6,778 Shares in Consolidated Edison, Inc. (NYSE:ED) Bought by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC bought a new stake in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 6,778 shares of the utilities provider's stock, valued at approximately $605,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jacobi Capital Management LLC lifted its holdings in shares of Consolidated Edison by 4.2% in the 4th quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider's stock worth $229,000 after buying an additional 104 shares during the period. Richwood Investment Advisors LLC grew its holdings in Consolidated Edison by 2.3% during the 4th quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider's stock worth $463,000 after acquiring an additional 115 shares in the last quarter. Penobscot Investment Management Company Inc. increased its position in Consolidated Edison by 5.7% during the 4th quarter. Penobscot Investment Management Company Inc. now owns 2,300 shares of the utilities provider's stock valued at $205,000 after purchasing an additional 125 shares during the period. Trust Point Inc. raised its holdings in shares of Consolidated Edison by 4.9% in the 4th quarter. Trust Point Inc. now owns 2,790 shares of the utilities provider's stock valued at $249,000 after purchasing an additional 131 shares in the last quarter. Finally, Haverford Trust Co lifted its position in shares of Consolidated Edison by 3.7% in the 4th quarter. Haverford Trust Co now owns 3,709 shares of the utilities provider's stock worth $331,000 after purchasing an additional 132 shares during the period. 66.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of analyst reports. UBS Group upped their target price on Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Wells Fargo & Company upped their price objective on Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a research note on Friday. Scotiabank boosted 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. Mizuho increased their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a "neutral" rating in a research report on Monday, February 3rd. Finally, Guggenheim lifted their price objective on shares of Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Consolidated Edison presently has an average rating of "Hold" and a consensus target price of $105.70.

Consolidated Edison Stock Performance

NYSE:ED traded down $2.49 during trading hours on Friday, hitting $110.07. 3,421,756 shares of the company were exchanged, compared to its average volume of 2,224,664. The company's 50 day moving average price is $107.80 and its 200-day moving average price is $99.80. The stock has a market capitalization of $39.65 billion, a price-to-earnings ratio of 21.01, a PEG ratio of 3.05 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. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

Consolidated Edison (NYSE:ED - Get Free Report) last released its earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) 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 firm had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same period in the previous year, the company earned $2.15 earnings per share. As a group, research analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be paid a dividend of $0.85 per share. The ex-dividend date is Wednesday, May 14th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.09%. Consolidated Edison's payout ratio is currently 64.89%.

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.