Willingdon Wealth Management acquired a new stake in Consolidated Edison, Inc. (NYSE:ED) during the first quarter, HoldingsChannel.com reports. The fund acquired 360 shares of the utilities provider’s stock, valued at approximately $31,000.
A number of other hedge funds have also made changes to their positions in ED. Financial Gravity Companies Inc. bought a new position in shares of Consolidated Edison during the fourth quarter worth $28,000. Sontag Advisory LLC bought a new position in shares of Consolidated Edison during the fourth quarter worth $30,000. Field & Main Bank bought a new position in shares of Consolidated Edison during the first quarter worth $30,000. Orrstown Financial Services Inc. bought a new position in shares of Consolidated Edison during the fourth quarter worth $31,000. Finally, Financial Gravity Wealth Inc. bought a new position in shares of Consolidated Edison during the first quarter worth $32,000. 59.21% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently weighed in on ED shares. Evercore ISI cut shares of Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $78.07 price target on the stock. in a research report on Tuesday, February 12th. Zacks Investment Research raised shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $88.00 price target on the stock in a research report on Wednesday, February 13th. Credit Suisse Group set a $80.00 price target on shares of Consolidated Edison and gave the stock a “sell” rating in a research report on Monday, April 22nd. ValuEngine raised shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Friday, March 1st. Finally, Bank of America raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $96.00 to $94.00 in a research report on Friday, April 26th. They noted that the move was a valuation call. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $78.92.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.39 EPS 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 period in the previous year, the firm posted $1.38 EPS. On average, equities research analysts predict that Consolidated Edison, Inc. will post 4.35 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Wednesday, May 15th will be given a $0.74 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $2.96 annualized dividend and a yield of 3.36%. Consolidated Edison’s dividend payout ratio is currently 68.52%.
About Consolidated Edison
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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