D.A. Davidson & CO. increased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED – Get Rating) by 3.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 6,643 shares of the utilities provider’s stock after acquiring an additional 207 shares during the period. D.A. Davidson & CO.’s holdings in Consolidated Edison were worth $567,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the stock. BlackRock Inc. raised its position in Consolidated Edison by 7.4% during the 3rd quarter. BlackRock Inc. now owns 37,822,154 shares of the utilities provider’s stock valued at $2,745,509,000 after purchasing an additional 2,618,341 shares in the last quarter. Baillie Gifford & Co. raised its position in Consolidated Edison by 119.6% during the 4th quarter. Baillie Gifford & Co. now owns 1,715,535 shares of the utilities provider’s stock valued at $146,370,000 after purchasing an additional 934,183 shares in the last quarter. Morgan Stanley raised its position in Consolidated Edison by 72.3% during the 2nd quarter. Morgan Stanley now owns 2,196,661 shares of the utilities provider’s stock valued at $157,544,000 after purchasing an additional 921,807 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Consolidated Edison by 50.7% during the 3rd quarter. Goldman Sachs Group Inc. now owns 1,305,517 shares of the utilities provider’s stock valued at $94,767,000 after purchasing an additional 439,417 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in Consolidated Edison by 136.3% during the 3rd quarter. Renaissance Technologies LLC now owns 573,699 shares of the utilities provider’s stock valued at $41,645,000 after purchasing an additional 330,899 shares in the last quarter. 62.01% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have recently issued reports on the company. Wells Fargo & Company lifted their price target on Consolidated Edison from $78.00 to $87.00 and gave the company an “equal weight” rating in a report on Monday, January 31st. Wolfe Research upgraded Consolidated Edison from an “underperform” rating to a “peer perform” rating and set a $82.00 target price on the stock in a research note on Thursday, February 17th. The Goldman Sachs Group boosted their target price on Consolidated Edison from $65.00 to $83.00 and gave the stock a “sell” rating in a research note on Thursday, March 31st. KeyCorp boosted their target price on Consolidated Edison from $65.00 to $71.00 and gave the stock an “underweight” rating in a research note on Thursday, January 13th. Finally, Mizuho boosted their target price on Consolidated Edison from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Thursday, March 10th. Seven research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $79.42.
NYSE:ED opened at $97.91 on Monday. Consolidated Edison, Inc. has a 12 month low of $71.17 and a 12 month high of $98.65. The stock has a 50 day moving average of $88.76 and a two-hundred day moving average of $82.75. The company has a current ratio of 1.02, a quick ratio of 0.94 and a debt-to-equity ratio of 1.11. The firm has a market cap of $34.68 billion, a P/E ratio of 25.43, a price-to-earnings-growth ratio of 10.95 and a beta of 0.22.
Consolidated Edison (NYSE:ED – Get Rating) last posted its quarterly earnings data on Thursday, February 17th. The utilities provider reported $1.00 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.15. Consolidated Edison had a return on equity of 7.63% and a net margin of 9.84%. The company had revenue of $3.42 billion during the quarter, compared to analyst estimates of $2.97 billion. During the same period in the previous year, the business earned $0.75 EPS. On average, research analysts forecast that Consolidated Edison, Inc. will post 4.47 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, March 15th. Stockholders of record on Wednesday, February 16th were given a $0.79 dividend. The ex-dividend date of this dividend was Tuesday, February 15th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.78. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.23%. Consolidated Edison’s dividend payout ratio is 82.08%.
Consolidated Edison Profile (Get Rating)
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 3.5 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 1,555 customers in parts of Manhattan.
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