Voleon Capital Management LP Purchases New Position in Consolidated Edison, Inc. (NYSE:ED)

Voleon Capital Management LP acquired a new position in Consolidated Edison, Inc. (NYSE:ED) in the 4th quarter, Holdings Channel reports. The firm acquired 18,895 shares of the utilities provider’s stock, valued at approximately $1,686,000.

Several other large investors have also bought and sold shares of ED. Jacobi Capital Management LLC lifted its position in Consolidated Edison by 4.2% during the 4th quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider’s stock valued at $229,000 after acquiring an additional 104 shares during the period. Richwood Investment Advisors LLC increased its stake in shares of Consolidated Edison by 2.3% during the fourth quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider’s stock valued at $463,000 after purchasing an additional 115 shares in the last quarter. Penobscot Investment Management Company Inc. lifted its holdings in shares of Consolidated Edison by 5.7% during the fourth quarter. Penobscot Investment Management Company Inc. now owns 2,300 shares of the utilities provider’s stock valued at $205,000 after purchasing an additional 125 shares during the last quarter. Trust Point Inc. boosted its position in shares of Consolidated Edison by 4.9% in the 4th quarter. Trust Point Inc. now owns 2,790 shares of the utilities provider’s stock worth $249,000 after purchasing an additional 131 shares in the last quarter. Finally, Haverford Trust Co grew its stake in shares of Consolidated Edison by 3.7% in the 4th quarter. Haverford Trust Co now owns 3,709 shares of the utilities provider’s stock worth $331,000 after buying an additional 132 shares during the last quarter. 66.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on ED. Scotiabank lifted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research note on Monday, February 24th. UBS Group lifted their price target on Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. Evercore ISI downgraded shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Citigroup lifted their target price on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, April 9th. Finally, Mizuho increased their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $103.60.

Consolidated Edison Stock Performance

Shares of ED stock opened at $112.81 on Thursday. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The company has a 50 day moving average price of $107.36 and a 200-day moving average price of $99.75. Consolidated Edison, Inc. has a 52 week low of $87.28 and a 52 week high of $114.87. The firm has a market capitalization of $40.63 billion, a PE ratio of 21.53, a P/E/G ratio of 3.05 and a beta of 0.27.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.01. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. As a group, equities research analysts expect that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date is Wednesday, May 14th. Consolidated Edison’s dividend payout ratio is 64.89%.

Consolidated Edison Company 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.