Fmr LLC Buys 572,530 Shares of Consolidated Edison, Inc. (NYSE:ED)

Fmr LLC increased its stake in Consolidated Edison, Inc. (NYSE:ED) by 82.3% in the third quarter, Holdings Channel.com reports. The firm owned 1,268,424 shares of the utilities provider’s stock after purchasing an additional 572,530 shares during the quarter. Fmr LLC’s holdings in Consolidated Edison were worth $132,081,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in ED. Tidal Investments LLC boosted its position in shares of Consolidated Edison by 5.5% during the first quarter. Tidal Investments LLC now owns 7,204 shares of the utilities provider’s stock worth $654,000 after buying an additional 375 shares during the period. Cetera Investment Advisers lifted its stake in Consolidated Edison by 442.3% in the 1st quarter. Cetera Investment Advisers now owns 87,922 shares of the utilities provider’s stock valued at $7,984,000 after acquiring an additional 71,710 shares in the last quarter. Cetera Advisors LLC grew its stake in shares of Consolidated Edison by 74.5% during the 1st quarter. Cetera Advisors LLC now owns 17,150 shares of the utilities provider’s stock worth $1,557,000 after acquiring an additional 7,324 shares in the last quarter. Simplicity Wealth LLC raised its holdings in shares of Consolidated Edison by 6.5% in the second quarter. Simplicity Wealth LLC now owns 13,586 shares of the utilities provider’s stock valued at $1,215,000 after purchasing an additional 827 shares during the last quarter. Finally, Csenge Advisory Group bought a new stake in shares of Consolidated Edison in the second quarter worth $204,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of ED opened at $97.54 on Wednesday. The company’s 50-day moving average is $101.53 and its 200-day moving average is $98.23. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The firm has a market capitalization of $33.79 billion, a PE ratio of 18.37, a PEG ratio of 3.31 and a beta of 0.36. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. Equities analysts forecast that Consolidated Edison, Inc. will post 5.34 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.40%. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.52%.

Analyst Ratings Changes

ED has been the subject of a number of analyst reports. Barclays decreased their target price on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research report on Friday, November 8th. Morgan Stanley dropped their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. UBS Group raised their price target on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Finally, Scotiabank raised their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $99.13.

About Consolidated Edison

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.