Orca Wealth Management LLC Purchases New Position in Consolidated Edison, Inc. (NYSE:ED)

Orca Wealth Management LLC acquired a new position in Consolidated Edison, Inc. (NYSE:ED) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 7,628 shares of the utilities provider’s stock, valued at approximately $681,000.

Several other hedge funds have also modified their holdings of ED. The Manufacturers Life Insurance Company increased its stake in Consolidated Edison by 8.4% during the second quarter. The Manufacturers Life Insurance Company now owns 241,107 shares of the utilities provider’s stock worth $21,560,000 after acquiring an additional 18,776 shares during the last quarter. Creative Planning increased its position in shares of Consolidated Edison by 2.6% during the 2nd quarter. Creative Planning now owns 91,659 shares of the utilities provider’s stock valued at $8,196,000 after purchasing an additional 2,358 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Consolidated Edison by 6.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,833 shares of the utilities provider’s stock valued at $1,416,000 after buying an additional 901 shares during the period. Sunbelt Securities Inc. raised its holdings in Consolidated Edison by 6.1% during the 2nd quarter. Sunbelt Securities Inc. now owns 3,678 shares of the utilities provider’s stock valued at $329,000 after buying an additional 213 shares during the period. Finally, B. Riley Wealth Advisors Inc. lifted its position in Consolidated Edison by 1.6% in the second quarter. B. Riley Wealth Advisors Inc. now owns 32,362 shares of the utilities provider’s stock worth $2,894,000 after buying an additional 521 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

ED stock opened at $93.56 on Wednesday. Consolidated Edison, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75. The business has a 50-day moving average price of $92.85 and a 200 day moving average price of $98.09. The company has a market capitalization of $32.41 billion, a P/E ratio of 17.62, a PEG ratio of 2.89 and a beta of 0.38. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. As a group, equities research analysts forecast that Consolidated Edison, Inc. will post 5.35 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be issued a $0.85 dividend. The ex-dividend date is Wednesday, February 19th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.63%. Consolidated Edison’s dividend payout ratio (DPR) is currently 64.03%.

Analyst Ratings Changes

ED has been the topic of several recent analyst reports. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and increased their target price for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Jefferies Financial Group began coverage on Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price for the company. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Finally, Barclays dropped their price objective on Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a report on Monday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Consolidated Edison currently has a consensus rating of “Hold” and a consensus price target of $100.00.

Consolidated Edison Company 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.