EP Wealth Advisors LLC acquired a new position in shares of Consolidated Edison, Inc. (NYSE:ED – Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 2,468 shares of the utilities provider’s stock, valued at approximately $409,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in ED. Envestnet Asset Management Inc. grew its stake in shares of Consolidated Edison by 1,869.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 4,786,202 shares of the utilities provider’s stock worth $29,777,000 after purchasing an additional 4,543,146 shares during the period. Moneta Group Investment Advisors LLC grew its stake in Consolidated Edison by 89,231.2% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 4,145,861 shares of the utilities provider’s stock valued at $395,142,000 after acquiring an additional 4,141,220 shares during the period. Norges Bank acquired a new stake in Consolidated Edison in the 4th quarter valued at $318,245,000. Morgan Stanley grew its stake in Consolidated Edison by 33.3% in the 4th quarter. Morgan Stanley now owns 4,128,579 shares of the utilities provider’s stock valued at $393,495,000 after acquiring an additional 1,030,730 shares during the period. Finally, Panagora Asset Management Inc. grew its stake in Consolidated Edison by 547.3% in the 1st quarter. Panagora Asset Management Inc. now owns 581,790 shares of the utilities provider’s stock valued at $55,660,000 after acquiring an additional 491,907 shares during the period. Institutional investors and hedge funds own 64.53% of the company’s stock.
Wall Street Analysts Forecast Growth
ED has been the topic of a number of research analyst reports. Mizuho dropped their price target on shares of Consolidated Edison from $95.00 to $88.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 5th. Morgan Stanley dropped their price target on shares of Consolidated Edison from $74.00 to $73.00 and set an “underweight” rating on the stock in a research note on Wednesday, August 23rd. Guggenheim dropped their price target on shares of Consolidated Edison from $90.00 to $85.00 in a research note on Friday, July 7th. Barclays started coverage on shares of Consolidated Edison in a research note on Wednesday, August 23rd. They set an “equal weight” rating and a $88.00 target price on the stock. Finally, StockNews.com started coverage on shares of Consolidated Edison in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $89.79.
Consolidated Edison Stock Down 1.0 %
NYSE ED opened at $91.49 on Monday. Consolidated Edison, Inc. has a 52 week low of $78.10 and a 52 week high of $100.92. The company has a quick ratio of 0.95, a current ratio of 1.02 and a debt-to-equity ratio of 0.99. The business’s fifty day simple moving average is $91.33 and its 200-day simple moving average is $93.61. The firm has a market cap of $31.56 billion, a PE ratio of 13.16, a P/E/G ratio of 9.32 and a beta of 0.37.
Consolidated Edison (NYSE:ED – Get Free Report) last posted its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.58 by $0.03. Consolidated Edison had a return on equity of 8.27% and a net margin of 15.84%. The business had revenue of $2.94 billion for the quarter, compared to analyst estimates of $3.31 billion. During the same quarter in the previous year, the firm earned $0.64 EPS. As a group, equities analysts anticipate that Consolidated Edison, Inc. will post 4.9 earnings per share for the current year.
Consolidated Edison Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, August 16th were issued a $0.81 dividend. The ex-dividend date of this dividend was Tuesday, August 15th. This represents a $3.24 annualized dividend and a yield of 3.54%. Consolidated Edison’s dividend payout ratio (DPR) is currently 46.62%.
About Consolidated Edison
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 3.6 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.
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