Financial Network Wealth Advisors LLC Buys Shares of 300 Consolidated Edison Inc (NYSE:ED)

Financial Network Wealth Advisors LLC bought a new stake in Consolidated Edison Inc (NYSE:ED) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 300 shares of the utilities provider’s stock, valued at approximately $33,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Deutsche Bank AG increased its holdings in Consolidated Edison by 130.6% in the 1st quarter. Deutsche Bank AG now owns 3,926,814 shares of the utilities provider’s stock worth $434,266,000 after purchasing an additional 2,223,959 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Consolidated Edison by 106.9% in the 1st quarter. JPMorgan Chase & Co. now owns 2,790,876 shares of the utilities provider’s stock worth $308,643,000 after purchasing an additional 1,441,785 shares in the last quarter. Nuveen LLC acquired a new position in Consolidated Edison in the 1st quarter worth about $146,073,000. GAMMA Investing LLC increased its holdings in Consolidated Edison by 15,937.5% in the 1st quarter. GAMMA Investing LLC now owns 1,022,073 shares of the utilities provider’s stock worth $113,031,000 after purchasing an additional 1,015,700 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Consolidated Edison by 232.3% in the fourth quarter. Marshall Wace LLP now owns 1,053,339 shares of the utilities provider’s stock valued at $93,989,000 after buying an additional 736,348 shares during the period. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED opened at $103.61 on Thursday. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $37.37 billion, a price-to-earnings ratio of 18.80, a PEG ratio of 3.31 and a beta of 0.24. The stock has a 50 day moving average of $101.70 and a 200 day moving average of $103.36. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.39 billion. During the same period last year, the business posted $0.59 earnings per share. As a group, sell-side analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 61.71%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ED. Morgan Stanley decreased their price target on Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating for the company in a research note on Wednesday, June 18th. KeyCorp reissued an “overweight” rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Scotiabank increased their price target on Consolidated Edison from $101.00 to $106.00 and gave the company a “sector perform” rating in a research note on Monday. Mizuho upped their target price on Consolidated Edison from $107.00 to $112.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. Finally, Wells Fargo & Company upped their target price on Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a research report on Friday, May 2nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $106.30.

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.