Consolidated Edison, Inc. (NYSE:ED) Shares Acquired by Sound Income Strategies LLC

Sound Income Strategies LLC raised its position in Consolidated Edison, Inc. (NYSE:ED) by 74.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,349 shares of the utilities provider’s stock after purchasing an additional 1,000 shares during the period. Sound Income Strategies LLC’s holdings in Consolidated Edison were worth $212,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ED. Dark Forest Capital Management LP purchased a new stake in Consolidated Edison in the 4th quarter valued at approximately $25,000. Retirement Group LLC boosted its stake in shares of Consolidated Edison by 74.8% during the 4th quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 116 shares during the last quarter. Venturi Wealth Management LLC acquired a new stake in Consolidated Edison during the first quarter worth approximately $28,000. Clear Street Markets LLC raised its holdings in Consolidated Edison by 261.0% in the 4th quarter. Clear Street Markets LLC now owns 361 shares of the utilities provider’s stock valued at $34,000 after acquiring an additional 261 shares during the last quarter. Finally, Almanack Investment Partners LLC. purchased a new position in shares of Consolidated Edison during the 3rd quarter worth $36,000. Hedge funds and other institutional investors own 64.53% of the company’s stock.

Consolidated Edison Trading Down 1.0 %

Shares of ED opened at $91.49 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.95 and a current ratio of 1.02. Consolidated Edison, Inc. has a one year low of $78.10 and a one year high of $100.92. The stock has a 50-day moving average price of $91.34 and a 200 day moving average price of $93.53. The company has a market capitalization of $31.56 billion, a P/E ratio of 13.16, a P/E/G ratio of 9.32 and a beta of 0.37.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.03. The firm had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $3.31 billion. Consolidated Edison had a net margin of 15.84% and a return on equity of 8.27%. During the same period in the prior year, the company posted $0.64 earnings per share. Sell-side analysts forecast that Consolidated Edison, Inc. will post 4.9 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, August 16th were issued a $0.81 dividend. This represents a $3.24 annualized dividend and a yield of 3.54%. The ex-dividend date was Tuesday, August 15th. Consolidated Edison’s dividend payout ratio is currently 46.62%.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of recent analyst reports. Bank of America lowered their price objective on Consolidated Edison from $103.00 to $96.00 and set a “buy” rating for the company in a research report on Wednesday, August 16th. KeyCorp boosted their price target on Consolidated Edison from $70.00 to $77.00 in a research report on Wednesday, July 19th. The Goldman Sachs Group began coverage on Consolidated Edison in a report on Wednesday, June 7th. They issued a “sell” rating and a $88.00 price objective on the stock. Morgan Stanley reduced their price target on shares of Consolidated Edison from $74.00 to $73.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 23rd. Finally, Wells Fargo & Company dropped their price objective on shares of Consolidated Edison from $102.00 to $96.00 and set an “underweight” rating for the company in a research report on Friday, August 4th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Consolidated Edison presently has an average rating of “Hold” and an average price target of $89.79.

Consolidated Edison 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 3.6 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.