Kestra Private Wealth Services LLC Has $1.20 Million Position in Consolidated Edison Inc (NYSE:ED)

Kestra Private Wealth Services LLC raised its stake in shares of Consolidated Edison Inc (NYSE:ED) by 4.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,851 shares of the utilities provider’s stock after purchasing an additional 457 shares during the period. Kestra Private Wealth Services LLC’s holdings in Consolidated Edison were worth $1,200,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Revolve Wealth Partners LLC boosted its position in shares of Consolidated Edison by 13.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider’s stock valued at $332,000 after acquiring an additional 441 shares during the period. Sei Investments Co. boosted its position in shares of Consolidated Edison by 21.2% in the fourth quarter. Sei Investments Co. now owns 97,892 shares of the utilities provider’s stock valued at $8,736,000 after acquiring an additional 17,147 shares during the period. LPL Financial LLC boosted its position in shares of Consolidated Edison by 8.6% in the fourth quarter. LPL Financial LLC now owns 683,600 shares of the utilities provider’s stock valued at $60,998,000 after acquiring an additional 54,329 shares during the period. Prudential Financial Inc. boosted its position in shares of Consolidated Edison by 8.3% in the fourth quarter. Prudential Financial Inc. now owns 240,926 shares of the utilities provider’s stock valued at $21,498,000 after acquiring an additional 18,528 shares during the period. Finally, Haverford Trust Co boosted its position in shares of Consolidated Edison by 3.7% in the fourth quarter. Haverford Trust Co now owns 3,709 shares of the utilities provider’s stock valued at $331,000 after acquiring an additional 132 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Trading Down 1.0%

Shares of Consolidated Edison stock opened at $102.54 on Thursday. 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 stock has a market cap of $36.94 billion, a P/E ratio of 18.95, a P/E/G ratio of 3.31 and a beta of 0.26. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87. The business’s 50 day moving average is $101.78 and its 200-day moving average is $102.00.

Consolidated Edison (NYSE:ED) last posted its 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). Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. The business had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same period in the previous year, the firm posted $2.15 earnings per share. Equities research analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, August 13th will be given a dividend of $0.85 per share. The ex-dividend date is Wednesday, August 13th. This represents a $3.40 annualized dividend and a dividend yield of 3.32%. Consolidated Edison’s dividend payout ratio is currently 62.85%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ED. Barclays increased their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a research note on Monday, May 5th. Guggenheim lifted their price objective on Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a report on Friday, May 2nd. KeyCorp reissued an “overweight” rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Mizuho raised Consolidated Edison from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $105.00 to $107.00 in a report on Monday, June 30th. Finally, Morgan Stanley cut their price objective on Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating for the company in a report on Wednesday, June 18th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and a consensus price target of $105.09.

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.