CIBC Private Wealth Group LLC Buys 1,655 Shares of Consolidated Edison, Inc. (NYSE:ED)

CIBC Private Wealth Group LLC lifted its stake in Consolidated Edison, Inc. (NYSE:EDFree Report) by 10.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 18,168 shares of the utilities provider’s stock after buying an additional 1,655 shares during the period. CIBC Private Wealth Group LLC’s holdings in Consolidated Edison were worth $1,653,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Financial Gravity Asset Management Inc. lifted its stake in shares of Consolidated Edison by 215.6% in the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after buying an additional 194 shares during the period. Turtle Creek Wealth Advisors LLC bought a new position in Consolidated Edison during the fourth quarter worth about $29,000. Tidemark LLC bought a new position in Consolidated Edison during the fourth quarter worth about $29,000. Bruce G. Allen Investments LLC bought a new position in Consolidated Edison during the fourth quarter worth about $31,000. Finally, CVA Family Office LLC bought a new position in Consolidated Edison during the fourth quarter worth about $32,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $91.61 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92. The firm has a market cap of $31.68 billion, a P/E ratio of 17.58, a P/E/G ratio of 2.33 and a beta of 0.35. The firm has a 50 day simple moving average of $93.35 and a 200 day simple moving average of $91.20. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $98.85.

Consolidated Edison (NYSE:EDGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. Consolidated Edison’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.83 earnings per share. Sell-side analysts predict that Consolidated Edison, Inc. will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is presently 63.72%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ED. Barclays raised their price target on shares of Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 7th. Royal Bank of Canada cut their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research note on Friday, February 16th. Mizuho raised their price target on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 28th. UBS Group cut their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. Finally, Morgan Stanley raised their price objective on shares of Consolidated Edison from $73.00 to $80.00 and gave the stock an “underweight” rating in a report on Tuesday, May 28th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, Consolidated Edison currently has a consensus rating of “Hold” and an average target price of $89.58.

Read Our Latest Research Report on ED

About Consolidated Edison

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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