Apella Capital LLC Takes Position in Consolidated Edison, Inc. (NYSE:ED)

Apella Capital LLC bought a new stake in Consolidated Edison, Inc. (NYSE:ED - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 5,308 shares of the utilities provider's stock, valued at approximately $561,000.

Other hedge funds have also added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in shares of Consolidated Edison by 4.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider's stock valued at $223,373,000 after acquiring an additional 82,985 shares during the period. Jones Financial Companies Lllp grew its position in shares of Consolidated Edison by 81.4% in the 4th quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider's stock valued at $885,000 after acquiring an additional 4,451 shares during the period. Merit Financial Group LLC grew its position in shares of Consolidated Edison by 16.8% in the 1st quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock valued at $1,180,000 after acquiring an additional 1,533 shares during the period. Orion Portfolio Solutions LLC grew its position in shares of Consolidated Edison by 22.2% in the 4th quarter. Orion Portfolio Solutions LLC now owns 7,516 shares of the utilities provider's stock valued at $671,000 after acquiring an additional 1,366 shares during the period. Finally, Sei Investments Co. grew its position in shares of Consolidated Edison by 21.2% in the 4th quarter. Sei Investments Co. now owns 97,892 shares of the utilities provider's stock valued at $8,736,000 after acquiring an additional 17,147 shares during the period. Institutional investors own 66.29% of the company's stock.

Consolidated Edison Stock Performance

Consolidated Edison stock traded down $0.70 during midday trading on Friday, hitting $101.57. The company's stock had a trading volume of 1,694,450 shares, compared to its average volume of 2,287,717. Consolidated Edison, Inc. has a 1-year low of $87.28 and a 1-year 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. The company has a 50-day moving average price of $107.33 and a two-hundred day moving average price of $100.42. The company has a market cap of $36.59 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 3.05 and a beta of 0.27.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings data 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 return on equity of 8.62% and a net margin of 11.93%. The business had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same quarter last year, the firm earned $2.15 EPS. As a group, sell-side analysts predict that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm 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 $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.35%. The ex-dividend date is Wednesday, May 14th. Consolidated Edison's dividend payout ratio (DPR) is 62.85%.

Analyst Ratings Changes

A number of research analysts have recently commented on ED shares. KeyCorp downgraded shares of Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price objective for the company. in a research report on Wednesday, May 14th. Morgan Stanley decreased their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set an "underweight" rating for the company in a research report on Thursday, May 22nd. Scotiabank lifted their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a "sector perform" rating in a research report on Monday, February 24th. Citigroup lifted their price objective on shares of Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, April 9th. Finally, Wells Fargo & Company raised their target price on shares of Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $104.27.

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.