Prudent Investors Network Inc. Makes New Investment in Consolidated Edison, Inc. (NYSE:ED)

Prudent Investors Network Inc. purchased a new position in shares of Consolidated Edison, Inc. (NYSE:ED) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,358 shares of the utilities provider’s stock, valued at approximately $246,000.

Other institutional investors also recently added to or reduced their stakes in the company. Concurrent Investment Advisors LLC grew its stake in shares of Consolidated Edison by 17.6% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 19,786 shares of the utilities provider’s stock valued at $2,060,000 after purchasing an additional 2,958 shares during the last quarter. Armor Investment Advisors LLC purchased a new position in shares of Consolidated Edison in the 3rd quarter valued at approximately $207,000. Radnor Capital Management LLC purchased a new position in shares of Consolidated Edison in the 3rd quarter valued at approximately $310,000. Guidance Point Advisors LLC purchased a new position in shares of Consolidated Edison in the 3rd quarter valued at approximately $201,000. Finally, Avidian Wealth Enterprises LLC grew its stake in shares of Consolidated Edison by 1.5% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 10,225 shares of the utilities provider’s stock valued at $1,065,000 after purchasing an additional 147 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ED. Scotiabank lifted their target price on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. UBS Group lifted their price target on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Bank of America lifted their price target on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Barclays lifted their price target on Consolidated Edison from $98.00 to $104.00 and gave the company an “underweight” rating in a research note on Monday, October 21st. Finally, Morgan Stanley lifted their price target on Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research note on Wednesday, September 25th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $98.73.

Consolidated Edison Stock Performance

NYSE ED opened at $98.96 on Thursday. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The stock has a market cap of $34.26 billion, a price-to-earnings ratio of 19.25, a price-to-earnings-growth ratio of 3.37 and a beta of 0.36. The business has a fifty day moving average of $103.48 and a 200-day moving average of $97.85. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.35%. Consolidated Edison’s dividend payout ratio (DPR) is 64.59%.

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.