Lake Street Advisors Group LLC Raises Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Lake Street Advisors Group LLC increased its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 8.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,069 shares of the utilities provider’s stock after acquiring an additional 314 shares during the period. Lake Street Advisors Group LLC’s holdings in Consolidated Edison were worth $369,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of ED. Mutual Advisors LLC boosted its position in shares of Consolidated Edison by 4.3% during the 4th quarter. Mutual Advisors LLC now owns 4,737 shares of the utilities provider’s stock valued at $431,000 after acquiring an additional 195 shares during the last quarter. HB Wealth Management LLC lifted its position in Consolidated Edison by 72.6% during the fourth quarter. HB Wealth Management LLC now owns 7,484 shares of the utilities provider’s stock valued at $681,000 after purchasing an additional 3,147 shares during the last quarter. Raymond James & Associates grew its stake in Consolidated Edison by 6.5% in the 4th quarter. Raymond James & Associates now owns 159,377 shares of the utilities provider’s stock worth $14,498,000 after buying an additional 9,693 shares in the last quarter. CVA Family Office LLC bought a new position in shares of Consolidated Edison in the 4th quarter worth $32,000. Finally, Pacer Advisors Inc. increased its holdings in shares of Consolidated Edison by 169.9% in the 4th quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock worth $5,487,000 after buying an additional 37,971 shares during the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ED shares. Barclays lowered shares of Consolidated Edison from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $97.00 to $92.00 in a research report on Monday. Morgan Stanley cut their price objective on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a report on Monday, June 24th. Scotiabank dropped their target price on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Mizuho upped their target price on Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 28th. Finally, Wells Fargo & Company lifted their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Friday, May 3rd. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $89.04.

Consolidated Edison Trading Up 2.8 %

Shares of NYSE:ED traded up $2.63 during trading on Wednesday, reaching $95.88. 2,179,845 shares of the company traded hands, compared to its average volume of 1,878,920. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $98.85. The firm has a market capitalization of $33.16 billion, a price-to-earnings ratio of 18.40, a P/E/G ratio of 2.40 and a beta of 0.34. The business’s fifty day moving average is $92.05 and its 200-day moving average is $91.16.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.26. The business had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The firm’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.83 EPS. As a group, analysts forecast that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.46%. Consolidated Edison’s payout ratio is presently 63.72%.

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.