Spire Wealth Management Increases Holdings in Consolidated Edison Inc (NYSE:ED)

Spire Wealth Management increased its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 228.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,753 shares of the utilities provider's stock after purchasing an additional 7,478 shares during the quarter. Spire Wealth Management's holdings in Consolidated Edison were worth $1,189,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ED. OFI Invest Asset Management purchased a new position in shares of Consolidated Edison during the fourth quarter worth about $35,000. Wood Tarver Financial Group LLC acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at about $35,000. Fairway Wealth LLC purchased a new position in Consolidated Edison during the 4th quarter worth approximately $36,000. Bank Julius Baer & Co. Ltd Zurich purchased a new position in Consolidated Edison during the 4th quarter worth approximately $44,000. Finally, Park Square Financial Group LLC acquired a new position in Consolidated Edison during the fourth quarter worth approximately $45,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Analyst Ratings Changes

ED has been the subject of several research analyst reports. Morgan Stanley decreased their price objective on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a report on Wednesday, June 18th. Citigroup upped their price target on shares of Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, April 9th. Guggenheim raised their price objective on shares of Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Wells Fargo & Company lifted their price objective on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Finally, Barclays increased their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock an "underweight" rating in a research note on Monday, May 5th. Three analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Consolidated Edison presently has an average rating of "Hold" and an average target price of $105.27.

Consolidated Edison Stock Performance

NYSE:ED traded up $0.39 during mid-day trading on Tuesday, reaching $100.74. The stock had a trading volume of 2,749,128 shares, compared to its average volume of 2,380,601. Consolidated Edison Inc has a twelve month low of $87.28 and a twelve month high of $114.87. The business has a 50 day simple moving average of $104.39 and a 200 day simple moving average of $100.84. The firm has a market capitalization of $36.30 billion, a price-to-earnings ratio of 18.62, a PEG ratio of 3.20 and a beta of 0.26. 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 posted its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.05). Consolidated Edison had a net margin of 11.98% and a return on equity of 8.61%. The business had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same period in the prior year, the business earned $2.15 earnings per share. On average, analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th were issued a $0.85 dividend. The ex-dividend date was Wednesday, May 14th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.38%. Consolidated Edison's dividend payout ratio is presently 62.85%.

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.