C2C Wealth Management LLC Takes Position in Consolidated Edison Inc (NYSE:ED)

C2C Wealth Management LLC bought a new stake in Consolidated Edison Inc (NYSE:ED) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,982 shares of the utilities provider’s stock, valued at approximately $219,000.

Several other large investors also recently bought and sold shares of ED. Fairway Wealth LLC bought a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $36,000. Wood Tarver Financial Group LLC purchased a new stake in Consolidated Edison during the 4th quarter valued at $35,000. OFI Invest Asset Management bought a new stake in Consolidated Edison in the fourth quarter worth $35,000. Garde Capital Inc. purchased a new position in Consolidated Edison during the first quarter worth $49,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new position in Consolidated Edison during the fourth quarter valued at $44,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Up 0.2%

Shares of NYSE:ED opened at $101.17 on Tuesday. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04. The business’s 50 day moving average is $105.90 and its 200 day moving average is $100.65. The stock has a market cap of $36.45 billion, a P/E ratio of 18.70, a price-to-earnings-growth ratio of 3.22 and a beta of 0.27. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week high of $114.87.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.05). Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. The firm had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the previous year, the company posted $2.15 EPS. Sell-side analysts predict that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th were issued a $0.85 dividend. The ex-dividend date was Wednesday, May 14th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.36%. Consolidated Edison’s dividend payout ratio is presently 62.85%.

Analysts Set New Price Targets

Several research firms have recently issued reports on ED. Citigroup raised 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. Morgan Stanley dropped their target price on Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating for the company in a research report on Wednesday, June 18th. UBS Group upped their target price on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. Barclays raised their price target on Consolidated Edison from $100.00 to $101.00 and gave the stock an “underweight” rating in a research note on Monday, May 5th. Finally, Scotiabank boosted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a report on Monday, February 24th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $104.18.

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.