Davis Investment Partners LLC Buys Shares of 5,546 Consolidated Edison, Inc. (NYSE:ED)

Davis Investment Partners LLC bought a new stake in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 5,546 shares of the utilities provider's stock, valued at approximately $623,000.

Other large investors have also recently bought and sold shares of the company. Merit Financial Group LLC boosted its stake in Consolidated Edison by 16.8% in the 1st quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock worth $1,180,000 after buying an additional 1,533 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in Consolidated Edison by 81.4% in the 4th quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider's stock worth $885,000 after buying an additional 4,451 shares during the last quarter. Orion Portfolio Solutions LLC boosted its stake in Consolidated Edison by 22.2% in the 4th quarter. Orion Portfolio Solutions LLC now owns 7,516 shares of the utilities provider's stock worth $671,000 after buying an additional 1,366 shares during the last quarter. Sei Investments Co. boosted its stake in Consolidated Edison by 21.2% in the 4th quarter. Sei Investments Co. now owns 97,892 shares of the utilities provider's stock worth $8,736,000 after buying an additional 17,147 shares during the last quarter. Finally, Allworth Financial LP boosted its stake in Consolidated Edison by 16.4% in the 4th quarter. Allworth Financial LP now owns 5,844 shares of the utilities provider's stock worth $530,000 after buying an additional 823 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Stock Up 1.1%

Consolidated Edison stock traded up $1.17 during midday trading on Thursday, hitting $103.72. The stock had a trading volume of 1,902,560 shares, compared to its average volume of 2,294,496. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The stock has a market cap of $37.37 billion, a P/E ratio of 19.79, a P/E/G ratio of 3.05 and a beta of 0.27. Consolidated Edison, Inc. has a 12 month low of $87.28 and a 12 month high of $114.87. The business has a fifty day moving average price of $106.81 and a 200 day moving average price of $100.47.

Consolidated Edison (NYSE:ED - Get Free Report) last announced 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). The firm had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.21 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. During the same period in the prior year, the firm earned $2.15 earnings per share. Research analysts predict that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $3.40 dividend on an annualized basis and a yield of 3.28%. Consolidated Edison's payout ratio is currently 62.85%.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of research analyst reports. KeyCorp cut Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 target price on the stock. in a report on Wednesday, May 14th. Barclays lifted their target price on Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a report on Monday, May 5th. UBS Group lifted their target price on Consolidated Edison from $110.00 to $113.00 and gave the company a "neutral" rating in a report on Friday, March 21st. Wells Fargo & Company lifted their target price on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Finally, Scotiabank lifted their target price on Consolidated Edison from $100.00 to $101.00 and gave the company a "sector perform" rating in a report on Monday, February 24th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average 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.