Consolidated Edison, Inc. (NYSE:ED) has been given a consensus recommendation of “Hold” by the fourteen brokerages that are presently covering the company, Marketbeat.com reports. Four equities research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $80.55.
A number of research firms have commented on ED. Morgan Stanley lowered their target price on shares of Consolidated Edison from $80.00 to $74.00 and set an “underweight” rating for the company in a report on Tuesday. UBS Group began coverage on shares of Consolidated Edison in a report on Friday, February 2nd. They set a “neutral” rating and a $80.00 target price for the company. Zacks Investment Research lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating in a report on Friday, January 19th. JPMorgan Chase & Co. began coverage on shares of Consolidated Edison in a report on Friday, January 12th. They set an “underweight” rating and a $78.00 target price for the company. Finally, Guggenheim reaffirmed a “hold” rating and set a $88.00 target price on shares of Consolidated Edison in a report on Wednesday, January 3rd.
Hedge funds have recently made changes to their positions in the company. WFG Advisors LP grew its holdings in shares of Consolidated Edison by 19.6% in the 2nd quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock valued at $106,000 after buying an additional 214 shares during the period. AllSquare Wealth Management LLC acquired a new position in shares of Consolidated Edison in the 3rd quarter valued at $113,000. Calton & Associates Inc. acquired a new position in shares of Consolidated Edison in the 4th quarter valued at $119,000. Asset Dedication LLC acquired a new position in shares of Consolidated Edison in the 4th quarter valued at $183,000. Finally, Aevitas Wealth Management Inc. acquired a new position in shares of Consolidated Edison in the 4th quarter valued at $186,000. 56.14% of the stock is owned by institutional investors.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Wednesday, February 14th will be issued a $0.715 dividend. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, February 13th. This represents a $2.86 annualized dividend and a dividend yield of 3.77%. Consolidated Edison’s payout ratio is 69.17%.
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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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