Consolidated Edison, Inc. (NYSE:ED) Stake Raised by GWM Advisors LLC

GWM Advisors LLC lifted its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 37.8% during the 1st quarter, HoldingsChannel reports. The fund owned 10,918 shares of the utilities provider’s stock after purchasing an additional 2,994 shares during the period. GWM Advisors LLC’s holdings in Consolidated Edison were worth $926,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. boosted its position in shares of Consolidated Edison by 0.9% during the 1st quarter. BlackRock Inc. now owns 29,172,220 shares of the utilities provider’s stock worth $2,474,096,000 after purchasing an additional 251,647 shares during the period. Vanguard Group Inc lifted its position in shares of Consolidated Edison by 1.5% during the 3rd quarter. Vanguard Group Inc now owns 23,911,264 shares of the utilities provider’s stock worth $1,821,799,000 after purchasing an additional 356,339 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Consolidated Edison by 9.8% during the 4th quarter. Geode Capital Management LLC now owns 4,460,033 shares of the utilities provider’s stock worth $340,474,000 after purchasing an additional 398,820 shares during the last quarter. Northern Trust Corp lifted its position in shares of Consolidated Edison by 4.1% during the 4th quarter. Northern Trust Corp now owns 4,254,873 shares of the utilities provider’s stock worth $325,328,000 after purchasing an additional 166,793 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Consolidated Edison by 18.5% during the 4th quarter. Bank of New York Mellon Corp now owns 4,245,988 shares of the utilities provider’s stock worth $324,647,000 after purchasing an additional 664,206 shares during the last quarter. 59.44% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:ED opened at $88.27 on Friday. Consolidated Edison, Inc. has a 12 month low of $72.35 and a 12 month high of $90.51. The company has a current ratio of 0.60, a quick ratio of 0.54 and a debt-to-equity ratio of 1.01. The firm has a market cap of $28.87 billion, a P/E ratio of 20.43, a P/E/G ratio of 10.02 and a beta of 0.13.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.04. Consolidated Edison had a net margin of 11.03% and a return on equity of 8.31%. The firm had revenue of $3.51 billion for the quarter, compared to analyst estimates of $3.39 billion. During the same period last year, the business earned $1.38 EPS. Equities analysts expect that Consolidated Edison, Inc. will post 4.38 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Wednesday, May 15th will be paid a dividend of $0.74 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $2.96 annualized dividend and a yield of 3.35%. Consolidated Edison’s dividend payout ratio is currently 68.52%.

Several research firms have recently issued reports on ED. Morgan Stanley lifted their price objective on shares of Consolidated Edison from $87.00 to $91.00 and gave the stock an “underweight” rating in a research report on Friday. KeyCorp began coverage on shares of Consolidated Edison in a research report on Tuesday, June 4th. They set a “sector weight” rating for the company. ValuEngine raised shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Bank of America raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $96.00 to $94.00 in a research report on Friday, April 26th. They noted that the move was a valuation call. Finally, Credit Suisse Group set a $80.00 price objective on shares of Consolidated Edison and gave the stock a “sell” rating in a research report on Monday, April 22nd. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. Consolidated Edison currently has an average rating of “Hold” and an average price target of $79.26.

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About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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