Brookstone Capital Management Boosts Position in Consolidated Edison, Inc. (NYSE:ED)

Brookstone Capital Management grew its position in Consolidated Edison, Inc. (NYSE:ED) by 4.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,010 shares of the utilities provider’s stock after buying an additional 981 shares during the quarter. Brookstone Capital Management’s holdings in Consolidated Edison were worth $2,180,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Legal & General Group Plc increased its holdings in Consolidated Edison by 0.5% during the 3rd quarter. Legal & General Group Plc now owns 6,201,026 shares of the utilities provider’s stock valued at $530,373,000 after acquiring an additional 27,850 shares in the last quarter. Morgan Stanley increased its stake in shares of Consolidated Edison by 1.8% during the 3rd quarter. Morgan Stanley now owns 4,221,543 shares of the utilities provider’s stock worth $361,069,000 after purchasing an additional 72,915 shares in the last quarter. Norges Bank acquired a new position in shares of Consolidated Edison during the 4th quarter worth approximately $243,511,000. Charles Schwab Investment Management Inc. lifted its stake in Consolidated Edison by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,032,385 shares of the utilities provider’s stock valued at $184,886,000 after buying an additional 47,936 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Consolidated Edison by 2.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,491,266 shares of the utilities provider’s stock valued at $127,548,000 after buying an additional 34,887 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Up 0.0 %

Shares of NYSE ED opened at $89.68 on Friday. The stock has a market capitalization of $31.01 billion, a PE ratio of 17.21, a P/E/G ratio of 2.27 and a beta of 0.35. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. The firm has a fifty day moving average of $93.63 and a 200-day moving average of $91.16. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $98.85.

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

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Wednesday, May 15th were issued a $0.83 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $3.32 annualized dividend and a yield of 3.70%. Consolidated Edison’s payout ratio is 63.72%.

Wall Street Analyst Weigh In

ED has been the subject of a number of analyst reports. Scotiabank cut their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a report on Monday, April 22nd. Barclays boosted their target price on shares of Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 7th. Mizuho raised their price target on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 28th. Morgan Stanley cut their price objective on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a research report on Monday. Finally, Wells Fargo & Company raised their target price on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Consolidated Edison has an average rating of “Hold” and a consensus target price of $89.27.

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.