Wedbush Securities Inc. Has $618,000 Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Wedbush Securities Inc. boosted its stake in Consolidated Edison, Inc. (NYSE:ED - Free Report) by 70.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,931 shares of the utilities provider's stock after buying an additional 2,871 shares during the quarter. Wedbush Securities Inc.'s holdings in Consolidated Edison were worth $618,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank bought a new stake in Consolidated Edison during the fourth quarter worth approximately $399,824,000. ExodusPoint Capital Management LP boosted its holdings in Consolidated Edison by 412.0% during the fourth quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider's stock valued at $97,564,000 after purchasing an additional 879,866 shares in the last quarter. Burkehill Global Management LP bought a new stake in Consolidated Edison in the fourth quarter valued at $53,538,000. Vanguard Group Inc. increased its position in shares of Consolidated Edison by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 42,455,662 shares of the utilities provider's stock worth $3,788,319,000 after purchasing an additional 488,752 shares in the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new stake in shares of Consolidated Edison during the fourth quarter worth approximately $42,916,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ED has been the subject of a number of research analyst reports. UBS Group lifted their price target on Consolidated Edison from $110.00 to $113.00 and gave the company a "neutral" rating in a report on Friday, March 21st. Evercore ISI cut Consolidated Edison from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, January 21st. Citigroup lifted their target price on Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a report on Wednesday. Scotiabank increased their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a "sector perform" rating in a research report on Monday, February 24th. Finally, Barclays lifted their target price on Consolidated Edison from $92.00 to $95.00 and gave the company an "underweight" rating in a research report on Monday, February 24th. 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 given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $102.80.

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Consolidated Edison Stock Performance

NYSE:ED traded up $1.52 on Friday, hitting $109.82. The company's stock had a trading volume of 2,617,191 shares, compared to its average volume of 2,226,843. The stock has a fifty day moving average of $103.19 and a two-hundred day moving average of $98.91. Consolidated Edison, Inc. has a one year low of $87.28 and a one year high of $114.87. The firm has a market capitalization of $39.56 billion, a P/E ratio of 20.96, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27. 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 data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.01. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. Research analysts predict that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date was Wednesday, February 19th. This is a positive change from Consolidated Edison's previous quarterly dividend of $0.83. Consolidated Edison's dividend payout ratio is presently 64.89%.

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.