Wedmont Private Capital Cuts Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Wedmont Private Capital lessened its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 5.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,773 shares of the utilities provider’s stock after selling 416 shares during the quarter. Wedmont Private Capital’s holdings in Consolidated Edison were worth $685,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of ED. Quarry LP purchased a new stake in shares of Consolidated Edison during the fourth quarter worth approximately $35,000. Able Wealth Management LLC purchased a new position in Consolidated Edison in the fourth quarter worth $330,000. V Square Quantitative Management LLC raised its position in Consolidated Edison by 184.1% in the fourth quarter. V Square Quantitative Management LLC now owns 14,068 shares of the utilities provider’s stock worth $1,280,000 after acquiring an additional 9,117 shares in the last quarter. Raleigh Capital Management Inc. purchased a new position in Consolidated Edison in the fourth quarter worth $29,000. Finally, TKG Advisors LLC purchased a new position in Consolidated Edison in the fourth quarter worth $211,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Up 0.7 %

ED opened at $102.33 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The firm has a market cap of $35.39 billion, a P/E ratio of 19.64, a PEG ratio of 3.46 and a beta of 0.36. Consolidated Edison, Inc. has a 52 week low of $85.15 and a 52 week high of $105.99. The business’s fifty day simple moving average is $102.34 and its 200 day simple moving average is $95.96.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results 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 return on equity of 8.67% and a net margin of 12.03%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same period last year, the company earned $0.61 EPS. As a group, equities research analysts anticipate that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date of this dividend was Wednesday, August 14th. Consolidated Edison’s payout ratio is 63.72%.

Analysts Set New Price Targets

Several research analysts have issued reports on ED shares. Wells Fargo & Company increased their price objective on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Jefferies Financial Group started coverage on Consolidated Edison in a research report on Wednesday. They issued a “hold” rating and a $108.00 price target for the company. Morgan Stanley raised their price target on Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research report on Wednesday, September 25th. Guggenheim raised their price target on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, Barclays raised their price target on Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research report on Monday, August 5th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $94.96.

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.