Consolidated Edison, Inc. (NYSE:ED) Shares Purchased by Mission Wealth Management LP

Mission Wealth Management LP boosted its position in Consolidated Edison, Inc. (NYSE:ED) by 9.3% during the 4th quarter, Holdings Channel reports. The fund owned 4,585 shares of the utilities provider’s stock after acquiring an additional 390 shares during the quarter. Mission Wealth Management LP’s holdings in Consolidated Edison were worth $409,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. raised its holdings in Consolidated Edison by 1,766.0% during the third quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock worth $102,980,000 after purchasing an additional 935,962 shares in the last quarter. FMR LLC raised its holdings in Consolidated Edison by 82.3% during the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock worth $132,081,000 after purchasing an additional 572,530 shares in the last quarter. National Bank of Canada FI raised its holdings in Consolidated Edison by 350.6% during the third quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock worth $64,634,000 after purchasing an additional 482,953 shares in the last quarter. State Street Corp raised its holdings in Consolidated Edison by 1.7% during the third quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock worth $2,439,684,000 after purchasing an additional 399,034 shares in the last quarter. Finally, Unigestion Holding SA raised its holdings in Consolidated Edison by 1,904.8% during the third quarter. Unigestion Holding SA now owns 320,188 shares of the utilities provider’s stock worth $33,338,000 after purchasing an additional 304,217 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ED. UBS Group raised their price objective on shares of Consolidated Edison from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 25th. Barclays raised their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a report on Monday, February 24th. Mizuho raised their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Finally, Morgan Stanley lowered their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday, November 22nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $101.50.

Consolidated Edison Stock Performance

NYSE:ED opened at $100.18 on Thursday. The firm’s fifty day moving average price is $93.89 and its 200 day moving average price is $98.00. Consolidated Edison, Inc. has a 1-year low of $87.16 and a 1-year high of $107.75. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The firm has a market cap of $34.73 billion, a price-to-earnings ratio of 19.12, a price-to-earnings-growth ratio of 3.05 and a beta of 0.39.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. On average, sell-side analysts expect that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be issued a $0.85 dividend. The ex-dividend date is Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a yield of 3.39%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio (DPR) is 64.89%.

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.