2,186 Shares in Consolidated Edison, Inc. (NYSE:ED) Bought by HCR Wealth Advisors

HCR Wealth Advisors purchased a new position in shares of Consolidated Edison, Inc. (NYSE:ED) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,186 shares of the utilities provider’s stock, valued at approximately $228,000.

A number of other hedge funds have also recently added to or reduced their stakes in ED. Beacon Capital Management LLC lifted 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 valued at $28,000 after purchasing an additional 300 shares in the last quarter. Raleigh Capital Management Inc. purchased a new position in Consolidated Edison during the fourth quarter valued at $29,000. Pathway Financial Advisers LLC purchased a new position in Consolidated Edison during the first quarter valued at $33,000. TruNorth Capital Management LLC purchased a new position in Consolidated Edison during the second quarter valued at $33,000. Finally, Quarry LP purchased a new position in Consolidated Edison during the fourth quarter valued at $35,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ED has been the topic of several recent analyst reports. Guggenheim increased their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Barclays increased their price objective on shares of Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a report on Monday, August 5th. Jefferies Financial Group started coverage on shares of Consolidated Edison in a research report on Wednesday. They issued a “hold” rating and a $108.00 target price for the company. Scotiabank increased their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Finally, Morgan Stanley increased their target price on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research report on Wednesday, September 25th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $94.96.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $102.32 on Friday. Consolidated Edison, Inc. has a 12-month low of $85.15 and a 12-month high of $105.99. The stock has a market cap of $35.39 billion, a P/E ratio of 19.64, a PEG ratio of 3.46 and a beta of 0.36. The company has a 50-day moving average price of $102.35 and a 200 day moving average price of $96.12. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) 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 8.67%. The firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period last year, the business earned $0.61 earnings per share. Sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date of this dividend was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is presently 63.72%.

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.