3,027 Shares in Consolidated Edison, Inc. (NYSE:ED) Purchased by LGT Group Foundation

LGT Group Foundation purchased a new position in Consolidated Edison, Inc. (NYSE:ED) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,027 shares of the utilities provider’s stock, valued at approximately $274,000.

A number of other institutional investors also recently bought and sold shares of ED. Financial Gravity Asset Management Inc. raised its stake in Consolidated Edison by 215.6% in the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after buying an additional 194 shares in the last quarter. Turtle Creek Wealth Advisors LLC bought a new position in Consolidated Edison in the fourth quarter worth about $29,000. Bruce G. Allen Investments LLC bought a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $31,000. CVA Family Office LLC bought a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $32,000. Finally, Venturi Wealth Management LLC increased its stake in shares of Consolidated Edison by 62.2% during the third quarter. Venturi Wealth Management LLC now owns 477 shares of the utilities provider’s stock valued at $41,000 after purchasing an additional 183 shares in the last quarter. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Trading Up 0.3 %

Shares of ED stock opened at $95.56 on Friday. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $100.44. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. The firm’s 50 day moving average is $90.06 and its 200 day moving average is $90.08. The stock has a market capitalization of $33.02 billion, a P/E ratio of 18.34, a P/E/G ratio of 8.97 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.86%. The company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. During the same quarter last year, the company posted $1.83 earnings per share. The firm’s quarterly revenue was down 2.8% on a year-over-year basis. Research analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Wall Street Analyst Weigh In

ED has been the subject of a number of analyst reports. Scotiabank decreased their target price on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research note on Monday, April 22nd. UBS Group decreased their target price on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. Barclays raised their target price on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. Wells Fargo & Company raised their target price on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, Royal Bank of Canada decreased their target price on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research note on Friday, February 16th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $87.75.

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.