McAdam LLC Invests $205,000 in Consolidated Edison, Inc. (NYSE:ED)

McAdam LLC acquired a new stake in Consolidated Edison, Inc. (NYSE:ED) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,251 shares of the utilities provider’s stock, valued at approximately $205,000.

Several other hedge funds and other institutional investors have also modified their holdings of ED. Diversified Trust Co raised its holdings in Consolidated Edison by 140.8% in the 4th quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock valued at $3,361,000 after acquiring an additional 21,604 shares in the last quarter. abrdn plc raised its stake in shares of Consolidated Edison by 30.2% in the fourth quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock valued at $28,373,000 after purchasing an additional 72,273 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Consolidated Edison by 169.9% in the fourth quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock valued at $5,487,000 after purchasing an additional 37,971 shares in the last quarter. Blackhawk Capital Partners LLC. acquired a new stake in Consolidated Edison during the fourth quarter worth $1,551,000. Finally, Mariner LLC increased its holdings in Consolidated Edison by 24.9% in the 3rd quarter. Mariner LLC now owns 91,702 shares of the utilities provider’s stock valued at $7,844,000 after buying an additional 18,270 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ED. UBS Group reduced their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a report on Friday, February 16th. KeyCorp upgraded shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. LADENBURG THALM/SH SH started coverage on Consolidated Edison in a research note on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 price objective on the stock. Royal Bank of Canada cut their target price on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research report on Friday, February 16th. Finally, Scotiabank lowered their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research report on Monday, April 22nd. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $87.54.

Consolidated Edison Price Performance

Shares of ED stock opened at $94.40 on Wednesday. The stock’s fifty day moving average is $89.79 and its 200-day moving average is $90.01. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $100.44. The stock has a market capitalization of $32.62 billion, a PE ratio of 13.15, a PEG ratio of 8.85 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The firm had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same quarter in the prior year, the firm earned $0.81 EPS. The company’s revenue was down 14.6% on a year-over-year basis. Equities research analysts expect that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.52%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 46.24%.

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.