Wedgewood Investors Inc. PA Makes New $207,000 Investment in Consolidated Edison, Inc. (NYSE:ED)

Wedgewood Investors Inc. PA acquired a new stake in Consolidated Edison, Inc. (NYSE:ED) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 2,279 shares of the utilities provider’s stock, valued at approximately $207,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Financial Gravity Asset Management Inc. grew its stake in shares of Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after buying an additional 194 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in Consolidated Edison during the 4th quarter worth $29,000. Bruce G. Allen Investments LLC bought a new position in Consolidated Edison in the fourth quarter valued at about $31,000. CVA Family Office LLC bought a new position in Consolidated Edison in the fourth quarter valued at about $32,000. Finally, Venturi Wealth Management LLC boosted its stake in shares of Consolidated Edison by 62.2% during the third quarter. Venturi Wealth Management LLC now owns 477 shares of the utilities provider’s stock valued at $41,000 after purchasing an additional 183 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Up 0.4 %

Shares of ED traded up $0.38 during trading hours on Wednesday, reaching $94.78. The stock had a trading volume of 420,632 shares, compared to its average volume of 1,865,576. The firm has a 50-day simple moving average of $89.79 and a 200 day simple moving average of $90.01. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $100.44. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $32.75 billion, a price-to-earnings ratio of 13.15, a P/E/G ratio of 8.85 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same quarter in the prior year, the business posted $0.81 EPS. The firm’s revenue was down 14.6% compared to the same quarter last year. Equities research analysts predict that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is 46.24%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ED. LADENBURG THALM/SH SH began coverage on shares of Consolidated Edison in a report on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 price objective for the company. Royal Bank of Canada reduced their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research note on Friday, February 16th. KeyCorp raised Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research report on Thursday, January 4th. UBS Group decreased their price target on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. Finally, Barclays upped their target price on Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $87.54.

About Consolidated Edison

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.