Northwestern Mutual Wealth Management Co. Has $1.42 Million Position in Consolidated Edison, Inc. (NYSE:ED)

Northwestern Mutual Wealth Management Co. raised its holdings in Consolidated Edison, Inc. (NYSE:ED) by 6.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,833 shares of the utilities provider’s stock after buying an additional 901 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Consolidated Edison were worth $1,416,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its position in shares of Consolidated Edison by 0.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 239,235 shares of the utilities provider’s stock worth $21,763,000 after buying an additional 1,347 shares during the period. Rafferty Asset Management LLC grew its holdings in shares of Consolidated Edison by 9.6% in the 4th quarter. Rafferty Asset Management LLC now owns 38,514 shares of the utilities provider’s stock worth $3,504,000 after purchasing an additional 3,367 shares during the last quarter. Belpointe Asset Management LLC increased its position in shares of Consolidated Edison by 6.6% during the 4th quarter. Belpointe Asset Management LLC now owns 2,755 shares of the utilities provider’s stock worth $251,000 after purchasing an additional 170 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in Consolidated Edison by 10.0% during the 4th quarter. CIBC Private Wealth Group LLC now owns 18,168 shares of the utilities provider’s stock valued at $1,653,000 after purchasing an additional 1,655 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its position in Consolidated Edison by 59.2% in the fourth quarter. Oppenheimer & Co. Inc. now owns 15,057 shares of the utilities provider’s stock valued at $1,370,000 after buying an additional 5,599 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of NYSE:ED opened at $103.15 on Friday. The firm’s 50 day simple moving average is $102.05 and its 200 day simple moving average is $95.65. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The company has a market capitalization of $35.67 billion, a price-to-earnings ratio of 19.80, a P/E/G ratio of 3.52 and a beta of 0.36. Consolidated Edison, Inc. has a fifty-two week low of $82.66 and a fifty-two week high of $105.99.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the prior year, the business earned $0.61 EPS. As a group, sell-side analysts forecast that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ED. Bank of America raised their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Scotiabank lifted their price objective on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Guggenheim lifted their price target on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Morgan Stanley increased their price objective on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a report on Wednesday, September 25th. Finally, Barclays boosted their target price on shares of Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research note on Monday, August 5th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $93.88.

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.