Pictet Asset Management Ltd. boosted its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 4.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 161,711 shares of the utilities provider’s stock after purchasing an additional 6,200 shares during the period. Pictet Asset Management Ltd.’s holdings in Consolidated Edison were worth $15,277,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ED. FTB Advisors Inc. boosted its stake in Consolidated Edison by 220.2% during the 2nd quarter. FTB Advisors Inc. now owns 285 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 196 shares during the last quarter. Krane Funds Advisors LLC bought a new position in Consolidated Edison during the 2nd quarter valued at $25,000. Coastal Capital Group Inc. bought a new position in Consolidated Edison during the 2nd quarter valued at $26,000. 1 North Wealth Services LLC bought a new position in Consolidated Edison during the 3rd quarter valued at $28,000. Finally, Golden State Wealth Management LLC bought a new position in Consolidated Edison during the 3rd quarter valued at $32,000. 59.93% of the stock is owned by institutional investors and hedge funds.
Consolidated Edison stock opened at $86.89 on Monday. The firm’s 50-day moving average is $89.64 and its 200-day moving average is $88.89. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.52 and a current ratio of 0.58. Consolidated Edison, Inc. has a 1 year low of $73.29 and a 1 year high of $94.97. The company has a market cap of $28.83 billion, a P/E ratio of 20.11, a PEG ratio of 10.05 and a beta of 0.04.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be issued a $0.74 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.41%. Consolidated Edison’s dividend payout ratio (DPR) is presently 68.52%.
A number of research analysts have commented on the stock. Barclays downgraded shares of Consolidated Edison from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $95.00 to $88.00 in a research note on Wednesday, November 27th. Credit Suisse Group reduced their price target on shares of Consolidated Edison from $90.00 to $89.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 5th. KeyCorp raised their price target on shares of Consolidated Edison from $98.00 to $100.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Wells Fargo & Co raised their price target on shares of Consolidated Edison from $94.00 to $95.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Finally, UBS Group raised their price target on shares of Consolidated Edison from $96.00 to $98.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $91.51.
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.
Featured Story: What is an investor looking for in an SEC filing?
Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison, Inc. (NYSE:ED).
Receive News & Ratings for Consolidated Edison Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison and related companies with MarketBeat.com's FREE daily email newsletter.