Red Door Wealth Management LLC Purchases Shares of 2,651 Consolidated Edison, Inc. (NYSE:ED)

Red Door Wealth Management LLC purchased a new stake in shares of Consolidated Edison, Inc. (NYSE:ED) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,651 shares of the utilities provider’s stock, valued at approximately $241,000.

Several other hedge funds have also recently modified their holdings of the stock. Jamison Private Wealth Management Inc. increased its holdings in shares of Consolidated Edison by 3.5% during the fourth quarter. Jamison Private Wealth Management Inc. now owns 7,589 shares of the utilities provider’s stock valued at $690,000 after acquiring an additional 256 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Consolidated Edison by 16.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 185,962 shares of the utilities provider’s stock valued at $16,917,000 after acquiring an additional 26,399 shares in the last quarter. Simon Quick Advisors LLC increased its holdings in shares of Consolidated Edison by 10.6% during the fourth quarter. Simon Quick Advisors LLC now owns 2,899 shares of the utilities provider’s stock valued at $264,000 after acquiring an additional 279 shares in the last quarter. Pacer Advisors Inc. increased its holdings in shares of Consolidated Edison by 169.9% during the fourth quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock valued at $5,487,000 after acquiring an additional 37,971 shares in the last quarter. Finally, CVA Family Office LLC acquired a new position in shares of Consolidated Edison during the fourth quarter valued at about $32,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Trading Down 1.2 %

Shares of NYSE ED traded down $1.05 during trading on Tuesday, hitting $87.45. 1,394,396 shares of the company were exchanged, compared to its average volume of 1,773,907. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $100.92. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. The company has a fifty day moving average price of $89.09 and a 200-day moving average price of $89.55. The firm has a market capitalization of $30.21 billion, a PE ratio of 12.32, a P/E/G ratio of 8.35 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 EPS for the quarter, topping the consensus estimate of $0.98 by $0.02. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.70 billion. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The company’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.81 EPS. As a group, equities research analysts expect that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Wednesday, February 14th were given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.80%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.81. The ex-dividend date of this dividend was Tuesday, February 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 46.24%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ED shares. Royal Bank of Canada cut their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a report on Friday, February 16th. KeyCorp upgraded shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. Barclays increased their price target on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a report on Thursday, March 14th. UBS Group cut their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. Finally, JPMorgan Chase & Co. increased their price target on shares of Consolidated Edison from $84.00 to $87.00 and gave the stock an “underweight” rating in a report on Wednesday, November 29th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, Consolidated Edison presently has an average rating of “Hold” and an average price target of $87.96.

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.