Accurate Wealth Management LLC Makes New $2.68 Million Investment in Consolidated Edison, Inc. (NYSE:ED)

Accurate Wealth Management LLC acquired a new stake in Consolidated Edison, Inc. (NYSE:ED - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 30,416 shares of the utilities provider's stock, valued at approximately $2,681,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Benjamin F. Edwards & Company Inc. lifted its holdings in Consolidated Edison by 13.0% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider's stock worth $78,000 after buying an additional 100 shares during the last quarter. TD Private Client Wealth LLC lifted its stake in Consolidated Edison by 4.7% during the third quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider's stock worth $243,000 after purchasing an additional 104 shares during the last quarter. D.A. Davidson & CO. lifted its stake in Consolidated Edison by 1.1% during the third quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider's stock worth $1,160,000 after purchasing an additional 124 shares during the last quarter. Townsquare Capital LLC boosted its holdings in Consolidated Edison by 2.4% in the third quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider's stock valued at $580,000 after purchasing an additional 130 shares in the last quarter. Finally, Brookstone Capital Management increased its stake in Consolidated Edison by 0.6% in the third quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider's stock valued at $2,517,000 after purchasing an additional 136 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ED. Morgan Stanley reduced their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an "underweight" rating for the company in a research report on Friday, November 22nd. Evercore ISI upgraded shares of Consolidated Edison from a "hold" rating to a "strong-buy" rating in a research note on Friday, November 8th. Citigroup upgraded Consolidated Edison from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Jefferies Financial Group initiated coverage on Consolidated Edison in a research report on Wednesday, October 9th. They issued a "hold" rating and a $108.00 target price for the company. Finally, Barclays cut their price target on Consolidated Edison from $104.00 to $99.00 and set an "underweight" rating on the stock in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $100.64.

Consolidated Edison Stock Performance

NYSE:ED traded up $0.85 during midday trading on Wednesday, reaching $90.22. The stock had a trading volume of 1,046,120 shares, compared to its average volume of 1,929,119. The stock has a market cap of $31.25 billion, a P/E ratio of 16.99, a P/E/G ratio of 3.11 and a beta of 0.38. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The firm has a fifty day simple moving average of $93.72 and a two-hundred day simple moving average of $97.90.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. On average, equities analysts expect that Consolidated Edison, Inc. will post 5.34 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Wednesday, November 13th were paid a $0.83 dividend. The ex-dividend date of this dividend was Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.68%. Consolidated Edison's dividend payout ratio (DPR) is presently 62.52%.

About Consolidated Edison

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.