Palisade Capital Management LP Takes Position in Consolidated Edison Inc (NYSE:ED)

Palisade Capital Management LP bought a new position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 7,772 shares of the utilities provider's stock, valued at approximately $860,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Consolidated Edison by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 42,455,662 shares of the utilities provider's stock valued at $3,788,319,000 after acquiring an additional 488,752 shares during the last quarter. Geode Capital Management LLC raised its stake in Consolidated Edison by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 8,984,022 shares of the utilities provider's stock valued at $799,684,000 after acquiring an additional 130,234 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Consolidated Edison by 6.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,820,449 shares of the utilities provider's stock valued at $430,129,000 after acquiring an additional 271,088 shares during the last quarter. Norges Bank purchased a new stake in Consolidated Edison during the 4th quarter valued at approximately $399,824,000. Finally, Northern Trust Corp raised its stake in Consolidated Edison by 10.2% during the 4th quarter. Northern Trust Corp now owns 4,207,753 shares of the utilities provider's stock valued at $375,458,000 after acquiring an additional 390,708 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Price Performance

Shares of NYSE:ED opened at $100.08 on Friday. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87. The stock has a market cap of $36.06 billion, a PE ratio of 18.50, a price-to-earnings-growth ratio of 3.19 and a beta of 0.26. The business's fifty day moving average price is $103.91 and its two-hundred day moving average price is $100.90. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.19 and a current ratio of 1.28.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing analysts' consensus estimates of $2.30 by ($0.05). The business had revenue of $4.80 billion for the quarter, compared to analysts' expectations of $4.21 billion. Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. During the same period in the prior year, the company earned $2.15 EPS. On average, analysts forecast 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 was paid on Monday, June 16th. Investors of record on Wednesday, May 14th were given a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend was Wednesday, May 14th. Consolidated Edison's dividend payout ratio (DPR) is currently 62.85%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ED shares. Morgan Stanley cut their target price on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a research note on Wednesday, June 18th. Guggenheim increased their target price on Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. KeyCorp downgraded Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 target price for the company. in a research note on Wednesday, May 14th. Barclays increased their target price on Consolidated Edison from $100.00 to $101.00 and gave the stock an "underweight" rating in a research note on Monday, May 5th. Finally, Wells Fargo & Company increased their target price on Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Three analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $105.27.

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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