Consolidated Edison, Inc. (NYSE:ED) Stock Position Decreased by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 115,197 shares of the utilities provider’s stock after selling 4,541 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Consolidated Edison were worth $10,279,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Wilmington Savings Fund Society FSB acquired a new stake in shares of Consolidated Edison in the third quarter worth $776,000. Pathway Financial Advisers LLC boosted its position in shares of Consolidated Edison by 10,302.6% in the third quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock worth $2,546,000 after buying an additional 24,211 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Consolidated Edison by 4.0% in the third quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock worth $223,373,000 after buying an additional 82,985 shares during the period. Hennessy Advisors Inc. boosted its position in shares of Consolidated Edison by 2.8% in the fourth quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider’s stock worth $12,772,000 after buying an additional 3,900 shares during the period. Finally, Gateway Investment Advisers LLC boosted its position in shares of Consolidated Edison by 102.7% in the fourth quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider’s stock worth $38,394,000 after buying an additional 217,981 shares during the period. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Price Performance

NYSE ED opened at $95.70 on Wednesday. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The stock’s 50-day moving average is $91.84 and its two-hundred day moving average is $98.10. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The firm has a market cap of $33.15 billion, a P/E ratio of 18.02, a price-to-earnings-growth ratio of 3.04 and a beta of 0.39.

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be issued a dividend of $0.85 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a yield of 3.55%. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is 64.03%.

Analyst Upgrades and Downgrades

ED has been the subject of several recent analyst reports. Barclays decreased their target price on Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a research report on Monday, January 27th. Evercore ISI cut Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and increased their price objective for the stock from $90.00 to $100.00 in a report on Thursday, December 12th. Morgan Stanley cut their price objective on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Finally, Mizuho increased their price objective on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $100.70.

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.