2,283 Shares in Consolidated Edison, Inc. (NYSE:ED) Acquired by Alpha Cubed Investments LLC

Alpha Cubed Investments LLC acquired a new stake in Consolidated Edison, Inc. (NYSE:ED) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 2,283 shares of the utilities provider’s stock, valued at approximately $208,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Diversified Trust Co raised its stake in shares of Consolidated Edison by 140.8% during the 4th quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock worth $3,361,000 after purchasing an additional 21,604 shares in the last quarter. abrdn plc lifted its stake in Consolidated Edison by 30.2% in the fourth quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock valued at $28,373,000 after acquiring an additional 72,273 shares during the last quarter. Pacer Advisors Inc. grew its position in Consolidated Edison by 169.9% in the fourth quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock worth $5,487,000 after acquiring an additional 37,971 shares in the last quarter. Blackhawk Capital Partners LLC. acquired a new position in shares of Consolidated Edison during the 4th quarter worth $1,551,000. Finally, Mariner LLC raised its holdings in shares of Consolidated Edison by 24.9% during the 3rd quarter. Mariner LLC now owns 91,702 shares of the utilities provider’s stock valued at $7,844,000 after purchasing an additional 18,270 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Royal Bank of Canada lowered their target price on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research report on Friday, February 16th. LADENBURG THALM/SH SH initiated coverage on Consolidated Edison in a research note on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 price objective on the stock. UBS Group decreased their target price on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. KeyCorp upgraded Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. Finally, Barclays boosted their price objective on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 14th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Consolidated Edison currently has an average rating of “Hold” and an average price target of $87.54.

Consolidated Edison Stock Performance

NYSE:ED opened at $94.78 on Thursday. The firm’s 50-day moving average is $89.91 and its 200-day moving average is $90.04. The company has a market cap of $32.75 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 8.89 and a beta of 0.34. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $100.44.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.70 billion. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The firm’s revenue for the quarter was down 14.6% compared to the same quarter last year. During the same period last year, the business earned $0.81 earnings per share. Equities research analysts anticipate that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be paid a $0.83 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.50%. Consolidated Edison’s payout ratio is 46.24%.

Consolidated Edison Company 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.