Sanctuary Advisors LLC Buys New Shares in Consolidated Edison, Inc. (NYSE:ED)

Sanctuary Advisors LLC purchased a new position in shares of Consolidated Edison, Inc. (NYSE:ED) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 44,750 shares of the utilities provider’s stock, valued at approximately $4,159,000.

A number of other large investors also recently modified their holdings of ED. Clean Energy Transition LLP grew its stake in shares of Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after buying an additional 623,787 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of Consolidated Edison by 302.3% in the 2nd quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock valued at $63,396,000 after acquiring an additional 532,893 shares during the period. AMF Tjanstepension AB grew its position in shares of Consolidated Edison by 243.2% in the 2nd quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock valued at $44,564,000 after acquiring an additional 352,903 shares during the period. Swedbank AB acquired a new position in shares of Consolidated Edison during the 1st quarter worth about $30,515,000. Finally, LPL Financial LLC raised its holdings in shares of Consolidated Edison by 101.3% in the 2nd quarter. LPL Financial LLC now owns 606,594 shares of the utilities provider’s stock valued at $54,242,000 after purchasing an additional 305,291 shares during the period. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Morgan Stanley boosted their target price on Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a report on Wednesday, September 25th. Wells Fargo & Company increased their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Guggenheim lifted their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. UBS Group increased their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Finally, 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 research report on Monday, August 5th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $93.88.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $103.15 on Friday. The stock has a fifty day moving average of $102.05 and a 200-day moving average of $95.65. The stock has a market capitalization of $35.67 billion, a P/E ratio of 19.80, a price-to-earnings-growth ratio of 3.52 and a beta of 0.36. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. Consolidated Edison, Inc. has a 52 week low of $82.66 and a 52 week high of $105.99.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data 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 net margin of 12.03% and a return on equity of 8.67%. 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 company earned $0.61 EPS. On average, sell-side analysts expect that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.22%. The ex-dividend date was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is currently 63.72%.

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.