Consolidated Edison, Inc. (NYSE:ED) Shares Bought by Procyon Advisors LLC

Procyon Advisors LLC raised its stake in Consolidated Edison, Inc. (NYSE:ED) by 1.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,373 shares of the utilities provider’s stock after purchasing an additional 320 shares during the quarter. Procyon Advisors LLC’s holdings in Consolidated Edison were worth $2,121,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Beacon Capital Management LLC boosted its holdings in shares of Consolidated Edison by 2,307.7% in the 1st 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 during the last quarter. Pathway Financial Advisers LLC acquired a new position in shares of Consolidated Edison in the 1st quarter valued at $33,000. TruNorth Capital Management LLC acquired a new position in shares of Consolidated Edison during the 2nd quarter valued at $33,000. Quarry LP acquired a new position in shares of Consolidated Edison during the 4th quarter valued at $35,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Consolidated Edison by 380.2% during the 2nd quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock valued at $37,000 after acquiring an additional 327 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Price Performance

ED opened at $103.10 on Tuesday. The company has a 50-day moving average of $102.39 and a 200-day moving average of $96.25. The company has a market capitalization of $35.66 billion, a P/E ratio of 19.79, a PEG ratio of 3.46 and a beta of 0.36. Consolidated Edison, Inc. has a 1-year low of $85.15 and a 1-year high of $105.99. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04.

Consolidated Edison (NYSE:ED) last released its earnings results 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. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same quarter in the previous year, the firm earned $0.61 EPS. Equities analysts expect that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend was Wednesday, August 14th. Consolidated Edison’s payout ratio is currently 63.72%.

Analyst Ratings Changes

Several equities analysts recently weighed in on ED shares. Bank of America lifted their target price 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. Scotiabank lifted their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. UBS Group lifted their target price on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Barclays lifted their target price 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. Finally, Guggenheim lifted their target price 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. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Consolidated Edison currently has an average rating of “Hold” and a consensus target price of $94.96.

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.