Power Corp of Canada Invests $170,000 in Consolidated Edison, Inc. (NYSE:ED)

Power Corp of Canada acquired a new stake in Consolidated Edison, Inc. (NYSE:ED – Get Rating) in the third quarter, according to its most recent filing with the SEC. The fund acquired 1,980 shares of the utilities provider’s stock, valued at approximately $170,000.

A number of other hedge funds have also bought and sold shares of the business. Magnus Financial Group LLC grew its stake in Consolidated Edison by 2.0% in the 2nd quarter. Magnus Financial Group LLC now owns 5,830 shares of the utilities provider’s stock valued at $554,000 after buying an additional 115 shares in the last quarter. Brinker Capital Investments LLC grew its stake in Consolidated Edison by 1.2% in the 1st quarter. Brinker Capital Investments LLC now owns 9,592 shares of the utilities provider’s stock valued at $908,000 after buying an additional 117 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC grew its stake in Consolidated Edison by 4.5% in the 3rd quarter. Householder Group Estate & Retirement Specialist LLC now owns 3,016 shares of the utilities provider’s stock valued at $258,000 after buying an additional 130 shares in the last quarter. Keybank National Association OH grew its stake in Consolidated Edison by 1.0% in the 3rd quarter. Keybank National Association OH now owns 13,223 shares of the utilities provider’s stock valued at $1,134,000 after buying an additional 130 shares in the last quarter. Finally, Clarius Group LLC grew its stake in Consolidated Edison by 4.3% in the 2nd quarter. Clarius Group LLC now owns 3,331 shares of the utilities provider’s stock valued at $317,000 after buying an additional 137 shares in the last quarter. 64.95% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

NYSE ED opened at $95.64 on Thursday. Consolidated Edison, Inc. has a 52-week low of $78.10 and a 52-week high of $102.21. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.10 and a current ratio of 1.14. The company has a market capitalization of $33.96 billion, a P/E ratio of 20.48, a P/E/G ratio of 9.28 and a beta of 0.35. The company has a fifty day moving average of $93.36 and a 200-day moving average of $93.01.

Consolidated Edison (NYSE:ED – Get Rating) last posted its quarterly earnings data on Thursday, February 16th. The utilities provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. Consolidated Edison had a net margin of 10.59% and a return on equity of 7.79%. The company had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same period in the previous year, the firm posted $1.00 EPS. The firm’s revenue was up 18.0% compared to the same quarter last year. As a group, equities research analysts predict that Consolidated Edison, Inc. will post 4.88 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Wednesday, February 15th were paid a $0.81 dividend. The ex-dividend date was Tuesday, February 14th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.79. This represents a $3.24 annualized dividend and a yield of 3.39%. Consolidated Edison’s payout ratio is currently 69.38%.

Analysts Set New Price Targets

ED has been the subject of a number of recent research reports. JPMorgan Chase & Co. reduced their price objective on shares of Consolidated Edison from $88.00 to $87.00 and set an “underweight” rating for the company in a research note on Thursday, February 2nd. Bank of America upgraded shares of Consolidated Edison from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $78.00 to $95.00 in a research report on Wednesday, November 30th. Credit Suisse Group reduced their price target on shares of Consolidated Edison from $95.00 to $91.00 and set a “neutral” rating for the company in a research report on Friday, February 17th. Royal Bank of Canada boosted their price target on shares of Consolidated Edison from $94.00 to $95.00 and gave the company a “sector perform” rating in a research report on Monday, February 27th. Finally, Citigroup boosted their price target on shares of Consolidated Edison from $92.00 to $103.00 and gave the company a “neutral” rating in a research report on Wednesday, February 22nd. Five analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $89.25.

About Consolidated Edison

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Consolidated Edison, Inc is a holding company, which engages in the business of regulated electric, gas, and steam delivery. It operates through the following segments: Consolidated Edison Company of New York (CECONY), Orange and Rockland Utilities(O&R), Con Edison Clean Energy Businesses and Con Edison Transmission.