Empowered Funds LLC Buys 534 Shares of Consolidated Edison, Inc. (NYSE:ED)

Empowered Funds LLC lifted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 9.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,319 shares of the utilities provider’s stock after purchasing an additional 534 shares during the quarter. Empowered Funds LLC’s holdings in Consolidated Edison were worth $564,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in ED. Kingsview Wealth Management LLC boosted its holdings in Consolidated Edison by 3.1% in the fourth quarter. Kingsview Wealth Management LLC now owns 6,247 shares of the utilities provider’s stock worth $557,000 after acquiring an additional 187 shares in the last quarter. Apollon Wealth Management LLC lifted its holdings in shares of Consolidated Edison by 3.6% in the 4th quarter. Apollon Wealth Management LLC now owns 6,178 shares of the utilities provider’s stock worth $551,000 after purchasing an additional 215 shares in the last quarter. Vest Financial LLC grew its position in Consolidated Edison by 4.3% in the 4th quarter. Vest Financial LLC now owns 530,470 shares of the utilities provider’s stock valued at $47,334,000 after purchasing an additional 21,949 shares during the period. Golden State Wealth Management LLC bought a new stake in Consolidated Edison during the 4th quarter valued at $85,000. Finally, Global X Japan Co. Ltd. increased its stake in Consolidated Edison by 10.5% during the 4th quarter. Global X Japan Co. Ltd. now owns 4,862 shares of the utilities provider’s stock valued at $434,000 after purchasing an additional 462 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Trading Up 0.8 %

Shares of Consolidated Edison stock opened at $95.70 on Wednesday. The stock has a fifty day moving average price of $91.84 and a 200-day moving average price of $98.10. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The firm has a market cap of $33.15 billion, a PE ratio of 18.02, a P/E/G ratio of 3.04 and a beta of 0.39. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be given a $0.85 dividend. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date is Wednesday, February 19th. This represents a $3.40 annualized dividend and a yield of 3.55%. Consolidated Edison’s payout ratio is currently 64.03%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ED. Barclays reduced their price objective on shares of Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a report on Monday, January 27th. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Morgan Stanley decreased their price objective on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their target price for the company from $90.00 to $100.00 in a report on Thursday, December 12th. Finally, Mizuho upped their price target on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, seven 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.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $100.70.

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.