Wealth Enhancement Advisory Services LLC Increases Stake in Consolidated Edison, Inc. (NYSE:ED)

Wealth Enhancement Advisory Services LLC raised its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 41.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 396,576 shares of the utilities provider’s stock after buying an additional 116,669 shares during the period. Wealth Enhancement Advisory Services LLC owned about 0.11% of Consolidated Edison worth $36,013,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. DGS Capital Management LLC boosted its position in shares of Consolidated Edison by 62.5% in the first quarter. DGS Capital Management LLC now owns 7,366 shares of the utilities provider’s stock worth $669,000 after purchasing an additional 2,834 shares during the period. Revolve Wealth Partners LLC boosted its position in shares of Consolidated Edison by 6.4% in the first quarter. Revolve Wealth Partners LLC now owns 3,291 shares of the utilities provider’s stock worth $299,000 after purchasing an additional 199 shares during the period. G&S Capital LLC boosted its position in shares of Consolidated Edison by 1.6% in the first quarter. G&S Capital LLC now owns 8,747 shares of the utilities provider’s stock worth $794,000 after purchasing an additional 139 shares during the period. Future Financial Wealth Managment LLC bought a new position in shares of Consolidated Edison in the first quarter worth approximately $48,000. Finally, Brookstone Capital Management boosted its position in shares of Consolidated Edison by 4.3% in the first quarter. Brookstone Capital Management now owns 24,010 shares of the utilities provider’s stock worth $2,180,000 after purchasing an additional 981 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Scotiabank dropped their target price on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Wells Fargo & Company upped their target price on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Mizuho upped their target price on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Argus upgraded shares of Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Finally, Morgan Stanley dropped their target price on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a research report on Monday. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Consolidated Edison has an average rating of “Hold” and an average target price of $89.27.

Consolidated Edison Stock Up 0.0 %

Consolidated Edison stock traded up $0.01 during midday trading on Thursday, hitting $89.68. 1,224,252 shares of the company’s stock were exchanged, compared to its average volume of 1,927,497. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $98.85. The firm has a 50-day moving average of $93.63 and a two-hundred day moving average of $91.16. The company has a market cap of $31.01 billion, a PE ratio of 17.20, a P/E/G ratio of 2.27 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. During the same period in the prior year, the business earned $1.83 EPS. The firm’s quarterly revenue was down 2.8% on a year-over-year basis. As a group, analysts expect that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th were issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date was Tuesday, May 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.