Modera Wealth Management LLC Sells 9,121 Shares of Consolidated Edison Inc $ED

Modera Wealth Management LLC trimmed its stake in Consolidated Edison Inc (NYSE:ED) by 72.4% during the first quarter, Holdings Channel reports. The fund owned 3,471 shares of the utilities provider’s stock after selling 9,121 shares during the quarter. Modera Wealth Management LLC’s holdings in Consolidated Edison were worth $393,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Revolve Wealth Partners LLC grew its holdings in Consolidated Edison by 13.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider’s stock valued at $332,000 after purchasing an additional 441 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of Consolidated Edison by 42.1% in the first quarter. Empowered Funds LLC now owns 8,978 shares of the utilities provider’s stock worth $993,000 after buying an additional 2,659 shares during the last quarter. Woodline Partners LP boosted its holdings in shares of Consolidated Edison by 40.7% during the 1st quarter. Woodline Partners LP now owns 29,271 shares of the utilities provider’s stock worth $3,237,000 after buying an additional 8,468 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of Consolidated Edison during the 2nd quarter worth $3,256,000. Finally, Baird Financial Group Inc. grew its stake in Consolidated Edison by 2.1% in the 2nd quarter. Baird Financial Group Inc. now owns 14,679 shares of the utilities provider’s stock valued at $1,473,000 after buying an additional 296 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Down 1.1%

NYSE ED opened at $111.16 on Tuesday. Consolidated Edison Inc has a twelve month low of $94.96 and a twelve month high of $116.23. The stock has a market cap of $40.97 billion, a PE ratio of 18.71, a PEG ratio of 2.86 and a beta of 0.27. The firm has a 50-day simple moving average of $108.59 and a 200 day simple moving average of $108.73. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.09 and a current ratio of 1.19.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be paid a dividend of $0.8875 per share. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, August 19th. Consolidated Edison’s payout ratio is presently 59.76%.

Analyst Upgrades and Downgrades

ED has been the subject of a number of research analyst reports. Wells Fargo & Company set a $98.00 target price on shares of Consolidated Edison in a research report on Tuesday, April 21st. Weiss Ratings upgraded Consolidated Edison from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. Barclays decreased their target price on Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating for the company in a research note on Monday, May 11th. Evercore set a $116.00 target price on Consolidated Edison in a report on Monday, May 11th. Finally, Mizuho reaffirmed a “neutral” rating and issued a $105.00 price target on shares of Consolidated Edison in a research report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $108.07.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.