Welch Group LLC Reduces Position in Consolidated Edison Inc. (ED)
Welch Group LLC lowered its position in shares of Consolidated Edison Inc. (NYSE:ED) by 21.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 198,490 shares of the company’s stock after selling 55,519 shares during the period. Consolidated Edison accounts for about 3.3% of Welch Group LLC’s portfolio, making the stock its 7th largest position. Welch Group LLC owned 0.07% of Consolidated Edison worth $15,967,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Stuart Chaussee & Associates Inc. increased its stake in Consolidated Edison by 27.3% in the second quarter. Stuart Chaussee & Associates Inc. now owns 1,750 shares of the company’s stock worth $141,000 after buying an additional 375 shares during the period. Williams Jones & Associates LLC bought a new stake in Consolidated Edison during the first quarter worth about $146,000. Invictus RG bought a new stake in Consolidated Edison during the first quarter worth about $157,000. Kings Point Capital Management increased its stake in Consolidated Edison by 4.1% in the first quarter. Kings Point Capital Management now owns 2,542 shares of the company’s stock worth $195,000 after buying an additional 100 shares during the period. Finally, Advisory Services Network LLC increased its stake in Consolidated Edison by 0.4% in the second quarter. Advisory Services Network LLC now owns 2,479 shares of the company’s stock worth $199,000 after buying an additional 9 shares during the period. 54.76% of the stock is currently owned by institutional investors.
Shares of Consolidated Edison Inc. (NYSE:ED) traded down 1.41% during midday trading on Monday, reaching $74.24. 1,935,503 shares of the company’s stock traded hands. The stock’s 50-day moving average price is $76.10 and its 200 day moving average price is $76.33. Consolidated Edison Inc. has a one year low of $60.30 and a one year high of $81.88. The firm has a market capitalization of $22.60 billion, a PE ratio of 19.24 and a beta of 0.01.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 4th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.09. Consolidated Edison had a net margin of 9.47% and a return on equity of 8.88%. During the same quarter in the prior year, the firm posted $0.78 EPS. On average, equities research analysts expect that Consolidated Edison Inc. will post $3.97 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 17th were paid a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 3.61%. The ex-dividend date was Monday, August 15th. Consolidated Edison’s dividend payout ratio is currently 69.25%.
Several research firms have recently weighed in on ED. Vetr upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating and set a $74.71 target price for the company in a research note on Wednesday, September 7th. Evercore ISI downgraded shares of Consolidated Edison from a “hold” rating to a “sell” rating and lifted their target price for the stock from $69.50 to $72.50 in a research note on Wednesday, July 6th. BMO Capital Markets began coverage on shares of Consolidated Edison in a research note on Wednesday, June 22nd. They issued a “hold” rating and a $79.00 target price for the company. Barclays PLC reduced their target price on shares of Consolidated Edison from $80.00 to $77.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 21st. Finally, Citigroup Inc. began coverage on shares of Consolidated Edison in a research note on Friday, August 12th. They issued a “neutral” rating and a $76.00 target price for the company. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $74.83.
About Consolidated Edison
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).
Receive News & Stock Ratings for Consolidated Edison Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison Inc. and related stocks with our FREE daily email newsletter.