Wealth Quarterback LLC Purchases Shares of 2,008 Consolidated Edison, Inc. (NYSE:ED)

Wealth Quarterback LLC purchased a new position in shares of Consolidated Edison, Inc. (NYSE:ED) in the third quarter, HoldingsChannel.com reports. The firm purchased 2,008 shares of the utilities provider’s stock, valued at approximately $209,000.

Several other hedge funds have also recently made changes to their positions in the business. ProShare Advisors LLC lifted its position in shares of Consolidated Edison by 6.6% during the 1st quarter. ProShare Advisors LLC now owns 2,000,741 shares of the utilities provider’s stock valued at $181,687,000 after acquiring an additional 123,654 shares during the period. Hsbc Holdings PLC increased its stake in Consolidated Edison by 0.8% in the second quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock valued at $134,323,000 after purchasing an additional 11,785 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Consolidated Edison by 11.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock valued at $113,845,000 after purchasing an additional 125,859 shares during the period. Clean Energy Transition LLP boosted its position in shares of Consolidated Edison by 227.9% during the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock worth $80,259,000 after purchasing an additional 623,787 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Consolidated Edison by 5.5% in the 2nd quarter. AQR Capital Management LLC now owns 709,713 shares of the utilities provider’s stock valued at $63,413,000 after buying an additional 36,991 shares during the period. 66.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Barclays cut their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a report on Friday. Jefferies Financial Group began coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target for the company. Bank of America upped their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price objective for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Finally, Wells Fargo & Company boosted their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Consolidated Edison presently has an average rating of “Hold” and an average target price of $98.35.

Consolidated Edison Stock Performance

ED stock opened at $98.16 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The firm has a market cap of $33.98 billion, a PE ratio of 18.49, a P/E/G ratio of 3.34 and a beta of 0.36. The business has a 50 day moving average of $103.35 and a 200-day moving average of $97.89. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. As a group, sell-side analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.38%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is 62.52%.

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.