Bridgewater Advisors Inc. Invests $619,000 in Consolidated Edison Inc (NYSE:ED)

Bridgewater Advisors Inc. acquired a new position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,518 shares of the utilities provider's stock, valued at approximately $619,000.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Alpine Bank Wealth Management acquired a new position in Consolidated Edison during the first quarter valued at approximately $32,000. Fort Vancouver Investment Management LLC acquired a new position in Consolidated Edison during the first quarter valued at approximately $33,000. Wood Tarver Financial Group LLC acquired a new position in Consolidated Edison during the fourth quarter valued at approximately $35,000. Elite Financial Inc. bought a new stake in Consolidated Edison in the first quarter valued at approximately $38,000. Finally, Park Square Financial Group LLC bought a new stake in Consolidated Edison in the fourth quarter valued at approximately $45,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ED shares. Morgan Stanley dropped their price objective 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. Barclays lifted their price target on Consolidated Edison from $100.00 to $101.00 and gave the stock an "underweight" rating in a report on Monday, May 5th. Mizuho raised Consolidated Edison from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from $105.00 to $107.00 in a report on Monday, June 30th. UBS Group lifted their price target on Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Finally, KeyCorp cut Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price target for the company. in a report on Wednesday, May 14th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, Consolidated Edison has a consensus rating of "Hold" and an average price target of $105.27.

Consolidated Edison Price Performance

Shares of NYSE:ED opened at $100.00 on Wednesday. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87. The firm has a 50 day simple moving average of $102.16 and a 200 day simple moving average of $101.56. 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 $36.03 billion, a price-to-earnings ratio of 18.48, a PEG ratio of 3.22 and a beta of 0.26.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its 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 during the quarter, compared to analyst estimates of $4.21 billion. During the same period in the previous year, the company earned $2.15 EPS. Research analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

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

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.

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