B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Consolidated Edison, Inc. (NYSE:ED) during the fourth quarter, Holdings Channel reports. The fund bought 22,707 shares of the utilities provider’s stock, valued at approximately $1,674,000.
Other large investors have also bought and sold shares of the company. Wealth Alliance increased its position in Consolidated Edison by 4.5% in the 3rd quarter. Wealth Alliance now owns 3,290 shares of the utilities provider’s stock worth $256,000 after purchasing an additional 142 shares during the last quarter. HighPoint Advisor Group LLC increased its position in Consolidated Edison by 2.6% in the 4th quarter. HighPoint Advisor Group LLC now owns 5,681 shares of the utilities provider’s stock worth $405,000 after purchasing an additional 144 shares during the last quarter. Doyle Wealth Management increased its position in Consolidated Edison by 4.4% in the 4th quarter. Doyle Wealth Management now owns 3,586 shares of the utilities provider’s stock worth $259,000 after purchasing an additional 150 shares during the last quarter. Bessemer Group Inc. increased its position in Consolidated Edison by 6.3% in the 4th quarter. Bessemer Group Inc. now owns 2,559 shares of the utilities provider’s stock worth $185,000 after purchasing an additional 152 shares during the last quarter. Finally, Wealth Architects LLC increased its position in Consolidated Edison by 2.9% in the 4th quarter. Wealth Architects LLC now owns 5,655 shares of the utilities provider’s stock worth $409,000 after purchasing an additional 159 shares during the last quarter. 62.44% of the stock is currently owned by hedge funds and other institutional investors.
Shares of ED stock opened at $75.31 on Thursday. The stock has a 50 day moving average of $70.81 and a two-hundred day moving average of $74.07. The company has a current ratio of 0.59, a quick ratio of 0.54 and a debt-to-equity ratio of 1.03. Consolidated Edison, Inc. has a 12 month low of $65.56 and a 12 month high of $90.00. The company has a market capitalization of $25.79 billion, a P/E ratio of 18.64, a P/E/G ratio of 7.80 and a beta of 0.11.
The business also recently announced a quarterly dividend, which was paid on Monday, March 15th. Stockholders of record on Wednesday, February 17th were issued a $0.775 dividend. The ex-dividend date was Tuesday, February 16th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.77. This represents a $3.10 dividend on an annualized basis and a dividend yield of 4.12%. Consolidated Edison’s dividend payout ratio is presently 70.94%.
Several brokerages have weighed in on ED. Royal Bank of Canada dropped their target price on Consolidated Edison from $80.00 to $77.00 and set a “sector perform” rating on the stock in a research report on Friday, January 22nd. Credit Suisse Group reaffirmed an “underperform” rating and issued a $65.00 target price (down from $75.00) on shares of Consolidated Edison in a research report on Monday, March 1st. TheStreet downgraded Consolidated Edison from a “b-” rating to a “c” rating in a research note on Monday, March 22nd. Evercore ISI downgraded Consolidated Edison from an “in-line” rating to an “underperform” rating in a research note on Thursday, January 21st. Finally, Morgan Stanley increased their target price on Consolidated Edison from $65.00 to $67.00 and gave the company an “underweight” rating in a research note on Thursday, March 25th. Six analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $75.08.
Consolidated Edison Profile
Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,576 customers in parts of Manhattan.
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