the business posted $2.15 EPS. Analysts expect that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th will be paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend is Wednesday, May 14th. Consolidated Edison’s dividend payout ratio is presently 62.85%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Citigroup raised their target price on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, April 9th. Barclays raised their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock an “underweight” rating in a research report on Monday, May 5th. KeyCorp lowered shares of Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 target price on the stock. in a research report on Wednesday, May 14th. UBS Group raised their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. Finally, Morgan Stanley decreased their target price on shares of Consolidated Edison from $94.00 to $93.00 and set an “underweight” rating on the stock in a research report on Thursday, May 22nd. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $104.27.

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.