McKinley Carter Wealth Services Inc. Makes New $218,000 Investment in Consolidated Edison, Inc. (NYSE:ED)

McKinley Carter Wealth Services Inc. purchased a new position in shares of Consolidated Edison, Inc. (NYSE:ED) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,973 shares of the utilities provider’s stock, valued at approximately $218,000.

Other institutional investors also recently bought and sold shares of the company. Fairway Wealth LLC purchased a new stake in Consolidated Edison in the 4th quarter worth $36,000. Wood Tarver Financial Group LLC purchased a new stake in Consolidated Edison in the 4th quarter worth $35,000. OFI Invest Asset Management purchased a new stake in shares of Consolidated Edison during the fourth quarter worth $35,000. Centricity Wealth Management LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter worth $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Consolidated Edison during the fourth quarter worth $44,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of research reports. Citigroup upped their target price on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, April 9th. Scotiabank upped their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. Guggenheim boosted their price target on shares of Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a research report on Friday, May 2nd. Wells Fargo & Company upped their price objective on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. Finally, UBS Group upped their price objective on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $104.27.

Consolidated Edison Stock Performance

NYSE:ED opened at $102.46 on Thursday. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The firm has a 50-day moving average price of $106.81 and a two-hundred day moving average price of $100.47. Consolidated Edison, Inc. has a twelve month low of $87.28 and a twelve month high of $114.87. The company has a market capitalization of $36.92 billion, a P/E ratio of 19.55, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.05). Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The business had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter last year, the business posted $2.15 earnings per share. As a group, research analysts expect that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Wednesday, May 14th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $3.40 dividend on an annualized basis and a yield of 3.32%. Consolidated Edison’s payout ratio is 62.85%.

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.