Asset Dedication LLC continued to hold its position in shares of Consolidated Edison Inc (NYSE:ED) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,300 shares of the utilities provider’s stock at the end of the second quarter. Asset Dedication LLC’s holdings in Consolidated Edison were worth $105,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the stock. Gulf International Bank UK Ltd boosted its position in Consolidated Edison by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 94,744 shares of the utilities provider’s stock worth $7,357,000 after buying an additional 1,350 shares during the period. Forte Capital LLC ADV boosted its stake in shares of Consolidated Edison by 5.3% in the first quarter. Forte Capital LLC ADV now owns 8,189 shares of the utilities provider’s stock worth $636,000 after buying an additional 414 shares during the last quarter. Creative Planning boosted its stake in shares of Consolidated Edison by 2.0% in the first quarter. Creative Planning now owns 76,314 shares of the utilities provider’s stock worth $5,927,000 after buying an additional 1,473 shares during the last quarter. Raymond James Trust N.A. boosted its stake in shares of Consolidated Edison by 0.8% in the first quarter. Raymond James Trust N.A. now owns 26,402 shares of the utilities provider’s stock worth $2,050,000 after buying an additional 219 shares during the last quarter. Finally, Chevy Chase Trust Holdings Inc. boosted its stake in shares of Consolidated Edison by 2.9% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 265,336 shares of the utilities provider’s stock worth $20,606,000 after buying an additional 7,507 shares during the last quarter. 55.61% of the stock is currently owned by institutional investors.
Consolidated Edison Inc (NYSE:ED) opened at 82.87 on Friday. The stock has a market capitalization of $25.33 billion, a price-to-earnings ratio of 20.05 and a beta of 0.08. Consolidated Edison Inc has a one year low of $68.76 and a one year high of $85.13. The stock’s 50 day moving average is $82.01 and its 200 day moving average is $79.28.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by $0.03. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. The company had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same quarter last year, the firm posted $0.60 earnings per share. On average, equities analysts forecast that Consolidated Edison Inc will post $4.09 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, August 16th will be issued a $0.69 dividend. The ex-dividend date is Monday, August 14th. This represents a $2.76 annualized dividend and a yield of 3.33%. Consolidated Edison’s dividend payout ratio (DPR) is currently 66.67%.
ED has been the topic of a number of research reports. Zacks Investment Research raised shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price objective on the stock in a research note on Friday, May 12th. BMO Capital Markets restated a “hold” rating and issued a $80.00 target price on shares of Consolidated Edison in a report on Friday, May 5th. Barclays PLC restated an “equal weight” rating and issued a $82.00 target price (up from $76.00) on shares of Consolidated Edison in a report on Sunday, April 23rd. Jefferies Group LLC lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating and reduced their target price for the company from $88.00 to $83.50 in a report on Tuesday, June 13th. Finally, BidaskClub lowered shares of Consolidated Edison from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. Five investment analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. Consolidated Edison presently has an average rating of “Hold” and an average price target of $76.96.
In other Consolidated Edison news, Director Linda S. Sanford purchased 900 shares of the company’s stock in a transaction on Wednesday, May 17th. The shares were bought at an average cost of $79.74 per share, with a total value of $71,766.00. Following the transaction, the director now directly owns 8,748 shares in the company, valued at approximately $697,565.52. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last 90 days, insiders purchased 1,319 shares of company stock valued at $106,510. Corporate insiders own 0.20% of the company’s stock.
Consolidated Edison Company Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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