Essential Planning LLC. Purchases New Shares in Consolidated Edison, Inc. (NYSE:ED)

Essential Planning LLC. purchased a new stake in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 67,709 shares of the utilities provider's stock, valued at approximately $6,673,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ED. Wilmington Savings Fund Society FSB bought a new position in Consolidated Edison in the 3rd quarter valued at $776,000. JPMorgan Chase & Co. boosted its position in Consolidated Edison by 4.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider's stock valued at $223,373,000 after buying an additional 82,985 shares during the last quarter. Hennessy Advisors Inc. boosted its position in Consolidated Edison by 2.8% in the 4th quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider's stock valued at $12,772,000 after buying an additional 3,900 shares during the last quarter. Gateway Investment Advisers LLC boosted its position in Consolidated Edison by 102.7% in the 4th quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider's stock valued at $38,394,000 after buying an additional 217,981 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its position in Consolidated Edison by 81.4% in the 4th quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider's stock valued at $885,000 after buying an additional 4,451 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ED has been the topic of a number of recent research reports. Barclays increased their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company an "underweight" rating in a research report on Monday, February 24th. Evercore ISI lowered Consolidated Edison from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, January 21st. Mizuho raised their price target on Consolidated Edison from $92.00 to $95.00 and gave the stock a "neutral" rating in a research report on Monday, February 3rd. UBS Group raised their price target on Consolidated Edison from $105.00 to $110.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 25th. Finally, Morgan Stanley reduced their price target on Consolidated Edison from $88.00 to $85.00 and set an "underweight" rating on the stock in a research report on Friday, November 22nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $101.50.

Remove Ads

Consolidated Edison Trading Down 2.6 %

Shares of NYSE:ED opened at $103.85 on Wednesday. Consolidated Edison, Inc. has a 12-month low of $87.16 and a 12-month high of $107.97. The stock has a market cap of $36.01 billion, a PE ratio of 19.82, a P/E/G ratio of 3.05 and a beta of 0.30. The business has a 50 day moving average of $95.04 and a 200-day moving average of $98.07. 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 (NYSE:ED - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The company had revenue of $3.67 billion during the quarter, compared to analysts' expectations of $3.63 billion. As a group, equities research analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend is Wednesday, February 19th. This is a boost from Consolidated Edison's previous quarterly dividend of $0.83. Consolidated Edison's payout ratio is currently 64.89%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.