Modern Wealth Management LLC Purchases Shares of 2,799 Consolidated Edison, Inc. (NYSE:ED)

Modern Wealth Management LLC acquired a new position in Consolidated Edison, Inc. (NYSE:ED) in the fourth quarter, Holdings Channel.com reports. The firm acquired 2,799 shares of the utilities provider’s stock, valued at approximately $271,000.

Several other institutional investors have also recently modified their holdings of the company. United Bank purchased a new position in Consolidated Edison in the 3rd quarter worth $227,000. The Manufacturers Life Insurance Company grew its stake in shares of Consolidated Edison by 0.6% during the third quarter. The Manufacturers Life Insurance Company now owns 242,614 shares of the utilities provider’s stock valued at $25,263,000 after buying an additional 1,507 shares during the last quarter. D.A. Davidson & CO. increased its holdings in shares of Consolidated Edison by 1.1% in the third quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock worth $1,160,000 after buying an additional 124 shares during the period. FMR LLC lifted its stake in shares of Consolidated Edison by 82.3% in the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after acquiring an additional 572,530 shares during the last quarter. Finally, Townsquare Capital LLC boosted its holdings in Consolidated Edison by 2.4% during the 3rd quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider’s stock valued at $580,000 after acquiring an additional 130 shares during the period. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Performance

Shares of ED opened at $108.81 on Friday. 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 $37.73 billion, a P/E ratio of 20.77, a P/E/G ratio of 3.05 and a beta of 0.30. The business’s 50 day moving average price is $99.56 and its 200-day moving average price is $98.56. Consolidated Edison, Inc. has a 52 week low of $87.28 and a 52 week high of $109.44.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, topping the consensus estimate of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.63 billion. Equities research analysts anticipate that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.12%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date was Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 64.89%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Mizuho boosted their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. UBS Group upped their price objective on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. Scotiabank raised their target price on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research note on Monday, February 24th. Finally, Barclays upped their price target on Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research report on Monday, February 24th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Consolidated Edison presently has an average rating of “Hold” and an average price target of $102.40.

Consolidated Edison 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.