Geneos Wealth Management Inc. lifted its position in Consolidated Edison, Inc. (NYSE:ED – Free Report) by 2.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 7,169 shares of the utilities provider’s stock after buying an additional 141 shares during the period. Geneos Wealth Management Inc.’s holdings in Consolidated Edison were worth $640,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. TD Private Client Wealth LLC lifted its holdings in shares of Consolidated Edison by 4.7% in the third quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider’s stock worth $243,000 after acquiring an additional 104 shares during the last quarter. D.A. Davidson & CO. increased its position in Consolidated Edison by 1.1% during the 3rd quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock worth $1,160,000 after purchasing an additional 124 shares in the last quarter. Townsquare Capital LLC lifted its stake in Consolidated Edison by 2.4% in the 3rd quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider’s stock valued at $580,000 after purchasing an additional 130 shares during the last quarter. Brookstone Capital Management boosted its position in Consolidated Edison by 0.6% in the third quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider’s stock valued at $2,517,000 after buying an additional 136 shares in the last quarter. Finally, Cooper Financial Group grew its stake in shares of Consolidated Edison by 5.1% during the fourth quarter. Cooper Financial Group now owns 2,799 shares of the utilities provider’s stock worth $250,000 after buying an additional 136 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on ED shares. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price target for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and increased their target price for the company from $90.00 to $100.00 in a research report on Thursday, December 12th. Morgan Stanley reduced their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Jefferies Financial Group assumed coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective for the company. Finally, Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $100.00.
Consolidated Edison Trading Down 1.4 %
NYSE:ED opened at $93.56 on Wednesday. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The firm’s fifty day moving average is $92.85 and its 200-day moving average is $98.09. The firm has a market cap of $32.41 billion, a P/E ratio of 17.62, a P/E/G ratio of 2.89 and a beta of 0.38.
Consolidated Edison (NYSE:ED – Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Equities analysts expect that Consolidated Edison, Inc. will post 5.35 earnings per share for the current year.
Consolidated Edison Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be issued a $0.85 dividend. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date is Wednesday, February 19th. Consolidated Edison’s payout ratio is presently 64.03%.
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.
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