Burkehill Global Management LP Takes $53.54 Million Position in Consolidated Edison, Inc. (NYSE:ED)

Burkehill Global Management LP acquired a new position in Consolidated Edison, Inc. (NYSE:ED) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 600,000 shares of the utilities provider’s stock, valued at approximately $53,538,000. Consolidated Edison makes up 5.1% of Burkehill Global Management LP’s investment portfolio, making the stock its 4th largest holding.

A number of other hedge funds have also bought and sold shares of ED. AlphaMark Advisors LLC bought a new position in shares of Consolidated Edison in the fourth quarter worth $27,000. Ashton Thomas Securities LLC bought a new position in Consolidated Edison in the 3rd quarter worth about $30,000. OFI Invest Asset Management bought a new position in Consolidated Edison in the 4th quarter worth about $35,000. Fairway Wealth LLC purchased a new position in Consolidated Edison during the 4th quarter valued at about $36,000. Finally, Centricity Wealth Management LLC purchased a new position in Consolidated Edison during the 4th quarter valued at about $39,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. UBS Group raised their price objective on shares of Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 25th. Morgan Stanley cut their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Mizuho boosted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Barclays increased their price objective on Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research report on Monday, February 24th. Finally, Evercore ISI cut Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and an average target price of $101.50.

Consolidated Edison Trading Down 1.0 %

Shares of ED stock opened at $102.72 on Thursday. The business has a 50-day moving average price of $95.30 and a two-hundred day moving average price of $98.11. Consolidated Edison, Inc. has a 12-month low of $87.16 and a 12-month high of $107.97. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The firm has a market cap of $35.62 billion, a P/E ratio of 19.60, a price-to-earnings-growth ratio of 3.05 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. Equities analysts anticipate that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be issued a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, February 19th. This represents a $3.40 annualized dividend and a dividend yield of 3.31%. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio (DPR) is currently 64.89%.

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.