USA Financial Formulas Makes New $200,000 Investment in Consolidated Edison, Inc. (NYSE:ED)

USA Financial Formulas bought a new position in shares of Consolidated Edison, Inc. (NYSE:ED) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,806 shares of the utilities provider’s stock, valued at approximately $200,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Merit Financial Group LLC grew its holdings in shares of Consolidated Edison by 16.8% during the 1st quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider’s stock worth $1,180,000 after acquiring an additional 1,533 shares during the period. Jones Financial Companies Lllp grew its stake in shares of Consolidated Edison by 81.4% in the 4th quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider’s stock worth $885,000 after buying an additional 4,451 shares during the last quarter. Orion Portfolio Solutions LLC grew its stake in shares of Consolidated Edison by 22.2% in the 4th quarter. Orion Portfolio Solutions LLC now owns 7,516 shares of the utilities provider’s stock worth $671,000 after buying an additional 1,366 shares during the last quarter. Sei Investments Co. grew its stake in shares of Consolidated Edison by 21.2% in the 4th quarter. Sei Investments Co. now owns 97,892 shares of the utilities provider’s stock worth $8,736,000 after buying an additional 17,147 shares during the last quarter. Finally, Allworth Financial LP grew its stake in shares of Consolidated Edison by 16.4% in the 4th quarter. Allworth Financial LP now owns 5,844 shares of the utilities provider’s stock worth $530,000 after buying an additional 823 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on ED. Scotiabank upped their price target on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research note on Monday, February 24th. Morgan Stanley cut their price target on Consolidated Edison from $94.00 to $93.00 and set an “underweight” rating on the stock in a research note on Thursday, May 22nd. Citigroup upped their price target on Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, April 9th. Guggenheim upped their price target on Consolidated Edison from $96.00 to $103.00 and gave the stock a “neutral” rating in a research note on Friday, May 2nd. Finally, Wells Fargo & Company upped their price target on Consolidated Edison from $103.00 to $114.00 and gave the stock an “equal weight” rating in a research note on Friday, May 2nd. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $104.27.

Consolidated Edison Stock Performance

Shares of ED opened at $102.46 on Thursday. The business’s fifty day simple moving average is $106.81 and its two-hundred day simple moving average is $100.47. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 12 month low of $87.28 and a 12 month high of $114.87. The company has a market cap of $36.92 billion, a price-to-earnings ratio of 19.55, a P/E/G ratio of 3.05 and a beta of 0.27.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.05). The firm had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.21 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. During the same period in the previous year, the company earned $2.15 earnings per share. Research analysts anticipate that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th will be issued a dividend of $0.85 per share. The ex-dividend date is Wednesday, May 14th. This represents a $3.40 annualized dividend and a dividend yield of 3.32%. Consolidated Edison’s payout ratio is 62.85%.

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.