Baillie Gifford & Co. Raises Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Baillie Gifford & Co. grew its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 64.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,093 shares of the utilities provider’s stock after purchasing an additional 7,465 shares during the period. Baillie Gifford & Co.’s holdings in Consolidated Edison were worth $1,704,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ED. Creative Planning grew its position in shares of Consolidated Edison by 7.9% during the third quarter. Creative Planning now owns 98,928 shares of the utilities provider’s stock worth $10,301,000 after buying an additional 7,269 shares in the last quarter. Blue Trust Inc. grew its position in shares of Consolidated Edison by 70.8% during the third quarter. Blue Trust Inc. now owns 4,695 shares of the utilities provider’s stock worth $489,000 after buying an additional 1,946 shares in the last quarter. Raymond James & Associates grew its position in shares of Consolidated Edison by 20.1% during the third quarter. Raymond James & Associates now owns 190,145 shares of the utilities provider’s stock worth $19,800,000 after buying an additional 31,761 shares in the last quarter. Venture Visionary Partners LLC grew its position in shares of Consolidated Edison by 9.9% during the third quarter. Venture Visionary Partners LLC now owns 5,618 shares of the utilities provider’s stock worth $585,000 after buying an additional 504 shares in the last quarter. Finally, Ledyard National Bank boosted its holdings in Consolidated Edison by 10.5% in the third quarter. Ledyard National Bank now owns 6,605 shares of the utilities provider’s stock valued at $688,000 after purchasing an additional 630 shares in the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $95.70 on Wednesday. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The business has a 50 day simple moving average of $91.84 and a 200-day simple moving average of $98.10. The stock has a market capitalization of $33.15 billion, a PE ratio of 18.02, a price-to-earnings-growth ratio of 3.04 and a beta of 0.39.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.55%. 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 dividend payout ratio is 64.03%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ED shares. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Morgan Stanley lowered their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Barclays lowered their price target on Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a report on Monday, January 27th. Mizuho upped their price target on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Finally, Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and boosted their price objective for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $100.70.

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.