Consolidated Edison, Inc. (NYSE:ED) Shares Acquired by Mercer Global Advisors Inc. ADV

Mercer Global Advisors Inc. ADV boosted its holdings in Consolidated Edison, Inc. (NYSE:ED) by 6.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 259,178 shares of the utilities provider’s stock after purchasing an additional 15,421 shares during the quarter. Mercer Global Advisors Inc. ADV owned about 0.07% of Consolidated Edison worth $23,165,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Beacon Capital Management LLC increased its position in shares of Consolidated Edison by 2,307.7% during 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 in the last quarter. Tidemark LLC acquired a new position in Consolidated Edison during the fourth quarter worth approximately $29,000. Raleigh Capital Management Inc. purchased a new stake in Consolidated Edison in the fourth quarter valued at approximately $29,000. Pathway Financial Advisers LLC acquired a new stake in shares of Consolidated Edison in the first quarter valued at approximately $33,000. Finally, TruNorth Capital Management LLC purchased a new position in shares of Consolidated Edison during the second quarter worth approximately $33,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ED has been the subject of a number of recent research reports. Barclays increased their price target 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. Morgan Stanley increased their target price on shares of Consolidated Edison from $75.00 to $82.00 and gave the stock an “underweight” rating in a research note on Friday, August 23rd. Scotiabank boosted their price target 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 increased their price objective on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Bank of America boosted their target price on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Consolidated Edison currently has a consensus rating of “Hold” and a consensus target price of $92.65.

Consolidated Edison Stock Down 1.1 %

Consolidated Edison stock opened at $103.41 on Thursday. The stock’s 50 day moving average price is $99.64 and its 200 day moving average price is $94.46. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $105.99. The company has a market cap of $35.76 billion, a PE ratio of 19.85, a price-to-earnings-growth ratio of 3.50 and a beta of 0.36. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the prior year, the company posted $0.61 EPS. On average, sell-side analysts predict that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were given a dividend of $0.83 per share. The ex-dividend date was Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.21%. Consolidated Edison’s payout ratio is 63.72%.

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.