Wellington Management Group LLP Purchases New Position in Consolidated Edison, Inc. (NYSE:ED)

Wellington Management Group LLP acquired a new position in shares of Consolidated Edison, Inc. (NYSE:ED) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 2,070 shares of the utilities provider’s stock, valued at approximately $216,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp increased its holdings in shares of Consolidated Edison by 1.7% in the 3rd quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock valued at $2,439,684,000 after acquiring an additional 399,034 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Consolidated Edison by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,148,666 shares of the utilities provider’s stock valued at $223,741,000 after purchasing an additional 28,254 shares during the period. Hsbc Holdings PLC increased its stake in Consolidated Edison by 0.8% in the second quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock valued at $134,323,000 after purchasing an additional 11,785 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Consolidated Edison by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock valued at $113,845,000 after buying an additional 125,859 shares during the last quarter. Finally, FMR LLC boosted its stake in shares of Consolidated Edison by 82.3% during the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock worth $132,081,000 after buying an additional 572,530 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analysts Set New Price Targets

ED has been the topic of several recent research reports. UBS Group boosted their price target on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. 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. Evercore ISI upgraded Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Scotiabank upgraded shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their price objective for the company from $90.00 to $100.00 in a research report on Thursday, December 12th. Finally, Barclays dropped their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research note on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $99.96.

Consolidated Edison Stock Performance

NYSE:ED opened at $90.03 on Friday. The firm’s fifty day simple moving average is $98.83 and its 200-day simple moving average is $98.06. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The stock has a market cap of $31.19 billion, a PE ratio of 16.95, a price-to-earnings-growth ratio of 3.11 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 earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share 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 company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Analysts expect that Consolidated Edison, Inc. will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Wednesday, November 13th were paid a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.69%. The ex-dividend date of this dividend was Wednesday, November 13th. Consolidated Edison’s payout ratio is currently 62.52%.

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.