Commonwealth Equity Services LLC Increases Stock Holdings in Consolidated Edison Inc (NYSE:ED)

Key Points

• Commonwealth Equity Services LLC increased its stake in Consolidated Edison Inc by 1.0%, owning approximately 394,780 shares worth $43.66 million as of the latest SEC filing.
• Consolidated Edison has recently announced a quarterly dividend of $0.85, representing an annualized amount of $3.40 and a yield of 3.2%.
• Analysts have mixed ratings on Consolidated Edison, with a consensus rating of "Hold" and an average price target of $105.09.

Commonwealth Equity Services LLC boosted its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 1.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 394,780 shares of the utilities provider's stock after purchasing an additional 3,774 shares during the period. Commonwealth Equity Services LLC owned about 0.11% of Consolidated Edison worth $43,659,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Glen Eagle Advisors LLC boosted its position in Consolidated Edison by 6.2% in the fourth quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider's stock worth $170,000 after purchasing an additional 111 shares during the last quarter. Western Wealth Management LLC boosted its position in Consolidated Edison by 0.7% in the first quarter. Western Wealth Management LLC now owns 16,101 shares of the utilities provider's stock worth $1,781,000 after purchasing an additional 116 shares during the last quarter. Eastern Bank boosted its position in Consolidated Edison by 2.9% in the first quarter. Eastern Bank now owns 4,294 shares of the utilities provider's stock worth $475,000 after purchasing an additional 120 shares during the last quarter. Integrated Advisors Network LLC lifted its position in shares of Consolidated Edison by 1.6% during the 1st quarter. Integrated Advisors Network LLC now owns 7,842 shares of the utilities provider's stock valued at $867,000 after buying an additional 121 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC lifted its position in shares of Consolidated Edison by 4.3% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 2,915 shares of the utilities provider's stock valued at $322,000 after buying an additional 121 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

NYSE:ED opened at $105.37 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. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year high of $114.87. The stock's 50 day simple moving average is $101.57 and its two-hundred day simple moving average is $102.92. The company has a market cap of $37.96 billion, a price-to-earnings ratio of 19.48, a PEG ratio of 3.33 and a beta of 0.24.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be paid a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 dividend on an annualized basis and a yield of 3.2%. Consolidated Edison's payout ratio is presently 62.85%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on ED shares. KeyCorp reaffirmed an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Citigroup lifted their price objective on Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, April 9th. Barclays lifted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a research report on Monday, May 5th. Guggenheim lifted their price objective on Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Finally, Morgan Stanley lowered their price objective on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating on the stock in a research report on Wednesday, June 18th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, Consolidated Edison presently has a consensus rating of "Hold" and an average price target of $105.09.

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.

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