Tobam Increases Holdings in Consolidated Edison, Inc. (NYSE:ED)

Tobam increased its stake in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 812.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,023 shares of the utilities provider's stock after buying an additional 14,267 shares during the quarter. Tobam's holdings in Consolidated Edison were worth $1,772,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the business. Jacobi Capital Management LLC boosted its holdings in Consolidated Edison by 4.2% in the 4th quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider's stock valued at $229,000 after purchasing an additional 104 shares in the last quarter. Glen Eagle Advisors LLC boosted its holdings in Consolidated Edison by 6.2% in the 4th quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider's stock valued at $170,000 after purchasing an additional 111 shares in the last quarter. Richwood Investment Advisors LLC boosted its holdings in Consolidated Edison by 2.3% in the 4th quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider's stock valued at $463,000 after purchasing an additional 115 shares in the last quarter. Integrated Advisors Network LLC boosted its holdings in Consolidated Edison by 1.6% in the 1st quarter. Integrated Advisors Network LLC now owns 7,842 shares of the utilities provider's stock valued at $867,000 after purchasing an additional 121 shares in the last quarter. Finally, Penobscot Investment Management Company Inc. boosted its holdings in Consolidated Edison by 5.7% in the 4th quarter. Penobscot Investment Management Company Inc. now owns 2,300 shares of the utilities provider's stock valued at $205,000 after purchasing an additional 125 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company's stock.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of analyst reports. Scotiabank lifted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company a "sector perform" rating in a report on Monday, February 24th. Barclays boosted their price target on Consolidated Edison from $100.00 to $101.00 and gave the stock an "underweight" rating in a research note on Monday, May 5th. Citigroup boosted their price target on Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a research note on Wednesday, April 9th. UBS Group boosted their price target on Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Finally, Wells Fargo & Company boosted their price target 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, seven have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Consolidated Edison currently has a consensus rating of "Hold" and an average price target of $104.27.

Consolidated Edison Price Performance

ED stock traded up $0.13 on Friday, reaching $103.89. The company had a trading volume of 3,337,346 shares, compared to its average volume of 2,305,642. Consolidated Edison, Inc. has a 1 year low of $87.28 and a 1 year high of $114.87. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The company's fifty day moving average is $106.74 and its 200 day moving average is $100.51. The company has a market cap of $37.43 billion, a P/E ratio of 19.83, a PEG ratio of 3.05 and a beta of 0.27.

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 the consensus estimate 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 last year, the firm posted $2.15 earnings per share. On average, research analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th will be paid a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $3.40 annualized dividend and a dividend yield of 3.27%. Consolidated Edison's dividend payout ratio is presently 62.85%.

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.