Accurate Wealth Management LLC Buys New Position in Consolidated Edison, Inc. (NYSE:ED)

Accurate Wealth Management LLC bought a new position in shares of Consolidated Edison, Inc. (NYSE:ED) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 30,416 shares of the utilities provider’s stock, valued at approximately $2,681,000.

A number of other hedge funds have also added to or reduced their stakes in the business. BOKF NA increased its stake in shares of Consolidated Edison by 88.3% in the 2nd quarter. BOKF NA now owns 5,083 shares of the utilities provider’s stock valued at $455,000 after acquiring an additional 2,384 shares in the last quarter. Oppenheimer & Co. Inc. increased its stake in Consolidated Edison by 3.0% in the second quarter. Oppenheimer & Co. Inc. now owns 22,188 shares of the utilities provider’s stock valued at $1,984,000 after purchasing an additional 655 shares in the last quarter. Parallel Advisors LLC increased its stake in Consolidated Edison by 12.1% in the second quarter. Parallel Advisors LLC now owns 8,032 shares of the utilities provider’s stock valued at $718,000 after purchasing an additional 869 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. Finally, Mesirow Financial Investment Management Inc. boosted its position in shares of Consolidated Edison by 7.0% during the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 10,659 shares of the utilities provider’s stock worth $953,000 after purchasing an additional 697 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on ED shares. UBS Group boosted their target price on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Jefferies Financial Group started coverage on Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective for the company. Barclays cut their target price on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a report on Friday, November 8th. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their price target for the company from $90.00 to $100.00 in a research report on Thursday, December 12th. Finally, Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and a consensus target price of $100.64.

Consolidated Edison Price Performance

ED opened at $89.28 on Wednesday. The firm’s fifty day moving average price is $93.72 and its two-hundred day moving average price is $97.90. The company has a market capitalization of $30.93 billion, a price-to-earnings ratio of 16.81, a P/E/G ratio of 3.11 and a beta of 0.38. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results 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. The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. As a group, analysts anticipate that Consolidated Edison, Inc. will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.72%. The ex-dividend date was Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is presently 62.52%.

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.