Apella Capital LLC Buys New Shares in Consolidated Edison, Inc. (NYSE:ED)

Apella Capital LLC purchased a new position in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,308 shares of the utilities provider's stock, valued at approximately $561,000.

Several other hedge funds have also recently modified their holdings of ED. OFI Invest Asset Management acquired a new position in Consolidated Edison in the 4th quarter valued at $35,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at about $35,000. Fairway Wealth LLC acquired a new position in shares of Consolidated Edison during the fourth quarter worth about $36,000. Centricity Wealth Management LLC acquired a new position in shares of Consolidated Edison during the fourth quarter worth about $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new position in Consolidated Edison during the fourth quarter worth about $44,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price objective on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Morgan Stanley reduced their price target on Consolidated Edison from $94.00 to $93.00 and set an "underweight" rating for the company in a report on Thursday, May 22nd. KeyCorp downgraded Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price target on the stock. in a research note on Wednesday, May 14th. Guggenheim upped their price objective on Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Finally, Scotiabank increased their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock a "sector perform" rating in a research report on Monday, February 24th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $104.27.

Consolidated Edison Price Performance

Consolidated Edison stock traded down $0.70 during mid-day trading on Friday, hitting $101.57. 1,694,450 shares of the company were exchanged, compared to its average volume of 2,280,360. Consolidated Edison, Inc. has a 12-month low of $87.28 and a 12-month high of $114.87. The company has a market capitalization of $36.59 billion, a P/E ratio of 19.38, a PEG ratio of 3.05 and a beta of 0.27. The business's 50 day simple moving average is $107.50 and its two-hundred day simple moving average is $100.36. 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 posted its quarterly earnings data 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 net margin of 11.93% and a return on equity of 8.62%. The company had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same period in the previous year, the business earned $2.15 EPS. Analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Wednesday, May 14th will be paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.35%. The ex-dividend date is Wednesday, May 14th. Consolidated Edison's payout ratio is 62.85%.

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.