California State Teachers Retirement System Increases Stake in Consolidated Edison, Inc. (NYSE:ED)

California State Teachers Retirement System increased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 622,517 shares of the utilities provider’s stock after buying an additional 21,507 shares during the period. California State Teachers Retirement System owned about 0.18% of Consolidated Edison worth $56,531,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Turtle Creek Wealth Advisors LLC purchased a new stake in Consolidated Edison during the 4th quarter worth approximately $29,000. Raleigh Capital Management Inc. acquired a new position in Consolidated Edison during the 4th quarter worth approximately $29,000. Tidemark LLC acquired a new position in Consolidated Edison during the 4th quarter worth approximately $29,000. Atlantic Edge Private Wealth Management LLC acquired a new position in Consolidated Edison during the 4th quarter worth approximately $33,000. Finally, Quarry LP acquired a new position in Consolidated Edison during the 4th quarter worth approximately $35,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ED has been the subject of several analyst reports. Scotiabank lowered their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a report on Monday, April 22nd. Mizuho boosted their price target on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Wells Fargo & Company boosted their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. Morgan Stanley lowered their price target on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a report on Monday, June 24th. Finally, Barclays cut shares of Consolidated Edison from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $97.00 to $92.00 in a report on Monday, July 22nd. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $89.04.

Consolidated Edison Stock Performance

NYSE:ED traded up $0.21 during trading hours on Thursday, reaching $97.73. 56,212 shares of the company’s stock were exchanged, compared to its average volume of 1,853,312. The firm has a market capitalization of $33.80 billion, a price-to-earnings ratio of 18.72, a P/E/G ratio of 2.50 and a beta of 0.34. The company has a 50-day moving average of $92.09 and a 200 day moving average of $91.30. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $98.55.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. The firm had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. Consolidated Edison’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.83 EPS. Research analysts anticipate that Consolidated Edison, Inc. will post 5.32 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.40%. Consolidated Edison’s payout ratio is currently 63.72%.

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.