Consolidated Edison, Inc. (NYSE:ED) Shares Bought by Empowered Funds LLC

Empowered Funds LLC lifted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 7.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,785 shares of the utilities provider’s stock after purchasing an additional 409 shares during the quarter. Empowered Funds LLC’s holdings in Consolidated Edison were worth $602,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Retirement Planning Co of New England Inc. grew its stake in Consolidated Edison by 4.2% in the 2nd quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock worth $224,000 after acquiring an additional 100 shares during the period. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Consolidated Edison by 13.0% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock valued at $78,000 after purchasing an additional 100 shares during the period. Brookstone Capital Management grew its stake in Consolidated Edison by 0.6% during the 3rd quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider’s stock valued at $2,517,000 after purchasing an additional 136 shares in the last quarter. Checchi Capital Advisers LLC grew its holdings in Consolidated Edison by 2.6% during the 2nd quarter. Checchi Capital Advisers LLC now owns 5,627 shares of the utilities provider’s stock worth $503,000 after acquiring an additional 141 shares in the last quarter. Finally, Center For Asset Management LLC grew its position in shares of Consolidated Edison by 3.5% in the 2nd quarter. Center For Asset Management LLC now owns 4,358 shares of the utilities provider’s stock worth $390,000 after acquiring an additional 147 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ED. Barclays lowered their target price on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Jefferies Financial Group assumed coverage on Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price on the stock. UBS Group raised their target price on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price target for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Finally, Bank of America raised their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Consolidated Edison has an average rating of “Hold” and a consensus target price of $98.19.

Consolidated Edison Price Performance

Shares of ED stock opened at $98.36 on Monday. The company has a market capitalization of $34.07 billion, a P/E ratio of 18.52, a P/E/G ratio of 3.32 and a beta of 0.36. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The stock has a 50 day moving average of $102.01 and a two-hundred day moving average of $98.09. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The firm had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. As a group, equities analysts expect that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is currently 62.52%.

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.