Executive Wealth Management LLC raised its stake in Consolidated Edison, Inc. (NYSE:ED) by 15.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,234 shares of the utilities provider’s stock after purchasing an additional 164 shares during the period. Executive Wealth Management LLC’s holdings in Consolidated Edison were worth $108,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of ED. Joseph P. Lucia & Associates LLC bought a new position in shares of Consolidated Edison during the 1st quarter worth about $9,767,000. BNP Paribas Arbitrage SA lifted its holdings in shares of Consolidated Edison by 329.4% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 780,500 shares of the utilities provider’s stock worth $68,434,000 after acquiring an additional 598,746 shares during the period. Lazard Asset Management LLC lifted its holdings in shares of Consolidated Edison by 47.5% during the 1st quarter. Lazard Asset Management LLC now owns 1,568,260 shares of the utilities provider’s stock worth $133,004,000 after acquiring an additional 505,090 shares during the period. Great West Life Assurance Co. Can lifted its holdings in shares of Consolidated Edison by 51.1% during the 1st quarter. Great West Life Assurance Co. Can now owns 1,290,720 shares of the utilities provider’s stock worth $109,178,000 after acquiring an additional 436,479 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Consolidated Edison by 9.8% during the 4th quarter. Geode Capital Management LLC now owns 4,460,033 shares of the utilities provider’s stock worth $340,474,000 after purchasing an additional 398,820 shares in the last quarter. 58.34% of the stock is owned by hedge funds and other institutional investors.
Shares of Consolidated Edison stock traded up $0.61 during mid-day trading on Thursday, reaching $86.58. 24,549 shares of the stock were exchanged, compared to its average volume of 1,592,765. The company has a market capitalization of $28.61 billion, a P/E ratio of 20.01, a price-to-earnings-growth ratio of 10.08 and a beta of 0.10. The company has a current ratio of 0.62, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The company has a 50-day simple moving average of $87.36. Consolidated Edison, Inc. has a fifty-two week low of $73.29 and a fifty-two week high of $90.51.
Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.02). The firm had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.67 billion. Consolidated Edison had a return on equity of 8.04% and a net margin of 10.71%. During the same quarter last year, the business earned $0.61 EPS. On average, equities research analysts expect that Consolidated Edison, Inc. will post 4.34 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be given a $0.74 dividend. This represents a $2.96 annualized dividend and a yield of 3.42%. The ex-dividend date of this dividend is Tuesday, August 13th. Consolidated Edison’s payout ratio is presently 68.52%.
A number of equities research analysts recently issued reports on ED shares. Bank of America upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $96.00 to $94.00 in a research report on Friday, April 26th. They noted that the move was a valuation call. Barclays reiterated a “hold” rating and set a $90.00 target price on shares of Consolidated Edison in a research report on Thursday, June 20th. ValuEngine cut shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. KeyCorp started coverage on shares of Consolidated Edison in a research report on Tuesday, June 4th. They set a “sector weight” rating for the company. Finally, Morgan Stanley increased their target price on shares of Consolidated Edison from $87.00 to $91.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. Consolidated Edison presently has an average rating of “Hold” and an average target price of $84.73.
Consolidated Edison 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 1,622 customers in parts of Manhattan.
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