Power Corp of Canada Acquires New Stake in Consolidated Edison, Inc. (NYSE:ED)

Power Corp of Canada acquired a new stake in Consolidated Edison, Inc. (NYSE:ED – Get Rating) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,980 shares of the utilities provider’s stock, valued at approximately $170,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Magnus Financial Group LLC grew its holdings in Consolidated Edison by 2.0% during the 2nd quarter. Magnus Financial Group LLC now owns 5,830 shares of the utilities provider’s stock worth $554,000 after acquiring an additional 115 shares during the period. Brinker Capital Investments LLC grew its holdings in Consolidated Edison by 1.2% during the 1st quarter. Brinker Capital Investments LLC now owns 9,592 shares of the utilities provider’s stock worth $908,000 after acquiring an additional 117 shares during the period. Householder Group Estate & Retirement Specialist LLC grew its holdings in Consolidated Edison by 4.5% during the 3rd quarter. Householder Group Estate & Retirement Specialist LLC now owns 3,016 shares of the utilities provider’s stock worth $258,000 after acquiring an additional 130 shares during the period. Keybank National Association OH grew its holdings in Consolidated Edison by 1.0% during the 3rd quarter. Keybank National Association OH now owns 13,223 shares of the utilities provider’s stock worth $1,134,000 after acquiring an additional 130 shares during the period. Finally, Clarius Group LLC grew its holdings in Consolidated Edison by 4.3% during the 2nd quarter. Clarius Group LLC now owns 3,331 shares of the utilities provider’s stock worth $317,000 after acquiring an additional 137 shares during the period. 64.95% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $95.64 on Thursday. Consolidated Edison, Inc. has a fifty-two week low of $78.10 and a fifty-two week high of $102.21. The stock has a market cap of $33.96 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 9.28 and a beta of 0.35. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.10 and a current ratio of 1.14. The firm’s 50-day simple moving average is $93.36 and its 200 day simple moving average is $93.01.

Consolidated Edison (NYSE:ED – Get Rating) last announced its quarterly earnings results on Thursday, February 16th. The utilities provider reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.03. Consolidated Edison had a net margin of 10.59% and a return on equity of 7.79%. The business had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $3.18 billion. During the same quarter last year, the firm earned $1.00 EPS. The firm’s revenue for the quarter was up 18.0% compared to the same quarter last year. As a group, research analysts anticipate that Consolidated Edison, Inc. will post 4.88 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Wednesday, February 15th were given a dividend of $0.81 per share. The ex-dividend date was Tuesday, February 14th. This represents a $3.24 annualized dividend and a dividend yield of 3.39%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.79. Consolidated Edison’s dividend payout ratio (DPR) is currently 69.38%.

Analysts Set New Price Targets

A number of brokerages have weighed in on ED. Credit Suisse Group decreased their price target on Consolidated Edison from $95.00 to $91.00 and set a “neutral” rating for the company in a report on Friday, February 17th. Royal Bank of Canada increased their price target on Consolidated Edison from $94.00 to $95.00 and gave the stock a “sector perform” rating in a report on Monday, February 27th. Wells Fargo & Company raised their target price on Consolidated Edison from $87.00 to $98.00 in a research note on Wednesday, December 14th. StockNews.com assumed coverage on Consolidated Edison in a research note on Thursday. They issued a “hold” rating for the company. Finally, Guggenheim reduced their target price on Consolidated Edison from $97.00 to $86.00 in a research note on Friday, February 17th. Five investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $89.25.

Consolidated Edison Profile

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Consolidated Edison, Inc is a holding company, which engages in the business of regulated electric, gas, and steam delivery. It operates through the following segments: Consolidated Edison Company of New York (CECONY), Orange and Rockland Utilities(O&R), Con Edison Clean Energy Businesses and Con Edison Transmission.