Segment Wealth Management LLC Takes $225,000 Position in Consolidated Edison Inc (NYSE:ED)

Segment Wealth Management LLC acquired 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 & Exchange Commission. The firm acquired 2,039 shares of the utilities provider’s stock, valued at approximately $225,000.

Other institutional investors have also recently added to or reduced their stakes in the company. ORG Partners LLC increased its stake in shares of Consolidated Edison by 81.9% in the 1st quarter. ORG Partners LLC now owns 1,723 shares of the utilities provider’s stock worth $191,000 after acquiring an additional 776 shares during the last quarter. ORG Wealth Partners LLC grew its holdings in shares of Consolidated Edison by 144.1% in the first quarter. ORG Wealth Partners LLC now owns 5,741 shares of the utilities provider’s stock valued at $632,000 after purchasing an additional 3,389 shares during the period. HCR Wealth Advisors acquired a new stake in Consolidated Edison during the first quarter worth about $243,000. Redwood Wealth Management Group LLC purchased a new position in Consolidated Edison during the first quarter worth about $207,000. Finally, Global X Japan Co. Ltd. raised its stake in Consolidated Edison by 37.5% during the first quarter. Global X Japan Co. Ltd. now owns 6,683 shares of the utilities provider’s stock worth $739,000 after purchasing an additional 1,821 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Citigroup increased their price target on shares of Consolidated Edison from $116.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, April 9th. KeyCorp lowered Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 price objective for the company. in a research report on Wednesday, May 14th. Morgan Stanley cut their target price on Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating for the company in a research note on Wednesday. Guggenheim lifted their target price on Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a research report on Friday, May 2nd. Finally, Barclays upped their price target on Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a research note on Monday, May 5th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $104.18.

Consolidated Edison Stock Up 0.2%

NYSE:ED opened at $100.92 on Friday. Consolidated Edison Inc has a 52 week low of $87.28 and a 52 week high of $114.87. The stock’s fifty day moving average is $106.12 and its two-hundred day moving average is $100.55. The stock has a market capitalization of $36.36 billion, a price-to-earnings ratio of 18.65, a price-to-earnings-growth ratio of 3.21 and a beta of 0.27. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.05). Consolidated Edison had a net margin of 11.98% and a return on equity of 8.61%. The firm had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter in the prior year, the firm posted $2.15 EPS. Research analysts anticipate that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th were paid a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 3.37%. The ex-dividend date of this dividend was Wednesday, May 14th. Consolidated Edison’s payout ratio is 62.85%.

Consolidated Edison 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.