Consolidated Edison, Inc. (NYSE:ED) Position Increased by Welch Group LLC

Welch Group LLC boosted its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 499,289 shares of the utilities provider’s stock after purchasing an additional 3,969 shares during the period. Consolidated Edison accounts for approximately 2.3% of Welch Group LLC’s portfolio, making the stock its 26th biggest position. Welch Group LLC owned about 0.14% of Consolidated Edison worth $51,991,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Insight Folios Inc lifted its position in shares of Consolidated Edison by 4.9% during the 3rd quarter. Insight Folios Inc now owns 75,201 shares of the utilities provider’s stock worth $7,831,000 after purchasing an additional 3,542 shares during the last quarter. J.W. Cole Advisors Inc. increased its position in Consolidated Edison by 1.1% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 15,017 shares of the utilities provider’s stock worth $1,564,000 after buying an additional 165 shares during the period. PFG Investments LLC lifted its holdings in shares of Consolidated Edison by 2.7% during the third quarter. PFG Investments LLC now owns 64,074 shares of the utilities provider’s stock worth $6,672,000 after buying an additional 1,672 shares during the last quarter. Pathway Financial Advisers LLC lifted its holdings in shares of Consolidated Edison by 10,302.6% during the third quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock worth $2,546,000 after buying an additional 24,211 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC boosted its position in shares of Consolidated Edison by 33.0% in the third quarter. NorthCrest Asset Manangement LLC now owns 9,176 shares of the utilities provider’s stock valued at $955,000 after acquiring an additional 2,278 shares during the period. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Stock Performance

ED stock traded up $0.60 during trading hours on Monday, reaching $105.20. The stock had a trading volume of 88,342 shares, compared to its average volume of 1,824,378. The stock has a 50-day simple moving average of $103.35 and a 200 day simple moving average of $97.25. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The stock has a market capitalization of $36.38 billion, a PE ratio of 20.08, a price-to-earnings-growth ratio of 3.57 and a beta of 0.36. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same period last year, the business posted $0.61 EPS. Analysts predict that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be given a dividend of $0.83 per share. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.16%. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ED. Morgan Stanley boosted their target price on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 25th. Wells Fargo & Company lifted their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price target for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. UBS Group lifted their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Finally, Barclays increased their target price on Consolidated Edison from $98.00 to $104.00 and gave the stock an “underweight” rating in a report on Monday, October 21st. Four analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $98.73.

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.