Meeder Advisory Services Inc. Purchases 2,301 Shares of Consolidated Edison, Inc. (NYSE:ED)

Meeder Advisory Services Inc. grew its position in Consolidated Edison, Inc. (NYSE:ED) by 32.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,473 shares of the utilities provider’s stock after purchasing an additional 2,301 shares during the quarter. Meeder Advisory Services Inc.’s holdings in Consolidated Edison were worth $847,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Consolidated Edison Trading Up 1.1 %

NYSE ED opened at $104.56 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. The company has a fifty day simple moving average of $98.73 and a two-hundred day simple moving average of $94.10. The stock has a market cap of $36.19 billion, a P/E ratio of 20.07, a P/E/G ratio of 3.50 and a beta of 0.36. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $105.99.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same period last year, the firm posted $0.61 EPS. On average, analysts forecast that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.18%. Consolidated Edison’s payout ratio is currently 63.72%.

Analyst Upgrades and Downgrades

ED has been the topic of a number of recent research reports. Barclays upped their price target on shares of Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research note on Monday, August 5th. Bank of America increased their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Guggenheim upped their price objective on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. UBS Group lifted their target price on Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. Finally, Morgan Stanley increased their price target on Consolidated Edison from $75.00 to $82.00 and gave the company an “underweight” rating in a report on Friday, August 23rd. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $92.65.

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.