Covestor Ltd Increases Stake in Consolidated Edison, Inc. (NYSE:ED)

Covestor Ltd grew its stake in Consolidated Edison, Inc. (NYSE:ED) by 20.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 983 shares of the utilities provider’s stock after purchasing an additional 167 shares during the period. Covestor Ltd’s holdings in Consolidated Edison were worth $89,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ED. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Consolidated Edison in the 4th quarter valued at about $29,000. Raleigh Capital Management Inc. acquired a new position in shares of Consolidated Edison during the 4th quarter worth approximately $29,000. Tidemark LLC acquired a new position in shares of Consolidated Edison during the 4th quarter worth approximately $29,000. CVA Family Office LLC purchased a new position in shares of Consolidated Edison during the 4th quarter valued at approximately $32,000. Finally, Atlantic Edge Private Wealth Management LLC acquired a new stake in Consolidated Edison in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Trading Up 2.3 %

Shares of ED traded up $2.18 during mid-day trading on Wednesday, reaching $95.43. The stock had a trading volume of 697,914 shares, compared to its average volume of 1,868,682. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $98.85. The firm has a market cap of $33.00 billion, a price-to-earnings ratio of 17.90, a P/E/G ratio of 2.40 and a beta of 0.34. The business’s fifty day moving average is $92.07 and its 200 day moving average is $91.13. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.40 billion. During the same quarter last year, the firm earned $1.83 EPS. The business’s revenue was down 2.8% compared to the same quarter last year. On average, sell-side analysts predict that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date is Wednesday, August 14th. Consolidated Edison’s payout ratio is 63.72%.

Wall Street Analyst Weigh In

Several research firms have issued reports on ED. Mizuho increased their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Scotiabank lowered their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. Wells Fargo & Company boosted their price objective on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Friday, May 3rd. Argus upgraded Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Finally, UBS Group lifted their price target on Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. Four analysts have rated the stock with a sell rating, seven have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Consolidated Edison has a consensus rating of “Hold” and an average price target of $89.04.

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.