Fmr LLC Increases Stock Position in Consolidated Edison, Inc. (NYSE:ED)

FMR LLC boosted its position in Consolidated Edison, Inc. (NYSE:ED - Free Report) by 82.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,268,424 shares of the utilities provider's stock after acquiring an additional 572,530 shares during the quarter. FMR LLC owned 0.37% of Consolidated Edison worth $132,081,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new position in Consolidated Edison in the third quarter valued at approximately $27,000. Ashton Thomas Securities LLC acquired a new position in shares of Consolidated Edison during the third quarter worth $30,000. TruNorth Capital Management LLC bought a new position in Consolidated Edison during the second quarter worth $33,000. Future Financial Wealth Managment LLC bought a new position in Consolidated Edison during the third quarter worth $55,000. Finally, Webster Bank N. A. raised its stake in Consolidated Edison by 189.5% during the third quarter. Webster Bank N. A. now owns 579 shares of the utilities provider's stock worth $60,000 after buying an additional 379 shares during the last quarter. 66.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Scotiabank lifted their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a "sector underperform" rating in a research note on Tuesday, August 20th. Morgan Stanley lowered their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an "underweight" rating for the company in a research note on Friday, November 22nd. Citigroup raised shares of 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 note on Tuesday, October 15th. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They set a "hold" rating and a $108.00 target price for the company. Finally, Evercore ISI raised shares of Consolidated Edison from a "hold" rating to a "strong-buy" rating in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Consolidated Edison presently has an average rating of "Hold" and a consensus price target of $99.13.

Consolidated Edison Price Performance

Shares of NYSE:ED traded down $0.92 during trading on Wednesday, reaching $96.61. The company had a trading volume of 5,090,612 shares, compared to its average volume of 1,884,532. The company has a fifty day moving average of $101.40 and a two-hundred day moving average of $98.22. The stock has a market capitalization of $33.46 billion, a P/E ratio of 18.19, a price-to-earnings-growth ratio of 3.31 and a beta of 0.36. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping analysts' consensus estimates of $1.56 by $0.12. The firm 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%. Equities research analysts forecast that Consolidated Edison, Inc. will post 5.34 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.44%. Consolidated Edison's dividend payout ratio (DPR) 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.