Mackenzie Financial Corp Boosts Holdings in Consolidated Edison Inc (NYSE:ED)

Key Points

• Mackenzie Financial Corp increased its stake in Consolidated Edison by 14.4% to own 87,792 shares, valued at $9,709,000 as of the end of the most recent quarter.
• Several institutional investors have also raised their positions in Consolidated Edison, with 66.29% of the stock currently owned by hedge funds and other institutional investors.
• Consolidated Edison announced a quarterly dividend of $0.85 per share, resulting in an annualized dividend of $3.40 with a yield of 3.3%.

Mackenzie Financial Corp boosted its stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 14.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 87,792 shares of the utilities provider's stock after acquiring an additional 11,053 shares during the period. Mackenzie Financial Corp's holdings in Consolidated Edison were worth $9,709,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Merit Financial Group LLC lifted its stake in Consolidated Edison by 16.8% in the first quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock worth $1,180,000 after purchasing an additional 1,533 shares during the last quarter. Ritholtz Wealth Management purchased a new position in Consolidated Edison during the 1st quarter valued at $227,000. Wealth Enhancement Advisory Services LLC grew its position in Consolidated Edison by 2.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider's stock valued at $27,649,000 after acquiring an additional 6,869 shares during the last quarter. Orion Portfolio Solutions LLC increased its stake in Consolidated Edison by 22.2% in the fourth quarter. Orion Portfolio Solutions LLC now owns 7,516 shares of the utilities provider's stock worth $671,000 after purchasing an additional 1,366 shares during the period. Finally, Flagship Harbor Advisors LLC bought a new stake in shares of Consolidated Edison during the first quarter worth $217,000. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Up 0.9%

Shares of ED traded up $0.91 during midday trading on Friday, hitting $104.41. The company had a trading volume of 2,272,574 shares, compared to its average volume of 1,936,933. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year high of $114.87. The firm has a market capitalization of $37.62 billion, a P/E ratio of 19.30, a P/E/G ratio of 3.33 and a beta of 0.24. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.19 and a current ratio of 1.28. The company's 50-day simple moving average is $101.55 and its 200-day simple moving average is $102.68.

Consolidated Edison (NYSE:ED - Get Free Report) last released 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). The business had revenue of $4.80 billion during the quarter, compared to analysts' expectations of $4.21 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.61%. During the same quarter in the previous year, the company posted $2.15 EPS. As a group, sell-side analysts expect that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison's dividend payout ratio is presently 62.85%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Citigroup boosted their price target on Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, April 9th. Mizuho upgraded Consolidated Edison from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $105.00 to $107.00 in a report on Monday, June 30th. Guggenheim lifted their price objective on Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. KeyCorp reaffirmed an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Finally, Barclays raised their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a research report on Monday, May 5th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $105.09.

Consolidated Edison 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.