Corient Private Wealth LLC Raises Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Corient Private Wealth LLC lifted its stake in Consolidated Edison, Inc. (NYSE:ED) by 4.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 175,416 shares of the utilities provider’s stock after purchasing an additional 7,725 shares during the period. Corient Private Wealth LLC owned about 0.05% of Consolidated Edison worth $15,958,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ED. Norges Bank acquired a new stake in shares of Consolidated Edison in the fourth quarter valued at approximately $243,511,000. Newport Trust Company LLC purchased a new position in shares of Consolidated Edison in the third quarter valued at $51,134,000. International Assets Investment Management LLC boosted its stake in shares of Consolidated Edison by 9,063.6% during the fourth quarter. International Assets Investment Management LLC now owns 519,028 shares of the utilities provider’s stock valued at $47,216,000 after acquiring an additional 513,364 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Consolidated Edison in the 3rd quarter worth about $39,556,000. Finally, Northern Trust Corp boosted its stake in Consolidated Edison by 8.2% in the 3rd quarter. Northern Trust Corp now owns 4,484,026 shares of the utilities provider’s stock worth $383,519,000 after buying an additional 340,239 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on ED. Barclays raised their price objective on Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 7th. Royal Bank of Canada decreased their target price on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research report on Friday, February 16th. UBS Group reduced their price target on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. Scotiabank dropped their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research report on Monday, April 22nd. Finally, Wells Fargo & Company upped their price target on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Friday, May 3rd. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Consolidated Edison has an average rating of “Hold” and a consensus target price of $88.46.

Consolidated Edison Trading Up 0.6 %

Shares of NYSE ED traded up $0.56 during midday trading on Friday, hitting $94.43. 1,639,105 shares of the company traded hands, compared to its average volume of 2,007,665. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $98.85. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. The stock has a 50-day moving average price of $92.60 and a 200 day moving average price of $90.98. The firm has a market cap of $32.66 billion, a P/E ratio of 18.12, a P/E/G ratio of 2.38 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The firm’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.83 earnings per share. As a group, analysts expect that Consolidated Edison, Inc. will post 5.34 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be issued a $0.83 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.52%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

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.