Consolidated Edison, Inc. (NYSE:ED) Position Increased by Geode Capital Management LLC

Geode Capital Management LLC increased its stake in Consolidated Edison, Inc. (NYSE:ED) by 1.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,984,022 shares of the utilities provider’s stock after purchasing an additional 130,234 shares during the quarter. Geode Capital Management LLC owned approximately 2.59% of Consolidated Edison worth $799,684,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Consolidated Edison by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 42,455,662 shares of the utilities provider’s stock worth $3,788,319,000 after acquiring an additional 488,752 shares in the last quarter. State Street Corp increased its position in Consolidated Edison by 1.7% during the third quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock worth $2,439,684,000 after buying an additional 399,034 shares during the last quarter. Norges Bank acquired a new position in shares of Consolidated Edison during the 4th quarter valued at about $399,824,000. Charles Schwab Investment Management Inc. raised its position in shares of Consolidated Edison by 3.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,225,989 shares of the utilities provider’s stock valued at $198,625,000 after purchasing an additional 77,323 shares during the period. Finally, Amundi lifted its position in Consolidated Edison by 12.2% during the 4th quarter. Amundi now owns 2,221,729 shares of the utilities provider’s stock worth $197,795,000 after acquiring an additional 242,243 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ED. Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Mizuho lifted their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. UBS Group boosted their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. Morgan Stanley increased their price target on Consolidated Edison from $85.00 to $91.00 and gave the stock an “underweight” rating in a research report on Thursday, March 20th. Finally, Scotiabank raised their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research report on Monday, February 24th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Consolidated Edison currently has an average rating of “Hold” and an average price target of $102.40.

Consolidated Edison Trading Down 0.4 %

NYSE ED opened at $109.58 on Thursday. The stock has a 50-day simple moving average of $100.62 and a 200 day simple moving average of $98.64. Consolidated Edison, Inc. has a 12 month low of $87.28 and a 12 month high of $111.11. The company has a market capitalization of $38.00 billion, a PE ratio of 20.91, a P/E/G ratio of 3.05 and a beta of 0.30. 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) last posted its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. Research analysts forecast that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

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

About Consolidated Edison

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.