Taurus Asset Management LLC Takes Position in Consolidated Edison, Inc. (NYSE:ED)

Taurus Asset Management LLC purchased a new stake in shares of Consolidated Edison, Inc. (NYSE:ED) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 2,600 shares of the utilities provider’s stock, valued at approximately $271,000.

Other institutional investors have also recently made changes to their positions in the company. Pathway Financial Advisers LLC raised its position in shares of Consolidated Edison by 10,302.6% during the 3rd quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock valued at $2,546,000 after buying an additional 24,211 shares during the period. Plato Investment Management Ltd raised its position in shares of Consolidated Edison by 17,683.9% during the 1st quarter. Plato Investment Management Ltd now owns 9,959 shares of the utilities provider’s stock valued at $904,000 after buying an additional 9,903 shares during the period. Cetera Advisors LLC raised its position in shares of Consolidated Edison by 74.5% during the 1st quarter. Cetera Advisors LLC now owns 17,150 shares of the utilities provider’s stock valued at $1,557,000 after buying an additional 7,324 shares during the period. Acadian Asset Management LLC raised its position in shares of Consolidated Edison by 162.1% during the 1st quarter. Acadian Asset Management LLC now owns 176,279 shares of the utilities provider’s stock valued at $15,999,000 after buying an additional 109,035 shares during the period. Finally, Czech National Bank increased its holdings in Consolidated Edison by 8.5% in the 2nd quarter. Czech National Bank now owns 65,902 shares of the utilities provider’s stock valued at $5,893,000 after purchasing an additional 5,161 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on ED shares. Guggenheim lifted their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Wells Fargo & Company lifted their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Morgan Stanley lifted their target price on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a report on Wednesday, September 25th. Barclays dropped their target price on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Finally, Scotiabank boosted their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $98.35.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $96.44 on Monday. The stock has a market cap of $33.41 billion, a P/E ratio of 18.16, a price-to-earnings-growth ratio of 3.24 and a beta of 0.36. The company has a fifty day simple moving average of $102.68 and a 200-day simple moving average of $98.04. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.12. The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. Equities analysts expect that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be given a $0.83 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.44%. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.52%.

Consolidated Edison 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.