Consolidated Edison, Inc. (NYSE:ED) Position Boosted by LPL Financial LLC

LPL Financial LLC raised its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 101.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 606,594 shares of the utilities provider’s stock after purchasing an additional 305,291 shares during the quarter. LPL Financial LLC owned about 0.18% of Consolidated Edison worth $54,242,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. HHM Wealth Advisors LLC boosted its stake in Consolidated Edison by 1,133.3% during the 2nd quarter. HHM Wealth Advisors LLC now owns 1,850 shares of the utilities provider’s stock valued at $165,000 after purchasing an additional 1,700 shares in the last quarter. AGF Management Ltd. lifted its position in shares of Consolidated Edison by 18.7% during the 2nd quarter. AGF Management Ltd. now owns 31,751 shares of the utilities provider’s stock valued at $2,839,000 after acquiring an additional 5,005 shares during the last quarter. Headlands Technologies LLC lifted its position in shares of Consolidated Edison by 180.4% during the 2nd quarter. Headlands Technologies LLC now owns 5,577 shares of the utilities provider’s stock valued at $499,000 after acquiring an additional 3,588 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Consolidated Edison by 9.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 39,761 shares of the utilities provider’s stock valued at $3,556,000 after acquiring an additional 3,504 shares during the last quarter. Finally, Andra AP fonden acquired a new stake in shares of Consolidated Edison during the 2nd quarter valued at $1,771,000. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Trading Up 1.1 %

Consolidated Edison stock opened at $104.56 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The company has a market capitalization of $36.19 billion, a price-to-earnings ratio of 20.07, a PEG ratio of 3.50 and a beta of 0.36. Consolidated Edison, Inc. has a one year low of $80.46 and a one year high of $105.99. The company’s fifty day moving average price is $98.73 and its two-hundred day moving average price is $94.10.

Consolidated Edison (NYSE:ED) last posted 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 net margin of 12.03% and a return on equity of 8.67%. During the same period in the prior year, the business posted $0.61 earnings per share. On average, analysts forecast that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.18%. The ex-dividend date is Wednesday, August 14th. Consolidated Edison’s payout ratio is 63.72%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on ED shares. Barclays increased their price objective on Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research report on Monday, August 5th. UBS Group increased their price objective on Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Guggenheim increased their target price on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Wells Fargo & Company increased their target price on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Morgan Stanley increased their target price on Consolidated Edison from $75.00 to $82.00 and gave the company an “underweight” rating in a report on Friday, August 23rd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Consolidated Edison has an average rating of “Hold” and an average target price of $92.65.

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.