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

Cornerstone Wealth Management LLC grew its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,741 shares of the utilities provider’s stock after purchasing an additional 1,280 shares during the period. Cornerstone Wealth Management LLC’s holdings in Consolidated Edison were worth $4,260,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Capital Performance Advisors LLP acquired a new position in shares of Consolidated Edison during the third quarter worth about $27,000. Ashton Thomas Securities LLC acquired a new position in shares of Consolidated Edison during the third quarter worth about $30,000. Future Financial Wealth Managment LLC acquired a new position in shares of Consolidated Edison during the third quarter worth about $55,000. FSA Wealth Management LLC acquired a new position in shares of Consolidated Edison during the third quarter worth about $55,000. Finally, Webster Bank N. A. grew its position in shares of Consolidated Edison by 189.5% during the third quarter. Webster Bank N. A. now owns 579 shares of the utilities provider’s stock worth $60,000 after buying an additional 379 shares in the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Jefferies Financial Group assumed coverage on Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target for the company. Morgan Stanley lowered their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Barclays lowered their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and upped their price target for the company from $90.00 to $100.00 in a report on Thursday, December 12th. Finally, Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and a consensus price target of $100.64.

Consolidated Edison Trading Down 0.0 %

NYSE:ED opened at $90.75 on Friday. The stock has a fifty day moving average price of $93.08 and a two-hundred day moving average price of $97.98. The stock has a market capitalization of $31.44 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 2.97 and a beta of 0.38. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75.

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 firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. As a group, sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.35 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be given a $0.85 dividend. The ex-dividend date is Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.75%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

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.