Sagespring Wealth Partners 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 Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,489 shares of the utilities provider's stock, valued at approximately $311,000.
Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Consolidated Edison by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 42,455,662 shares of the utilities provider's stock worth $3,788,319,000 after buying an additional 488,752 shares during the period. Geode Capital Management LLC increased its position in shares of Consolidated Edison by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 8,984,022 shares of the utilities provider's stock valued at $799,684,000 after purchasing an additional 130,234 shares during the last quarter. Norges Bank acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at $399,824,000. Invesco Ltd. lifted its position in shares of Consolidated Edison by 27.9% during the 4th quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider's stock worth $332,090,000 after purchasing an additional 812,885 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Consolidated Edison by 3.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,225,989 shares of the utilities provider's stock worth $198,625,000 after purchasing an additional 77,323 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have weighed in on ED shares. Citigroup raised their price target on Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a research note on Wednesday, April 9th. Scotiabank raised their target price on Consolidated Edison from $100.00 to $101.00 and gave the stock a "sector perform" rating in a research report on Monday, February 24th. Morgan Stanley upped their price target on Consolidated Edison from $85.00 to $91.00 and gave the company an "underweight" rating in a report on Thursday, March 20th. Mizuho increased their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a "neutral" rating in a research note on Monday, February 3rd. Finally, Evercore ISI downgraded shares of Consolidated Edison from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, January 21st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $103.30.
Check Out Our Latest Research Report on ED
Consolidated Edison Stock Performance
Shares of NYSE ED traded up $2.32 during midday trading on Tuesday, reaching $113.28. 1,833,479 shares of the company were exchanged, compared to its average volume of 2,196,919. The stock has a fifty day simple moving average of $105.44 and a 200 day simple moving average of $99.32. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The stock has a market cap of $40.80 billion, a P/E ratio of 21.62, a PEG ratio of 3.05 and a beta of 0.27. Consolidated Edison, Inc. has a 1 year low of $87.28 and a 1 year high of $114.87.
Consolidated Edison (NYSE:ED - Get Free Report) last released its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, beating 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 business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. On average, research analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.
Consolidated Edison Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th will be paid a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Wednesday, May 14th. Consolidated Edison's dividend payout ratio (DPR) is presently 64.89%.
Consolidated Edison Profile
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Free Report)
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.
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