Leavell Investment Management Inc. boosted its position in Consolidated Edison, Inc. (NYSE:ED) by 211.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 10,355 shares of the utilities provider’s stock after acquiring an additional 7,029 shares during the period. Leavell Investment Management Inc.’s holdings in Consolidated Edison were worth $748,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. XTX Markets LLC purchased a new stake in Consolidated Edison in the 4th quarter worth approximately $316,000. V Wealth Advisors LLC purchased a new stake in Consolidated Edison in the 4th quarter worth approximately $360,000. IBM Retirement Fund grew its stake in shares of Consolidated Edison by 14.3% during the 4th quarter. IBM Retirement Fund now owns 12,447 shares of the utilities provider’s stock valued at $900,000 after buying an additional 1,558 shares during the period. Strs Ohio grew its stake in shares of Consolidated Edison by 5.7% during the 4th quarter. Strs Ohio now owns 47,811 shares of the utilities provider’s stock valued at $3,455,000 after buying an additional 2,585 shares during the period. Finally, Rothschild Investment Corp IL grew its stake in shares of Consolidated Edison by 6.2% during the 4th quarter. Rothschild Investment Corp IL now owns 26,482 shares of the utilities provider’s stock valued at $1,914,000 after buying an additional 1,550 shares during the period. 62.44% of the stock is owned by hedge funds and other institutional investors.
Several analysts have recently issued reports on the stock. Morgan Stanley lowered their price objective on shares of Consolidated Edison from $75.00 to $69.00 and set an “underweight” rating for the company in a research note on Wednesday, January 20th. Mizuho lowered their price objective on shares of Consolidated Edison from $71.00 to $68.00 and set a “neutral” rating for the company in a research note on Friday, January 22nd. They noted that the move was a valuation call. The Goldman Sachs Group cut shares of Consolidated Edison from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $86.00 to $78.00 in a research report on Monday, October 19th. Bank of America cut shares of Consolidated Edison from a “buy” rating to a “neutral” rating and set a $82.00 price target for the company. in a research report on Thursday, October 15th. Finally, Royal Bank of Canada decreased their price target on shares of Consolidated Edison from $80.00 to $77.00 and set a “sector perform” rating for the company in a research report on Friday, January 22nd. Five analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. Consolidated Edison has a consensus rating of “Hold” and an average target price of $77.32.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 5th. The utilities provider reported $1.48 EPS for the quarter, missing analysts’ consensus estimates of $1.51 by ($0.03). Consolidated Edison had a return on equity of 7.77% and a net margin of 11.06%. The firm had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the prior year, the firm earned $1.54 EPS. On average, sell-side analysts anticipate that Consolidated Edison, Inc. will post 4.2 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, March 15th. Stockholders of record on Wednesday, February 17th will be paid a $0.775 dividend. This represents a $3.10 dividend on an annualized basis and a dividend yield of 4.41%. The ex-dividend date is Tuesday, February 16th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.77. Consolidated Edison’s dividend payout ratio is 70.02%.
Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,589 customers in parts of Manhattan.
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