Zimmer Partners LP purchased a new position in Consolidated Edison, Inc. (NYSE:ED) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 100,000 shares of the utilities provider’s stock, valued at approximately $7,480,000.
Several other large investors also recently modified their holdings of the stock. West Financial Advisors LLC bought a new stake in Consolidated Edison in the 4th quarter valued at about $29,000. Retirement Group LLC bought a new stake in Consolidated Edison in the 4th quarter valued at about $32,000. Kelly Lawrence W & Associates Inc. CA bought a new stake in Consolidated Edison in the 1st quarter valued at about $32,000. TCI Wealth Advisors Inc. increased its position in shares of Consolidated Edison by 44.3% during the first quarter. TCI Wealth Advisors Inc. now owns 482 shares of the utilities provider’s stock valued at $36,000 after buying an additional 148 shares during the period. Finally, CSat Investment Advisory L.P. increased its position in shares of Consolidated Edison by 49.1% during the first quarter. CSat Investment Advisory L.P. now owns 477 shares of the utilities provider’s stock valued at $36,000 after buying an additional 157 shares during the period. 60.55% of the stock is currently owned by institutional investors.
Several equities research analysts have recently weighed in on the company. TheStreet upgraded Consolidated Edison from a “c” rating to a “b-” rating in a research report on Thursday, April 22nd. Morgan Stanley decreased their price target on Consolidated Edison from $73.00 to $72.00 and set an “underweight” rating on the stock in a research report on Tuesday. Mizuho upped their price target on Consolidated Edison from $68.00 to $78.00 and gave the company a “neutral” rating in a research report on Monday, June 14th. Credit Suisse Group upped their price objective on shares of Consolidated Edison from $65.00 to $74.00 and gave the stock an “underperform” rating in a research report on Thursday, April 29th. Finally, KeyCorp cut shares of Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $66.00 price objective on the stock. in a research report on Tuesday. Six investment analysts have rated the stock with a sell rating and four have given a hold rating to the stock. The company presently has an average rating of “Sell” and a consensus price target of $75.00.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, May 6th. The utilities provider reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.08. The firm had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.45 billion. Consolidated Edison had a return on equity of 7.64% and a net margin of 9.02%. During the same quarter in the prior year, the firm posted $1.35 earnings per share. On average, research analysts expect that Consolidated Edison, Inc. will post 4.24 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 15th. Stockholders of record on Wednesday, August 18th will be paid a dividend of $0.775 per share. This represents a $3.10 dividend on an annualized basis and a dividend yield of 4.25%. The ex-dividend date is Tuesday, August 17th. Consolidated Edison’s dividend payout ratio (DPR) is presently 74.16%.
About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in the 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 1,576 customers in parts of Manhattan.
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