PBMares Wealth Management LLC Invests $221,000 in Consolidated Edison Inc (NYSE:ED)

PBMares Wealth Management LLC purchased a new position in Consolidated Edison Inc (NYSE:ED) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 2,000 shares of the utilities provider’s stock, valued at approximately $221,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Consolidated Edison by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 42,455,662 shares of the utilities provider’s stock worth $3,788,319,000 after purchasing an additional 488,752 shares during the last quarter. Geode Capital Management LLC grew its stake in Consolidated Edison by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 8,984,022 shares of the utilities provider’s stock worth $799,684,000 after acquiring an additional 130,234 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Consolidated Edison by 6.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,820,449 shares of the utilities provider’s stock worth $430,129,000 after acquiring an additional 271,088 shares during the period. Norges Bank bought a new stake in shares of Consolidated Edison during the fourth quarter valued at approximately $399,824,000. Finally, Northern Trust Corp increased its holdings in Consolidated Edison by 10.2% during the 4th quarter. Northern Trust Corp now owns 4,207,753 shares of the utilities provider’s stock worth $375,458,000 after purchasing an additional 390,708 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $101.17 on Tuesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.28 and a quick ratio of 1.19. The company has a market cap of $36.45 billion, a price-to-earnings ratio of 18.70, a price-to-earnings-growth ratio of 3.22 and a beta of 0.27. The stock’s 50-day moving average is $105.90 and its two-hundred day moving average is $100.65. Consolidated Edison Inc has a 1-year low of $87.28 and a 1-year high of $114.87.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 1st. The utilities provider reported $2.25 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 analyst estimates of $4.21 billion. During the same quarter in the previous year, the firm posted $2.15 EPS. Analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages have recently commented on ED. Morgan Stanley cut their price target on Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating on the stock in a research note on Wednesday, June 18th. KeyCorp lowered Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 price target for the company. in a research report on Wednesday, May 14th. Barclays lifted their target price on Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a research note on Monday, May 5th. UBS Group increased their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Finally, Wells Fargo & Company lifted their price objective on shares of Consolidated Edison from $103.00 to $114.00 and gave the stock an “equal weight” rating in a research report on Friday, May 2nd. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $104.18.

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.