Axxcess Wealth Management LLC Lowers Holdings in Consolidated Edison, Inc. (NYSE:ED)

Axxcess Wealth Management LLC decreased its stake in Consolidated Edison, Inc. (NYSE:ED) by 6.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,893 shares of the utilities provider’s stock after selling 187 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Consolidated Edison were worth $301,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Capital Performance Advisors LLP purchased a new stake in shares of Consolidated Edison in the third quarter worth about $27,000. Beacon Capital Management LLC raised its holdings in Consolidated Edison by 2,307.7% in the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares during the period. Pathway Financial Advisers LLC acquired a new position in Consolidated Edison in the 1st quarter worth about $33,000. TruNorth Capital Management LLC acquired a new position in Consolidated Edison in the 2nd quarter worth about $33,000. Finally, Versant Capital Management Inc raised its holdings in Consolidated Edison by 380.2% in the 2nd quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 327 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

ED has been the subject of a number of analyst reports. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price target for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Bank of America upped their price target on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Scotiabank upped their price target on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Wells Fargo & Company upped their price target on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Finally, Morgan Stanley increased their target price on Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a report on Wednesday, September 25th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $98.35.

Consolidated Edison Price Performance

NYSE:ED opened at $95.25 on Friday. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The stock has a market cap of $33.00 billion, a PE ratio of 17.93, a P/E/G ratio of 3.26 and a beta of 0.36. The stock has a 50 day moving average price of $102.99 and a 200 day moving average price of $98.00.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Equities research analysts expect that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be given a $0.83 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.49%. Consolidated Edison’s payout ratio is 62.52%.

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.