Richwood Investment Advisors LLC Boosts Position in Consolidated Edison, Inc. (NYSE:ED)

Richwood Investment Advisors LLC raised its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,194 shares of the utilities provider’s stock after buying an additional 115 shares during the quarter. Richwood Investment Advisors LLC’s holdings in Consolidated Edison were worth $463,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ED. Point72 Asset Management L.P. grew its holdings in Consolidated Edison by 1,766.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock valued at $102,980,000 after buying an additional 935,962 shares in the last quarter. Burkehill Global Management LP purchased a new position in Consolidated Edison during the 4th quarter valued at about $53,538,000. FMR LLC grew its holdings in Consolidated Edison by 82.3% during the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after buying an additional 572,530 shares in the last quarter. National Bank of Canada FI grew its holdings in Consolidated Edison by 350.6% during the 3rd quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock valued at $64,634,000 after buying an additional 482,953 shares in the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new position in Consolidated Edison during the 4th quarter valued at about $42,916,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

NYSE:ED opened at $107.85 on Friday. The business has a 50 day moving average of $97.91 and a 200 day moving average of $98.40. The company has a market capitalization of $37.40 billion, a price-to-earnings ratio of 20.58, a PEG ratio of 3.05 and a beta of 0.30. Consolidated Edison, Inc. has a 1-year low of $87.16 and a 1-year high of $109.36. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, beating 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 firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. On average, sell-side analysts predict 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. Stockholders of record on Wednesday, February 19th were paid a dividend of $0.85 per share. The ex-dividend date of this dividend was Wednesday, February 19th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.15%. Consolidated Edison’s payout ratio is 64.89%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Scotiabank lifted their price target on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research report on Monday, February 24th. Mizuho lifted their price target on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Barclays lifted 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. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Finally, Morgan Stanley lifted their price target on Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $102.40.

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.