Tidemark LLC Makes New Investment in Consolidated Edison, Inc. (NYSE:ED)

Tidemark LLC acquired a new stake in Consolidated Edison, Inc. (NYSE:ED) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 319 shares of the utilities provider’s stock, valued at approximately $29,000.

Several other hedge funds have also made changes to their positions in ED. Diversified Trust Co grew its holdings in shares of Consolidated Edison by 140.8% in the 4th quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock worth $3,361,000 after acquiring an additional 21,604 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Consolidated Edison by 3.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 418,244 shares of the utilities provider’s stock valued at $38,897,000 after purchasing an additional 12,953 shares during the last quarter. Corient Private Wealth LLC increased its stake in shares of Consolidated Edison by 4.6% during the 4th quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock worth $15,958,000 after purchasing an additional 7,725 shares in the last quarter. abrdn plc grew its holdings in Consolidated Edison by 30.2% during the 4th quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock valued at $28,373,000 after buying an additional 72,273 shares during the last quarter. Finally, Pacer Advisors Inc. raised its holdings in shares of Consolidated Edison by 169.9% in the fourth quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock worth $5,487,000 after acquiring an additional 37,971 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.6 %

Shares of Consolidated Edison stock traded up $0.56 on Friday, reaching $94.43. 1,639,105 shares of the company were exchanged, compared to its average volume of 2,007,665. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $98.85. The firm has a market capitalization of $32.66 billion, a price-to-earnings ratio of 18.12, a price-to-earnings-growth ratio of 2.38 and a beta of 0.34. The stock has a fifty day moving average price of $92.60 and a 200-day moving average price of $90.98.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.26. The business had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period last year, the firm posted $1.83 earnings per share. On average, analysts expect that Consolidated Edison, Inc. will post 5.34 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 annualized dividend and a yield of 3.52%. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Analyst Upgrades and Downgrades

ED has been the topic of a number of recent research reports. Wells Fargo & Company upped their target price on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a report on Friday, May 3rd. Royal Bank of Canada cut their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a report on Friday, February 16th. Barclays boosted their price objective on shares of Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 7th. Scotiabank lowered 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. Finally, UBS Group cut their price target on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and a consensus price target of $88.46.

Consolidated Edison Company Profile

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.