Raab & Moskowitz Asset Management LLC Sells 839 Shares of Consolidated Edison, Inc. (NYSE:ED)

Raab & Moskowitz Asset Management LLC cut its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 15.3% in the 4th quarter, Holdings Channel reports. The firm owned 4,635 shares of the utilities provider’s stock after selling 839 shares during the period. Raab & Moskowitz Asset Management LLC’s holdings in Consolidated Edison were worth $422,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Legal & General Group Plc lifted its stake in shares of Consolidated Edison by 0.5% in the 3rd quarter. Legal & General Group Plc now owns 6,201,026 shares of the utilities provider’s stock valued at $530,373,000 after acquiring an additional 27,850 shares during the last quarter. Northern Trust Corp increased its holdings in Consolidated Edison by 8.2% in the third quarter. Northern Trust Corp now owns 4,484,026 shares of the utilities provider’s stock valued at $383,519,000 after purchasing an additional 340,239 shares during the period. Morgan Stanley increased its holdings in Consolidated Edison by 1.8% in the third quarter. Morgan Stanley now owns 4,221,543 shares of the utilities provider’s stock valued at $361,069,000 after purchasing an additional 72,915 shares during the period. Invesco Ltd. increased its holdings in Consolidated Edison by 4.5% in the third quarter. Invesco Ltd. now owns 2,976,921 shares of the utilities provider’s stock valued at $254,616,000 after purchasing an additional 129,519 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Consolidated Edison by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,984,449 shares of the utilities provider’s stock valued at $169,716,000 after purchasing an additional 26,910 shares during the period. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock traded down $1.18 during mid-day trading on Friday, hitting $92.93. 1,418,568 shares of the stock were exchanged, compared to its average volume of 2,051,882. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $100.44. The company has a 50-day simple moving average of $89.52 and a 200 day simple moving average of $89.90. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. The company has a market capitalization of $32.11 billion, a P/E ratio of 12.95, a P/E/G ratio of 8.86 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, February 15th. The utilities provider reported $1.00 EPS for the quarter, topping the consensus estimate of $0.98 by $0.02. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. 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 earned $0.81 EPS. The company’s quarterly revenue was down 14.6% compared to the same quarter last year. Sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be paid a dividend of $0.83 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.57%. Consolidated Edison’s payout ratio is currently 46.24%.

Analysts Set New Price Targets

A number of brokerages have weighed in on ED. KeyCorp upgraded Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. Barclays increased their price target on Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a report on Thursday, March 14th. LADENBURG THALM/SH SH started coverage on Consolidated Edison in a report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 price target for the company. Scotiabank reduced their target price on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research note on Monday, April 22nd. Finally, UBS Group reduced their target price on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $87.54.

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.