Cranbrook Wealth Management LLC Sells 547 Shares of Consolidated Edison, Inc. (NYSE:ED)

Cranbrook Wealth Management LLC cut its stake in Consolidated Edison, Inc. (NYSE:ED) by 29.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,285 shares of the utilities provider’s stock after selling 547 shares during the period. Cranbrook Wealth Management LLC’s holdings in Consolidated Edison were worth $117,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Retirement Group LLC lifted its stake in Consolidated Edison by 74.8% in the fourth quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock valued at $26,000 after buying an additional 116 shares during the period. Financial Gravity Asset Management Inc. lifted its stake in Consolidated Edison by 215.6% in the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after buying an additional 194 shares during the period. Level Financial Advisors Inc. acquired a new position in Consolidated Edison in the third quarter valued at approximately $26,000. Tyler Stone Wealth Management acquired a new position in Consolidated Edison in the second quarter valued at approximately $28,000. Finally, CGC Financial Services LLC acquired a new position in Consolidated Edison in the second quarter valued at approximately $30,000. 66.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ED has been the topic of a number of research reports. Barclays upped their target price on Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 14th. Royal Bank of Canada lowered their price target on 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. UBS Group lowered their price target on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. LADENBURG THALM/SH SH assumed coverage on Consolidated Edison in a research report on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 price target for the company. Finally, KeyCorp upgraded Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $87.96.

Consolidated Edison Stock Down 0.6 %

Shares of NYSE ED opened at $89.65 on Friday. The business has a 50-day simple moving average of $89.07 and a two-hundred day simple moving average of $89.50. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $100.92. The company has a market cap of $30.97 billion, a P/E ratio of 12.49, a P/E/G ratio of 8.45 and a beta of 0.35. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The firm had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.70 billion. During the same quarter last year, the firm posted $0.81 EPS. The company’s revenue was down 14.6% compared to the same quarter last year. Research analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Wednesday, February 14th were issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.70%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.81. The ex-dividend date was Tuesday, February 13th. Consolidated Edison’s dividend payout ratio (DPR) is currently 46.24%.

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.