Independent Advisor Alliance raised its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 6.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,278 shares of the utilities provider’s stock after acquiring an additional 405 shares during the period. Independent Advisor Alliance’s holdings in Consolidated Edison were worth $532,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of ED. Norges Bank bought a new position in Consolidated Edison during the fourth quarter valued at approximately $266,741,000. Oregon Public Employees Retirement Fund grew its position in Consolidated Edison by 7,452.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,577,390 shares of the utilities provider’s stock valued at $34,000 after acquiring an additional 2,543,263 shares during the last quarter. Millennium Management LLC grew its position in Consolidated Edison by 2,195.8% during the fourth quarter. Millennium Management LLC now owns 1,142,312 shares of the utilities provider’s stock valued at $87,341,000 after acquiring an additional 1,092,555 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Consolidated Edison by 3.8% in the fourth quarter. BlackRock Inc. now owns 28,920,573 shares of the utilities provider’s stock worth $2,211,265,000 after purchasing an additional 1,052,035 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. bought a new position in shares of Consolidated Edison in the fourth quarter worth approximately $73,086,000. Institutional investors and hedge funds own 59.86% of the company’s stock.
Several brokerages have recently issued reports on ED. Morgan Stanley raised their target price on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “underweight” rating in a report on Thursday. ValuEngine upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Bank of America upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and cut their target price for the stock from $96.00 to $94.00 in a report on Friday, April 26th. They noted that the move was a valuation call. Credit Suisse Group set a $80.00 target price on shares of Consolidated Edison and gave the stock a “sell” rating in a report on Monday, April 22nd. Finally, Mizuho began coverage on shares of Consolidated Edison in a report on Monday, March 11th. They issued a “neutral” rating and a $85.00 target price on the stock. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. Consolidated Edison currently has a consensus rating of “Hold” and a consensus price target of $78.92.
Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.04. The business had revenue of $3.51 billion for the quarter, compared to analysts’ expectations of $3.39 billion. Consolidated Edison had a net margin of 11.03% and a return on equity of 8.31%. During the same quarter in the previous year, the business posted $1.38 earnings per share. As a group, analysts predict that Consolidated Edison, Inc. will post 4.35 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Wednesday, May 15th will be issued a $0.74 dividend. This represents a $2.96 annualized dividend and a yield of 3.40%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is currently 68.52%.
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Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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