Mission Wealth Management LP Increases Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Mission Wealth Management LP lifted its position in Consolidated Edison, Inc. (NYSE:ED) by 9.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,585 shares of the utilities provider’s stock after purchasing an additional 390 shares during the quarter. Mission Wealth Management LP’s holdings in Consolidated Edison were worth $409,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ED. Point72 Asset Management L.P. grew its holdings in shares of Consolidated Edison by 1,766.0% in the third quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock valued at $102,980,000 after purchasing an additional 935,962 shares during the period. FMR LLC grew its holdings in shares of Consolidated Edison by 82.3% in the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after purchasing an additional 572,530 shares during the period. National Bank of Canada FI grew its holdings in shares of Consolidated Edison by 350.6% in the third quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock valued at $64,634,000 after purchasing an additional 482,953 shares during the period. State Street Corp grew its holdings in shares of Consolidated Edison by 1.7% in the third quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock valued at $2,439,684,000 after purchasing an additional 399,034 shares during the period. Finally, Unigestion Holding SA grew its holdings in shares of Consolidated Edison by 1,904.8% in the third quarter. Unigestion Holding SA now owns 320,188 shares of the utilities provider’s stock valued at $33,338,000 after purchasing an additional 304,217 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Barclays increased their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research note on Monday, February 24th. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Scotiabank increased their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research note on Monday, February 24th. Morgan Stanley lowered their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Finally, UBS Group increased their target price on shares of Consolidated Edison from $105.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 25th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $101.50.

Consolidated Edison Stock Down 1.9 %

Shares of ED opened at $100.18 on Thursday. The stock has a market capitalization of $34.73 billion, a PE ratio of 19.12, a P/E/G ratio of 3.05 and a beta of 0.39. Consolidated Edison, Inc. has a 1 year low of $87.16 and a 1 year high of $107.75. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The company’s 50-day simple moving average is $93.89 and its 200-day simple moving average is $98.00.

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

Consolidated Edison Increases Dividend

The company 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 $0.85 dividend. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, February 19th. This represents a $3.40 annualized dividend and a yield of 3.39%. Consolidated Edison’s dividend payout ratio (DPR) is 64.89%.

About Consolidated Edison

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.