Welch Group LLC Raises Stake in Consolidated Edison, Inc. (ED)

Welch Group LLC lifted its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 5.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 305,346 shares of the utilities provider’s stock after purchasing an additional 15,561 shares during the quarter. Consolidated Edison accounts for 2.4% of Welch Group LLC’s investment portfolio, making the stock its 29th largest holding. Welch Group LLC owned 0.10% of Consolidated Edison worth $23,264,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Swiss National Bank raised its position in shares of Consolidated Edison by 4.1% during the second quarter. Swiss National Bank now owns 2,279,371 shares of the utilities provider’s stock worth $177,745,000 after purchasing an additional 90,600 shares during the period. Commonwealth Equity Services LLC raised its position in shares of Consolidated Edison by 2.6% during the second quarter. Commonwealth Equity Services LLC now owns 360,396 shares of the utilities provider’s stock worth $28,104,000 after purchasing an additional 9,220 shares during the period. Summit Global Investments acquired a new position in shares of Consolidated Edison during the second quarter worth approximately $1,131,000. Verition Fund Management LLC acquired a new position in shares of Consolidated Edison during the second quarter worth approximately $936,000. Finally, Standard Life Aberdeen plc raised its position in shares of Consolidated Edison by 12.9% during the second quarter. Standard Life Aberdeen plc now owns 199,939 shares of the utilities provider’s stock worth $15,593,000 after purchasing an additional 22,794 shares during the period. 58.72% of the stock is currently owned by institutional investors.

A number of equities research analysts recently commented on the company. Barclays assumed coverage on Consolidated Edison in a research report on Tuesday, July 10th. They issued an “equal weight” rating and a $81.00 price target for the company. Citigroup increased their price target on Consolidated Edison from $79.00 to $80.00 and gave the company a “neutral” rating in a research report on Tuesday, October 16th. Bank of America lowered their price target on Consolidated Edison from $87.00 to $83.00 and set a “buy” rating for the company in a research report on Friday. Wells Fargo & Co increased their price target on Consolidated Edison from $81.00 to $83.00 and gave the company a “market perform” rating in a research report on Monday, September 17th. Finally, Howard Weil assumed coverage on Consolidated Edison in a research report on Tuesday, July 24th. They issued a “sector underperform” rating for the company. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $77.60.

NYSE ED opened at $74.54 on Friday. The firm has a market capitalization of $23.19 billion and a P/E ratio of 18.22. Consolidated Edison, Inc. has a 12 month low of $71.12 and a 12 month high of $89.70. The company has a quick ratio of 0.57, a current ratio of 0.63 and a debt-to-equity ratio of 0.97.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, November 1st. The utilities provider reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.11. The business had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.17 billion. Consolidated Edison had a return on equity of 8.68% and a net margin of 12.60%. During the same period in the prior year, the firm posted $1.47 EPS. Equities analysts expect that Consolidated Edison, Inc. will post 4.27 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Wednesday, November 14th will be paid a $0.715 dividend. The ex-dividend date of this dividend is Tuesday, November 13th. This represents a $2.86 dividend on an annualized basis and a yield of 3.84%. Consolidated Edison’s dividend payout ratio (DPR) is presently 69.93%.

Consolidated Edison Company 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 3.4 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 1,600 customers in parts of Manhattan.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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