Laurel Wealth Advisors Inc. decreased its position in Consolidated Edison, Inc. (NYSE:ED) by 1.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 52,007 shares of the utilities provider’s stock after selling 863 shares during the quarter. Consolidated Edison accounts for 1.3% of Laurel Wealth Advisors Inc.’s portfolio, making the stock its 14th biggest holding. Laurel Wealth Advisors Inc.’s holdings in Consolidated Edison were worth $4,418,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ED. Belpointe Asset Management LLC boosted its stake in shares of Consolidated Edison by 10.9% in the fourth quarter. Belpointe Asset Management LLC now owns 12,036 shares of the utilities provider’s stock worth $1,022,000 after buying an additional 1,182 shares during the last quarter. Verition Fund Management LLC boosted its position in Consolidated Edison by 2,330.7% during the fourth quarter. Verition Fund Management LLC now owns 127,054 shares of the utilities provider’s stock worth $10,793,000 after purchasing an additional 121,827 shares in the last quarter. Zeke Capital Advisors LLC boosted its position in Consolidated Edison by 118.0% during the fourth quarter. Zeke Capital Advisors LLC now owns 13,115 shares of the utilities provider’s stock worth $1,114,000 after purchasing an additional 7,099 shares in the last quarter. LPL Financial LLC boosted its position in Consolidated Edison by 33.0% during the fourth quarter. LPL Financial LLC now owns 156,947 shares of the utilities provider’s stock worth $13,333,000 after purchasing an additional 38,934 shares in the last quarter. Finally, Meadow Creek Investment Management LLC boosted its position in Consolidated Edison by 10.5% during the fourth quarter. Meadow Creek Investment Management LLC now owns 77,168 shares of the utilities provider’s stock worth $6,555,000 after purchasing an additional 7,364 shares in the last quarter. 56.69% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on ED. Guggenheim restated a “hold” rating and issued a $88.00 target price on shares of Consolidated Edison in a research report on Wednesday, January 3rd. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a research report on Wednesday, January 3rd. ValuEngine raised Consolidated Edison from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. JPMorgan Chase assumed coverage on Consolidated Edison in a report on Friday, January 12th. They issued an “underweight” rating and a $78.00 price target for the company. Finally, Morgan Stanley cut their price target on Consolidated Edison from $80.00 to $74.00 and set an “underweight” rating for the company in a report on Tuesday, February 13th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $81.32.
NYSE:ED opened at $78.56 on Friday. The firm has a market capitalization of $24,487.23, a P/E ratio of 19.15, a P/E/G ratio of 4.62 and a beta of 0.05. The company has a quick ratio of 0.65, a current ratio of 0.72 and a debt-to-equity ratio of 0.96. Consolidated Edison, Inc. has a 12-month low of $73.73 and a 12-month high of $89.70.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, February 15th. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.02. Consolidated Edison had a return on equity of 8.51% and a net margin of 12.67%. The company had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $2.64 billion. During the same period in the previous year, the business earned $0.69 EPS. Consolidated Edison’s revenue for the quarter was up 9.4% on a year-over-year basis. equities research analysts predict that Consolidated Edison, Inc. will post 4.27 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 15th. Stockholders of record on Wednesday, February 14th were given a dividend of $0.715 per share. The ex-dividend date was Tuesday, February 13th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.64%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.69. Consolidated Edison’s payout ratio is 69.93%.
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About Consolidated Edison
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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