Golden State Wealth Management LLC Boosts Stock Position in Consolidated Edison Inc (NYSE:ED)

Golden State Wealth Management LLC increased its stake in Consolidated Edison Inc (NYSE:ED) by 68.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,604 shares of the utilities provider’s stock after buying an additional 650 shares during the period. Golden State Wealth Management LLC’s holdings in Consolidated Edison were worth $177,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Norges Bank purchased a new stake in Consolidated Edison during the 4th quarter valued at $399,824,000. GAMMA Investing LLC boosted its stake in Consolidated Edison by 15,937.5% during the 1st quarter. GAMMA Investing LLC now owns 1,022,073 shares of the utilities provider’s stock valued at $113,031,000 after purchasing an additional 1,015,700 shares during the last quarter. ExodusPoint Capital Management LP boosted its stake in Consolidated Edison by 412.0% during the 4th quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider’s stock valued at $97,564,000 after purchasing an additional 879,866 shares during the last quarter. Invesco Ltd. boosted its stake in Consolidated Edison by 27.9% during the 4th quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider’s stock valued at $332,090,000 after purchasing an additional 812,885 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in Consolidated Edison by 232.3% during the 4th quarter. Marshall Wace LLP now owns 1,053,339 shares of the utilities provider’s stock valued at $93,989,000 after purchasing an additional 736,348 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock opened at $98.13 on Friday. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87. The stock’s fifty day moving average is $104.85 and its 200 day moving average is $100.73. The stock has a market cap of $35.36 billion, a P/E ratio of 18.14, a P/E/G ratio of 3.13 and a beta of 0.27. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.19 and a current ratio of 1.28.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.05). The business had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.21 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.61%. During the same period in the prior year, the business earned $2.15 earnings per share. Sell-side analysts anticipate that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th were issued a dividend of $0.85 per share. The ex-dividend date was Wednesday, May 14th. This represents a $3.40 dividend on an annualized basis and a yield of 3.46%. Consolidated Edison’s dividend payout ratio is presently 62.85%.

Analysts Set New Price Targets

ED has been the topic of a number of research reports. Barclays raised their price target on Consolidated Edison from $100.00 to $101.00 and gave the stock an “underweight” rating in a research note on Monday, May 5th. UBS Group raised their price target on Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. KeyCorp downgraded Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 price target on the stock. in a research note on Wednesday, May 14th. Wells Fargo & Company raised their price target on Consolidated Edison from $103.00 to $114.00 and gave the stock an “equal weight” rating in a research note on Friday, May 2nd. Finally, Citigroup raised their price target on Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, April 9th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $104.18.

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 3.7 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.