Elevation Point Wealth Partners LLC Buys 279 Shares of Consolidated Edison, Inc. (NYSE:ED)

Elevation Point Wealth Partners LLC lifted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 8.4% in the first quarter, Holdings Channel.com reports. The fund owned 3,601 shares of the utilities provider’s stock after acquiring an additional 279 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Consolidated Edison were worth $398,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Jacobi Capital Management LLC increased its holdings in Consolidated Edison by 4.2% in the fourth quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider’s stock worth $229,000 after purchasing an additional 104 shares in the last quarter. Glen Eagle Advisors LLC increased its holdings in Consolidated Edison by 6.2% in the fourth quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider’s stock worth $170,000 after purchasing an additional 111 shares in the last quarter. Richwood Investment Advisors LLC increased its holdings in Consolidated Edison by 2.3% in the fourth quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider’s stock worth $463,000 after purchasing an additional 115 shares in the last quarter. Integrated Advisors Network LLC increased its holdings in Consolidated Edison by 1.6% in the first quarter. Integrated Advisors Network LLC now owns 7,842 shares of the utilities provider’s stock worth $867,000 after purchasing an additional 121 shares in the last quarter. Finally, Penobscot Investment Management Company Inc. increased its holdings in Consolidated Edison by 5.7% in the fourth quarter. Penobscot Investment Management Company Inc. now owns 2,300 shares of the utilities provider’s stock worth $205,000 after purchasing an additional 125 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Down 2.3%

Shares of NYSE:ED opened at $101.54 on Tuesday. The stock has a market cap of $36.58 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 3.05 and a beta of 0.27. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 12-month low of $87.28 and a 12-month high of $114.87. The business’s 50 day moving average is $106.65 and its 200 day moving average is $100.50.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.05). The company had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.21 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. During the same period in the previous year, the firm earned $2.15 EPS. On average, sell-side analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Wednesday, May 14th were given a dividend of $0.85 per share. The ex-dividend date was Wednesday, May 14th. This represents a $3.40 annualized dividend and a dividend yield of 3.35%. Consolidated Edison’s payout ratio is 62.85%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ED. Guggenheim lifted their target price on Consolidated Edison from $96.00 to $103.00 and gave the stock a “neutral” rating in a report on Friday, May 2nd. Barclays boosted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a report on Monday, May 5th. Morgan Stanley decreased their price objective on Consolidated Edison from $94.00 to $93.00 and set an “underweight” rating for the company in a report on Thursday, May 22nd. UBS Group boosted their price objective on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Finally, Wells Fargo & Company boosted their price objective on Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and an average price target of $104.27.

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.