Voleon Capital Management LP Takes $1.69 Million Position in Consolidated Edison, Inc. (NYSE:ED)

Voleon Capital Management LP bought a new position in Consolidated Edison, Inc. (NYSE:ED - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 18,895 shares of the utilities provider's stock, valued at approximately $1,686,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ED. Vanguard Group Inc. lifted its stake in Consolidated Edison by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 42,455,662 shares of the utilities provider's stock worth $3,788,319,000 after purchasing an additional 488,752 shares in the last quarter. Geode Capital Management LLC increased its stake in Consolidated Edison by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 8,984,022 shares of the utilities provider's stock worth $799,684,000 after purchasing an additional 130,234 shares during the period. Norges Bank purchased a new stake in Consolidated Edison in the 4th quarter valued at about $399,824,000. Northern Trust Corp raised its stake in shares of Consolidated Edison by 10.2% during the fourth 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 in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Consolidated Edison by 27.9% in the 4th quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider's stock worth $332,090,000 after buying an additional 812,885 shares during the period. Hedge funds and other institutional investors own 66.29% of the company's stock.

Consolidated Edison Price Performance

NYSE ED traded down $0.50 on Monday, reaching $109.53. 2,586,184 shares of the stock traded hands, compared to its average volume of 2,228,517. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The firm's fifty day simple moving average is $107.80 and its 200 day simple moving average is $99.76. Consolidated Edison, Inc. has a 12 month low of $87.28 and a 12 month high of $114.87. The company has a market cap of $39.45 billion, a price-to-earnings ratio of 20.90, a P/E/G ratio of 3.05 and a beta of 0.27.

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 return on equity of 8.62% and a net margin of 11.93%. The company had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same quarter in the prior year, the business 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend is Wednesday, May 14th. Consolidated Edison's payout ratio is 64.89%.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of analyst reports. Wells Fargo & Company increased their target price on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research report on Friday. Citigroup raised their target price on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a report on Wednesday, April 9th. Evercore ISI lowered shares of Consolidated Edison from a "strong-buy" rating to a "hold" rating in a report on Tuesday, January 21st. Scotiabank lifted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock a "sector perform" rating in a report on Monday, February 24th. Finally, Morgan Stanley set a $94.00 target price on Consolidated Edison and gave the stock an "overweight" rating in a research note on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $105.80.

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.