Simplicity Wealth LLC Has $633,000 Holdings in Consolidated Edison, Inc. (NYSE:ED)

Simplicity Wealth LLC trimmed its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 55.2% during the third quarter, Holdings Channel.com reports. The fund owned 6,080 shares of the utilities provider’s stock after selling 7,506 shares during the quarter. Simplicity Wealth LLC’s holdings in Consolidated Edison were worth $633,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Beacon Capital Management LLC grew its holdings in shares of Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares in the last quarter. Raleigh Capital Management Inc. acquired a new stake in Consolidated Edison during the fourth quarter worth about $29,000. Pathway Financial Advisers LLC bought a new position in Consolidated Edison in the 1st quarter valued at about $33,000. TruNorth Capital Management LLC bought a new stake in shares of Consolidated Edison during the 2nd quarter worth approximately $33,000. Finally, Quarry LP bought a new stake in shares of Consolidated Edison during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Jefferies Financial Group started coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective for the company. Wells Fargo & Company boosted their price target on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Barclays raised their price objective on Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research note on Monday, August 5th. Bank of America boosted their target price on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Finally, Morgan Stanley raised their price target on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research note on Wednesday, September 25th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $94.96.

Consolidated Edison Price Performance

Shares of NYSE:ED opened at $102.32 on Monday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. Consolidated Edison, Inc. has a 52 week low of $85.15 and a 52 week high of $105.99. The firm has a market cap of $35.39 billion, a PE ratio of 19.64, a price-to-earnings-growth ratio of 3.46 and a beta of 0.36. The firm’s fifty day moving average is $102.35 and its 200-day moving average is $96.16.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same period in the previous year, the business earned $0.61 EPS. Sell-side analysts predict that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were given a dividend of $0.83 per share. 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 dividend payout ratio is presently 63.72%.

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.