Buck Wealth Strategies LLC Cuts Position in Consolidated Edison, Inc. (NYSE:ED)

Buck Wealth Strategies LLC decreased its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 31.8% during the third quarter, HoldingsChannel reports. The firm owned 4,937 shares of the utilities provider’s stock after selling 2,307 shares during the period. Buck Wealth Strategies LLC’s holdings in Consolidated Edison were worth $514,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new stake in Consolidated Edison in the third quarter worth $27,000. Ashton Thomas Securities LLC bought a new stake in Consolidated Edison in the third quarter valued at approximately $30,000. Beacon Capital Management LLC boosted its stake in shares of 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 during the period. Pathway Financial Advisers LLC purchased a new position in shares of Consolidated Edison in the first quarter valued at about $33,000. Finally, TruNorth Capital Management LLC bought a new stake in shares of Consolidated Edison in the second quarter worth about $33,000. Institutional investors own 66.29% of the company’s stock.

Analyst Ratings Changes

ED has been the subject of several research reports. Barclays decreased their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Scotiabank raised their price target 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. Jefferies Financial Group assumed coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price for the company. Morgan Stanley upped their price target 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. Finally, Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price target for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $98.35.

Consolidated Edison Stock Down 1.4 %

Shares of ED stock opened at $97.07 on Wednesday. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The company’s fifty day simple moving average is $103.29 and its two-hundred day simple moving average is $97.99. The stock has a market cap of $33.63 billion, a P/E ratio of 18.28, a PEG ratio of 3.31 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.12. The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. Analysts predict that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is 62.52%.

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.