Wealthfront Inc. Grows Position in Consolidated Edison, Inc. (ED)

Wealthfront Inc. lifted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 57.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 16,876 shares of the utilities provider’s stock after buying an additional 6,128 shares during the quarter. Wealthfront Inc.’s holdings in Consolidated Edison were worth $1,434,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in Consolidated Edison by 2.7% during the fourth quarter. BlackRock Inc. now owns 25,916,294 shares of the utilities provider’s stock worth $2,201,589,000 after buying an additional 680,592 shares during the last quarter. APG Asset Management N.V. raised its holdings in Consolidated Edison by 28.4% during the fourth quarter. APG Asset Management N.V. now owns 5,209,155 shares of the utilities provider’s stock worth $368,519,000 after buying an additional 1,153,600 shares during the last quarter. Legal & General Group Plc raised its holdings in Consolidated Edison by 5.2% during the third quarter. Legal & General Group Plc now owns 2,930,589 shares of the utilities provider’s stock worth $236,432,000 after buying an additional 144,652 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Consolidated Edison by 25.3% during the third quarter. Janus Henderson Group PLC now owns 2,883,134 shares of the utilities provider’s stock worth $232,610,000 after buying an additional 582,457 shares during the last quarter. Finally, Swiss National Bank raised its holdings in Consolidated Edison by 2.7% during the fourth quarter. Swiss National Bank now owns 2,193,271 shares of the utilities provider’s stock worth $186,318,000 after buying an additional 58,200 shares during the last quarter. Institutional investors own 56.79% of the company’s stock.

Several research firms have weighed in on ED. Zacks Investment Research upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $98.00 price objective on the stock in a report on Tuesday, November 14th. ValuEngine upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Bank of America assumed coverage on shares of Consolidated Edison in a research note on Tuesday, October 24th. They issued a “buy” rating and a $92.00 target price for the company. Guggenheim reiterated a “hold” rating and issued a $88.00 target price on shares of Consolidated Edison in a research note on Wednesday, January 3rd. Finally, JPMorgan Chase & Co. assumed coverage on shares of Consolidated Edison in a research note on Friday, January 12th. They issued an “underweight” rating and a $78.00 target price for the company. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $81.32.

Shares of Consolidated Edison, Inc. (NYSE:ED) opened at $76.36 on Wednesday. Consolidated Edison, Inc. has a one year low of $73.22 and a one year high of $89.70. The company has a quick ratio of 0.65, a current ratio of 0.72 and a debt-to-equity ratio of 0.96. The stock has a market cap of $23,680.00, a price-to-earnings ratio of 3.48, a PEG ratio of 9.10 and a beta of 0.03.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, February 15th. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.02. The firm had revenue of $2.96 billion during the quarter, compared to analyst estimates of $2.64 billion. Consolidated Edison had a net margin of 12.67% and a return on equity of 8.51%. The business’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.69 EPS. research analysts expect that Consolidated Edison, Inc. will post 4.27 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 14th will be given a dividend of $0.715 per share. The ex-dividend date of this dividend is Tuesday, February 13th. This represents a $2.86 annualized dividend and a yield of 3.75%. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.69. Consolidated Edison’s dividend payout ratio is presently 13.03%.

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Consolidated Edison Profile

Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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