McElhenny Sheffield Capital Management LLC Invests $532,000 in Consolidated Edison, Inc. (NYSE:ED)

McElhenny Sheffield Capital Management LLC bought a new stake in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 4,808 shares of the utilities provider's stock, valued at approximately $532,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Jacobi Capital Management LLC lifted its position in Consolidated Edison by 4.2% during the 4th quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider's stock worth $229,000 after acquiring an additional 104 shares during the period. Glen Eagle Advisors LLC lifted its position in Consolidated Edison by 6.2% during the 4th quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider's stock worth $170,000 after acquiring an additional 111 shares during the period. Richwood Investment Advisors LLC lifted its position in Consolidated Edison by 2.3% during the 4th quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider's stock worth $463,000 after acquiring an additional 115 shares during the period. Integrated Advisors Network LLC lifted its position in Consolidated Edison by 1.6% during the 1st quarter. Integrated Advisors Network LLC now owns 7,842 shares of the utilities provider's stock worth $867,000 after acquiring an additional 121 shares during the period. Finally, Penobscot Investment Management Company Inc. raised its stake in shares of Consolidated Edison by 5.7% during the 4th quarter. Penobscot Investment Management Company Inc. now owns 2,300 shares of the utilities provider's stock valued at $205,000 after buying an additional 125 shares during the last quarter. Institutional investors own 66.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ED. UBS Group lifted their price objective on Consolidated Edison from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Friday, March 21st. Citigroup lifted their price target on Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a research note on Wednesday, April 9th. Wells Fargo & Company lifted their price target on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Morgan Stanley cut their price target on Consolidated Edison from $94.00 to $93.00 and set an "underweight" rating for the company in a research note on Thursday, May 22nd. Finally, KeyCorp lowered Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price target for the company. in a research note on Wednesday, May 14th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $104.27.

Consolidated Edison Price Performance

ED stock traded up $1.17 during 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 debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. Consolidated Edison, Inc. has a twelve month low of $87.28 and a twelve month high of $114.87. The stock has a market capitalization of $37.37 billion, a P/E ratio of 19.79, a PEG ratio of 3.05 and a beta of 0.27. The company's 50-day moving average price is $106.81 and its two-hundred day moving average price is $100.47.

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). Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The business had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same quarter in the prior year, the company posted $2.15 earnings per share. As a group, research analysts predict that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend is Wednesday, May 14th. Consolidated Edison's payout ratio is 62.85%.

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.