Gateway Wealth Partners LLC Purchases New Position in Consolidated Edison Inc $ED

Gateway Wealth Partners LLC purchased a new stake in Consolidated Edison Inc (NYSE:ED) during the 1st quarter, Holdings Channel.com reports. The fund purchased 7,868 shares of the utilities provider’s stock, valued at approximately $891,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ED. Lazard Asset Management LLC lifted its position in shares of Consolidated Edison by 121,543.9% during the 3rd quarter. Lazard Asset Management LLC now owns 5,960,553 shares of the utilities provider’s stock worth $599,155,000 after buying an additional 5,955,653 shares during the last quarter. Norges Bank purchased a new position in shares of Consolidated Edison in the 4th quarter valued at $489,806,000. Deutsche Bank AG grew its position in shares of Consolidated Edison by 101.4% in the 4th quarter. Deutsche Bank AG now owns 3,617,361 shares of the utilities provider’s stock valued at $359,276,000 after buying an additional 1,820,877 shares during the last quarter. PFA Pension Forsikringsaktieselskab acquired a new stake in Consolidated Edison during the 4th quarter worth $113,977,000. Finally, AQR Capital Management LLC raised its stake in Consolidated Edison by 104.6% during the 3rd quarter. AQR Capital Management LLC now owns 1,905,678 shares of the utilities provider’s stock worth $190,530,000 after acquiring an additional 974,419 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

ED has been the subject of several research analyst reports. The Goldman Sachs Group restated a “sell” rating and issued a $105.00 price objective on shares of Consolidated Edison in a research note on Thursday, May 14th. Mizuho set a $114.00 target price on Consolidated Edison in a research report on Monday. Argus set a $112.00 target price on Consolidated Edison in a report on Tuesday, June 23rd. Wells Fargo & Company set a $98.00 target price on Consolidated Edison in a research report on Tuesday, April 21st. Finally, Evercore set a $116.00 price target on Consolidated Edison in a research note on Monday, May 11th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $108.47.

Consolidated Edison Stock Up 0.3%

ED stock opened at $112.29 on Thursday. The company has a market cap of $41.38 billion, a price-to-earnings ratio of 18.90, a price-to-earnings-growth ratio of 2.91 and a beta of 0.27. The company has a fifty day moving average price of $109.34 and a 200 day moving average price of $109.35. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.19 and a quick ratio of 1.09. Consolidated Edison Inc has a 12 month low of $94.96 and a 12 month high of $116.23.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be issued a $0.8875 dividend. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, August 19th. Consolidated Edison’s dividend payout ratio is presently 59.76%.

Consolidated Edison Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.