Valeo Financial Advisors LLC Raises Stake in Consolidated Edison, Inc. (ED)

Valeo Financial Advisors LLC raised its stake in Consolidated Edison, Inc. (NYSE:ED) by 73.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,300 shares of the utilities provider’s stock after buying an additional 550 shares during the quarter. Valeo Financial Advisors LLC’s holdings in Consolidated Edison were worth $110,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its holdings in shares of Consolidated Edison by 22.8% in the third quarter. Bank of New York Mellon Corp now owns 3,581,782 shares of the utilities provider’s stock worth $272,896,000 after acquiring an additional 664,252 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Consolidated Edison by 13.9% in the third quarter. Dimensional Fund Advisors LP now owns 717,049 shares of the utilities provider’s stock worth $54,625,000 after acquiring an additional 87,495 shares in the last quarter. Standard Life Aberdeen plc increased its holdings in shares of Consolidated Edison by 5.0% in the third quarter. Standard Life Aberdeen plc now owns 209,895 shares of the utilities provider’s stock worth $15,992,000 after acquiring an additional 9,956 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Consolidated Edison by 29.7% in the third quarter. JPMorgan Chase & Co. now owns 635,902 shares of the utilities provider’s stock worth $48,448,000 after acquiring an additional 145,599 shares in the last quarter. Finally, First Republic Investment Management Inc. increased its holdings in shares of Consolidated Edison by 45.6% in the third quarter. First Republic Investment Management Inc. now owns 28,824 shares of the utilities provider’s stock worth $2,196,000 after acquiring an additional 9,024 shares in the last quarter. 60.67% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:ED opened at $84.61 on Tuesday. The company has a quick ratio of 0.56, a current ratio of 0.62 and a debt-to-equity ratio of 1.04. The stock has a market cap of $27.66 billion, a P/E ratio of 19.59, a PEG ratio of 9.70 and a beta of 0.12. Consolidated Edison, Inc. has a 52-week low of $71.12 and a 52-week high of $85.87.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, February 21st. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.02. The business had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.89 billion. Consolidated Edison had a return on equity of 8.42% and a net margin of 11.20%. Consolidated Edison’s quarterly revenue was down .4% on a year-over-year basis. During the same period last year, the company earned $0.80 earnings per share. On average, research analysts predict that Consolidated Edison, Inc. will post 4.36 earnings per share for the current year.

Several equities research analysts have issued reports on the company. ValuEngine downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a report on Wednesday, January 9th. Morgan Stanley increased their price target on Consolidated Edison from $78.00 to $81.00 and gave the stock an “underweight” rating in a report on Tuesday, February 12th. Zacks Investment Research downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a report on Monday, February 25th. Mizuho assumed coverage on Consolidated Edison in a report on Monday, March 11th. They issued a “neutral” rating and a $85.00 price target for the company. Finally, Credit Suisse Group increased their price target on Consolidated Edison from $77.00 to $78.00 and gave the stock an “underperform” rating in a report on Monday, February 25th. Five analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. The company has a consensus rating of “Hold” and an average price target of $77.34.

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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.

Further Reading: Dollar Cost Averaging

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

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