Corient Private Wealth LLC Buys 7,725 Shares of Consolidated Edison, Inc. (NYSE:ED)

Corient Private Wealth LLC raised its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 4.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 175,416 shares of the utilities provider’s stock after purchasing an additional 7,725 shares during the period. Corient Private Wealth LLC’s holdings in Consolidated Edison were worth $15,958,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Financial Gravity Asset Management Inc. lifted its stake in Consolidated Edison by 215.6% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 194 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Consolidated Edison during the fourth quarter worth $29,000. Bruce G. Allen Investments LLC acquired a new position in Consolidated Edison in the fourth quarter valued at $31,000. CVA Family Office LLC acquired a new position in Consolidated Edison in the fourth quarter valued at $32,000. Finally, Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at about $33,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Stock Up 0.6 %

NYSE:ED traded up $0.56 during trading hours on Friday, hitting $94.43. 1,639,105 shares of the company traded hands, compared to its average volume of 2,007,665. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. The firm’s 50-day simple moving average is $92.60 and its 200-day simple moving average is $90.98. Consolidated Edison, Inc. has a one year low of $80.46 and a one year high of $98.85. The company has a market cap of $32.66 billion, a PE ratio of 18.12, a PEG ratio of 2.38 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.40 billion. During the same period last year, the firm posted $1.83 EPS. The business’s revenue was down 2.8% compared to the same quarter last year. Equities analysts predict that Consolidated Edison, Inc. will post 5.34 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.83 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.52%. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Analyst Ratings Changes

ED has been the topic of a number of analyst reports. Scotiabank decreased their target price on shares of 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. Wells Fargo & Company raised their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. Barclays lifted their price objective on shares of Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 7th. Royal Bank of Canada dropped their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research report on Friday, February 16th. Finally, UBS Group dropped their target price on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $88.46.

Consolidated Edison 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.