Checchi Capital Advisers LLC Has $503,000 Stake in Consolidated Edison, Inc. (NYSE:ED)

Checchi Capital Advisers LLC lifted its stake in Consolidated Edison, Inc. (NYSE:ED) by 2.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,627 shares of the utilities provider’s stock after purchasing an additional 141 shares during the period. Checchi Capital Advisers LLC’s holdings in Consolidated Edison were worth $503,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Beacon Capital Management LLC grew its holdings in Consolidated Edison by 2,307.7% during the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares during the period. Tidemark LLC acquired a new position in Consolidated Edison in the 4th quarter valued at approximately $29,000. Raleigh Capital Management Inc. bought a new position in Consolidated Edison during the 4th quarter worth $29,000. Atlantic Edge Private Wealth Management LLC bought a new position in shares of Consolidated Edison during the fourth quarter worth about $33,000. Finally, Pathway Financial Advisers LLC acquired a new position in shares of Consolidated Edison in the 1st quarter worth approximately $33,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Barclays raised their target price on Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research note on Monday, August 5th. Morgan Stanley raised their price target on shares of Consolidated Edison from $75.00 to $82.00 and gave the company an “underweight” rating in a research report on Friday, August 23rd. UBS Group upped their price objective on shares of Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, July 19th. Wells Fargo & Company raised their target price on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Finally, Scotiabank raised their price objective on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $92.65.

Consolidated Edison Stock Performance

Shares of ED opened at $100.39 on Thursday. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $105.99. The business’s fifty day simple moving average is $95.22 and its two-hundred day simple moving average is $92.72. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. The company has a market cap of $34.72 billion, a price-to-earnings ratio of 19.27, a P/E/G ratio of 2.56 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.70%. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the prior year, the business earned $0.61 EPS. Research analysts anticipate that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be paid a $0.83 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.31%. Consolidated Edison’s payout ratio is presently 63.72%.

About Consolidated Edison

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.