St. Johns Investment Management Company LLC lowered its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,641 shares of the utilities provider’s stock after selling 323 shares during the quarter. St. Johns Investment Management Company LLC’s holdings in Consolidated Edison were worth $661,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Financial Gravity Companies Inc. bought a new stake in Consolidated Edison in the fourth quarter valued at approximately $28,000. Orrstown Financial Services Inc. acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $31,000. Heritage Wealth Advisors acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $33,000. Essex Savings Bank acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $67,000. Finally, Highwater Wealth Management LLC acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $73,000. Institutional investors own 58.76% of the company’s stock.
Shares of NYSE ED traded down $0.02 during mid-day trading on Monday, hitting $78.91. 34,868 shares of the stock traded hands, compared to its average volume of 2,210,132. The company has a quick ratio of 0.56, a current ratio of 0.62 and a debt-to-equity ratio of 0.97. Consolidated Edison, Inc. has a twelve month low of $71.12 and a twelve month high of $84.32. The company has a market cap of $24.72 billion, a price-to-earnings ratio of 19.29, a price-to-earnings-growth ratio of 6.09 and a beta of 0.12.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Wednesday, February 13th will be issued a dividend of $0.74 per share. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Tuesday, February 12th. This represents a $2.96 annualized dividend and a dividend yield of 3.75%. Consolidated Edison’s dividend payout ratio (DPR) is 69.93%.
A number of equities research analysts recently issued reports on the company. Citigroup increased their price target on Consolidated Edison from $79.00 to $80.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 16th. Barclays raised their target price on Consolidated Edison from $79.00 to $83.00 and gave the company a “hold” rating in a report on Monday, November 19th. ValuEngine raised Consolidated Edison from a “hold” rating to a “buy” rating in a report on Wednesday, December 5th. Zacks Investment Research downgraded Consolidated Edison from a “hold” rating to a “sell” rating in a report on Monday, January 14th. Finally, Goldman Sachs Group raised Consolidated Edison from a “sell” rating to a “neutral” rating and raised their target price for the company from $72.00 to $73.00 in a report on Monday, November 5th. Five investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Consolidated Edison currently has an average rating of “Hold” and a consensus price target of $76.30.
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Consolidated Edison Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.
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