Creative Planning Grows Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Creative Planning increased its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 7.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 98,928 shares of the utilities provider’s stock after purchasing an additional 7,269 shares during the period. Creative Planning’s holdings in Consolidated Edison were worth $10,301,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in ED. Beacon Capital Management LLC boosted its position in shares of Consolidated Edison by 2,307.7% in the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares during the period. Pathway Financial Advisers LLC bought a new position in shares of Consolidated Edison in the first quarter worth approximately $33,000. TruNorth Capital Management LLC bought a new position in shares of Consolidated Edison in the second quarter worth approximately $33,000. Versant Capital Management Inc boosted its position in shares of Consolidated Edison by 380.2% in the second quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 327 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Consolidated Edison in the first quarter worth approximately $48,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

ED opened at $105.70 on Wednesday. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.10. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. The firm has a market capitalization of $36.55 billion, a PE ratio of 20.29, a P/E/G ratio of 3.46 and a beta of 0.36. The firm has a 50 day moving average of $102.97 and a two-hundred day moving average of $96.91.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same period in the previous year, the firm earned $0.61 EPS. On average, analysts anticipate that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.14%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ED shares. Guggenheim upped their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their target price for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Wells Fargo & Company upped their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Jefferies Financial Group assumed coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target on the stock. Finally, Barclays upped their price target on shares of Consolidated Edison from $98.00 to $104.00 and gave the company an “underweight” rating in a research note on Monday. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $98.73.

Consolidated Edison 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.