Ritholtz Wealth Management Takes Position in Consolidated Edison Inc (NYSE:ED)

Ritholtz Wealth Management acquired a new stake in Consolidated Edison Inc (NYSE:ED) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 2,050 shares of the utilities provider’s stock, valued at approximately $227,000.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Consolidated Edison by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 42,455,662 shares of the utilities provider’s stock valued at $3,788,319,000 after purchasing an additional 488,752 shares during the period. Geode Capital Management LLC grew its position in Consolidated Edison by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 8,984,022 shares of the utilities provider’s stock worth $799,684,000 after acquiring an additional 130,234 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Consolidated Edison by 6.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,820,449 shares of the utilities provider’s stock worth $430,129,000 after acquiring an additional 271,088 shares during the last quarter. Norges Bank bought a new stake in Consolidated Edison during the 4th quarter worth approximately $399,824,000. Finally, Northern Trust Corp grew its position in Consolidated Edison by 10.2% during the 4th quarter. Northern Trust Corp now owns 4,207,753 shares of the utilities provider’s stock worth $375,458,000 after acquiring an additional 390,708 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ED has been the topic of a number of research analyst reports. Scotiabank increased their price target on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research report on Monday, February 24th. Citigroup increased their price target on Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, April 9th. Morgan Stanley decreased their price target on Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating on the stock in a research report on Wednesday. UBS Group increased their price objective on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Finally, Barclays increased their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a research report on Monday, May 5th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $104.18.

Consolidated Edison Stock Performance

ED stock opened at $100.92 on Friday. The business’s fifty day moving average is $106.12 and its 200-day moving average is $100.55. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04. The company has a market cap of $36.36 billion, a P/E ratio of 18.65, a price-to-earnings-growth ratio of 3.21 and a beta of 0.27. Consolidated Edison Inc has a twelve month low of $87.28 and a twelve month high of $114.87.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.05). The company had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.21 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.61%. During the same period last year, the company earned $2.15 EPS. Equities research analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Wednesday, May 14th were paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend was Wednesday, May 14th. Consolidated Edison’s payout ratio is presently 62.85%.

Consolidated Edison Profile

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.