Wedgewood Investors Inc. PA Takes $207,000 Position in Consolidated Edison, Inc. (NYSE:ED)

Wedgewood Investors Inc. PA bought a new position in Consolidated Edison, Inc. (NYSE:ED) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 2,279 shares of the utilities provider’s stock, valued at approximately $207,000.

A number of other large investors also recently added to or reduced their stakes in the business. MGO One Seven LLC boosted its stake in Consolidated Edison by 2.1% during the third quarter. MGO One Seven LLC now owns 5,727 shares of the utilities provider’s stock valued at $490,000 after buying an additional 119 shares during the last quarter. Advisors Capital Management LLC raised its holdings in Consolidated Edison by 3.8% during the 3rd quarter. Advisors Capital Management LLC now owns 3,312 shares of the utilities provider’s stock valued at $283,000 after buying an additional 122 shares during the period. Jeppson Wealth Management LLC lifted its position in Consolidated Edison by 1.6% in the fourth quarter. Jeppson Wealth Management LLC now owns 7,716 shares of the utilities provider’s stock worth $702,000 after buying an additional 125 shares during the last quarter. Sandy Spring Bank boosted its stake in Consolidated Edison by 11.4% during the fourth quarter. Sandy Spring Bank now owns 1,222 shares of the utilities provider’s stock worth $111,000 after buying an additional 125 shares during the period. Finally, Dorsey & Whitney Trust CO LLC increased its position in Consolidated Edison by 4.9% during the third quarter. Dorsey & Whitney Trust CO LLC now owns 2,764 shares of the utilities provider’s stock valued at $236,000 after acquiring an additional 128 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. 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. Barclays increased their price objective on Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 14th. LADENBURG THALM/SH SH began coverage on shares of Consolidated Edison in a research report on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 price target for the company. Scotiabank cut their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. Finally, KeyCorp raised shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $87.54.

Consolidated Edison Trading Up 0.4 %

Shares of NYSE:ED traded up $0.38 during mid-day trading on Wednesday, reaching $94.78. 420,632 shares of the company were exchanged, compared to its average volume of 1,865,576. The firm’s 50-day simple moving average is $89.79 and its 200 day simple moving average is $90.01. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $100.44. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94. The firm has a market cap of $32.75 billion, a price-to-earnings ratio of 13.15, a P/E/G ratio of 8.85 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.02. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.70 billion. The firm’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.81 EPS. Equities research analysts forecast that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.50%. Consolidated Edison’s payout ratio is 46.24%.

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.