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Tobam reduced its position in Consolidated Edison, Inc. (NYSE:ED – Get Rating) by 12.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 260,041 shares of the utilities provider’s stock after selling 36,117 shares during the period. Consolidated Edison comprises approximately 1.6% of Tobam’s holdings, making the stock its 23rd largest position. Tobam owned approximately 0.07% of Consolidated Edison worth $22,301,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Burleson & Company LLC purchased a new position in shares of Consolidated Edison in the third quarter worth approximately $26,000. Private Capital Group LLC grew its position in Consolidated Edison by 327.6% during the second quarter. Private Capital Group LLC now owns 325 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 249 shares in the last quarter. Destiny Wealth Partners LLC purchased a new position in Consolidated Edison during the third quarter valued at approximately $30,000. Northern Oak Wealth Management Inc. grew its position in Consolidated Edison by 358.4% during the second quarter. Northern Oak Wealth Management Inc. now owns 408 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 319 shares in the last quarter. Finally, Heritage Wealth Management LLC purchased a new position in Consolidated Edison during the second quarter valued at approximately $39,000. 64.95% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on the stock. Bank of America raised shares of Consolidated Edison from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $78.00 to $95.00 in a research report on Wednesday, November 30th. Credit Suisse Group lowered their price objective on shares of Consolidated Edison from $94.00 to $82.00 in a research report on Monday, October 10th. Royal Bank of Canada lifted their target price on shares of Consolidated Edison from $89.00 to $90.00 and gave the company a “sector perform” rating in a research note on Monday, October 3rd. StockNews.com began coverage on shares of Consolidated Edison in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, UBS Group lifted their target price on shares of Consolidated Edison to $96.00 in a research note on Monday, November 21st. Four analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $86.64.
Consolidated Edison Price Performance
Shares of Consolidated Edison stock opened at $96.49 on Friday. The firm has a fifty day simple moving average of $95.27 and a 200-day simple moving average of $94.08. The company has a current ratio of 0.83, a quick ratio of 0.75 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 1-year low of $78.10 and a 1-year high of $102.21. The stock has a market capitalization of $34.24 billion, a price-to-earnings ratio of 20.23, a PEG ratio of 9.91 and a beta of 0.34.
Consolidated Edison (NYSE:ED – Get Rating) last issued its quarterly earnings data on Thursday, November 3rd. The utilities provider reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.47 by $0.16. Consolidated Edison had a net margin of 11.25% and a return on equity of 8.17%. The business had revenue of $4.17 billion during the quarter, compared to analysts’ expectations of $3.73 billion. On average, sell-side analysts expect that Consolidated Edison, Inc. will post 4.56 earnings per share for the current year.
Consolidated Edison Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, December 15th. Investors of record on Wednesday, November 16th were paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 3.27%. The ex-dividend date was Tuesday, November 15th. Consolidated Edison’s payout ratio is currently 66.25%.
Consolidated Edison Company Profile
(Get Rating)
Consolidated Edison, Inc operates as a holding company, which through its subsidiaries engages in the business of regulated electric, gas, and steam delivery. It operates through the following segments: Consolidated Edison Company of New York(CECONY), Orange and Rockland Utilities(O&R), Con Edison Clean Energy Businesses and Con Edison Transmission.
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