Sequoia Financial Advisors LLC Grows Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Sequoia Financial Advisors LLC raised its holdings in Consolidated Edison, Inc. (NYSE:ED) by 22.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,535 shares of the utilities provider’s stock after buying an additional 2,317 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Consolidated Edison were worth $1,305,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brookstone Capital Management raised its stake in shares of Consolidated Edison by 4.3% in the first quarter. Brookstone Capital Management now owns 24,010 shares of the utilities provider’s stock worth $2,180,000 after purchasing an additional 981 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in Consolidated Edison during the first quarter worth about $48,000. Wealth Enhancement Advisory Services LLC grew its holdings in Consolidated Edison by 41.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 396,576 shares of the utilities provider’s stock worth $36,013,000 after acquiring an additional 116,669 shares during the period. 180 Wealth Advisors LLC grew its holdings in Consolidated Edison by 6.0% during the first quarter. 180 Wealth Advisors LLC now owns 4,682 shares of the utilities provider’s stock worth $425,000 after acquiring an additional 267 shares during the period. Finally, AMF Tjanstepension AB acquired a new stake in Consolidated Edison during the first quarter worth about $13,193,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ED has been the topic of several analyst reports. Jefferies Financial Group initiated coverage on Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price on the stock. Morgan Stanley raised their price objective on Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a report on Wednesday, September 25th. Guggenheim raised their price objective on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Bank of America raised their price objective on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, UBS Group raised their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Four analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $98.73.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $107.00 on Friday. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The company has a market cap of $37.00 billion, a price-to-earnings ratio of 20.54, a PEG ratio of 3.46 and a beta of 0.36. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. The business’s 50 day moving average price is $103.10 and its 200 day moving average price is $96.98.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter last year, the business posted $0.61 earnings per share. On average, research analysts predict that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be given a dividend of $0.83 per share. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.10%. Consolidated Edison’s payout ratio is 63.72%.

Consolidated Edison Company 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.