Financial Gravity Asset Management Inc. Purchases New Shares in Consolidated Edison Inc (NYSE:ED)

Financial Gravity Asset Management Inc. purchased a new stake in Consolidated Edison Inc (NYSE:ED) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 600 shares of the utilities provider’s stock, valued at approximately $66,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ED. Allworth Financial LP grew its position in shares of Consolidated Edison by 5.2% in the 1st quarter. Allworth Financial LP now owns 6,149 shares of the utilities provider’s stock valued at $684,000 after buying an additional 305 shares during the last quarter. Significant Wealth Partners LLC raised its stake in shares of Consolidated Edison by 11.9% in the first quarter. Significant Wealth Partners LLC now owns 4,804 shares of the utilities provider’s stock worth $531,000 after purchasing an additional 509 shares during the last quarter. Greenleaf Trust increased its position in shares of Consolidated Edison by 9.1% during the first quarter. Greenleaf Trust now owns 9,341 shares of the utilities provider’s stock valued at $1,033,000 after acquiring an additional 782 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in Consolidated Edison by 2.7% during the first quarter. DekaBank Deutsche Girozentrale now owns 204,619 shares of the utilities provider’s stock valued at $22,064,000 after purchasing an additional 5,359 shares during the period. Finally, Personal CFO Solutions LLC grew its holdings in Consolidated Edison by 5.4% during the first quarter. Personal CFO Solutions LLC now owns 2,972 shares of the utilities provider’s stock valued at $329,000 after purchasing an additional 151 shares during the period. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Price Performance

ED stock opened at $101.11 on Friday. The firm has a 50 day moving average price of $102.73 and a 200-day moving average price of $101.25. 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 $36.43 billion, a price-to-earnings ratio of 18.69, a PEG ratio of 3.19 and a beta of 0.26. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.19 and a current ratio of 1.28.

Consolidated Edison (NYSE:ED) last released its earnings results 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 business had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter in the previous year, the business posted $2.15 earnings per share. Equities research analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th were given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend was Wednesday, May 14th. Consolidated Edison’s payout ratio is 62.85%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ED. Wells Fargo & Company increased their price objective on Consolidated Edison from $103.00 to $114.00 and gave the stock an “equal weight” rating in a research report on Friday, May 2nd. Morgan Stanley lowered their price target on Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating on the stock in a research report on Wednesday, June 18th. KeyCorp downgraded Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 price objective on the stock. in a report on Wednesday, May 14th. Guggenheim lifted their price objective on Consolidated Edison from $96.00 to $103.00 and gave the stock a “neutral” rating in a report on Friday, May 2nd. Finally, Barclays lifted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock an “underweight” rating in a report on Monday, May 5th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $105.27.

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.