RIA Advisory Group LLC Sells 1,407 Shares of Consolidated Edison, Inc. (NYSE:ED)

RIA Advisory Group LLC decreased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 18.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,275 shares of the utilities provider’s stock after selling 1,407 shares during the period. RIA Advisory Group LLC’s holdings in Consolidated Edison were worth $571,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. IHT Wealth Management LLC lifted its stake in shares of Consolidated Edison by 1.4% during the 4th quarter. IHT Wealth Management LLC now owns 7,941 shares of the utilities provider’s stock valued at $757,000 after buying an additional 110 shares in the last quarter. Lido Advisors LLC lifted its stake in Consolidated Edison by 0.3% in the 1st quarter. Lido Advisors LLC now owns 43,881 shares of the utilities provider’s stock worth $4,198,000 after purchasing an additional 113 shares in the last quarter. Retirement Group LLC lifted its stake in Consolidated Edison by 74.8% in the 4th quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 116 shares in the last quarter. Brinker Capital Investments LLC lifted its stake in Consolidated Edison by 1.2% in the 1st quarter. Brinker Capital Investments LLC now owns 9,592 shares of the utilities provider’s stock worth $908,000 after purchasing an additional 117 shares in the last quarter. Finally, MGO One Seven LLC lifted its stake in Consolidated Edison by 2.1% in the 3rd quarter. MGO One Seven LLC now owns 5,727 shares of the utilities provider’s stock worth $490,000 after purchasing an additional 119 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Consolidated Edison stock traded up $0.87 during trading hours on Friday, reaching $91.77. 7,395,401 shares of the company were exchanged, compared to its average volume of 1,870,990. The firm has a market cap of $31.71 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 8.52 and a beta of 0.35. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. The stock has a 50-day moving average of $88.91 and a 200 day moving average of $89.55. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $100.92.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data 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 company had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.70 billion. During the same period in the prior year, the business earned $0.81 earnings per share. Consolidated Edison’s revenue for the quarter was down 14.6% compared to the same quarter last year. As a group, research analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.62%. Consolidated Edison’s dividend payout ratio is presently 46.24%.

Analysts Set New Price Targets

A number of brokerages have commented on ED. KeyCorp upgraded shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. LADENBURG THALM/SH SH began coverage on shares of Consolidated Edison in a research report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 target price for the company. Barclays raised their price target on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a report on Thursday, March 14th. Scotiabank raised their price target on shares of Consolidated Edison from $90.00 to $91.00 and gave the stock a “sector underperform” rating in a report on Tuesday, February 20th. Finally, Royal Bank of Canada decreased their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a report on Friday, February 16th. Four equities research 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’s stock. According to MarketBeat, Consolidated Edison currently has an average rating of “Hold” and an average target price of $87.96.

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.