GeoWealth Management LLC Decreases Holdings in Consolidated Edison, Inc. (NYSE:ED)

GeoWealth Management LLC decreased its position in Consolidated Edison, Inc. (NYSE:ED) by 11.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,336 shares of the utilities provider’s stock after selling 289 shares during the quarter. GeoWealth Management LLC’s holdings in Consolidated Edison were worth $208,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. AlphaMark Advisors LLC purchased a new position in Consolidated Edison in the 4th quarter worth $27,000. OFI Invest Asset Management purchased a new position in Consolidated Edison in the 4th quarter worth approximately $35,000. Fairway Wealth LLC bought a new position in shares of Consolidated Edison in the fourth quarter worth approximately $36,000. Centricity Wealth Management LLC bought a new stake in Consolidated Edison during the 4th quarter valued at $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Consolidated Edison during the 4th quarter valued at $44,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Down 0.6 %

Shares of Consolidated Edison stock opened at $112.62 on Thursday. The company has a 50-day simple moving average of $105.80 and a two-hundred day simple moving average of $99.41. The stock has a market capitalization of $40.57 billion, a PE ratio of 21.49, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27. Consolidated Edison, Inc. has a 52-week low of $87.28 and a 52-week high of $114.87. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01.

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, topping analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.63 billion. On average, analysts anticipate that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Wednesday, May 14th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $3.40 annualized dividend and a yield of 3.02%. Consolidated Edison’s payout ratio is 64.89%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ED. Citigroup lifted their price objective on Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, April 9th. Barclays boosted their price objective on shares of Consolidated Edison from $95.00 to $100.00 and gave the company an “underweight” rating in a research report on Tuesday. Mizuho raised their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research report on Monday, February 3rd. Morgan Stanley boosted their price target on shares of Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a research report on Thursday, March 20th. Finally, Scotiabank raised their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and a consensus price target of $103.30.

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.