Flagship Wealth Advisors LLC Acquires Shares of 2,200 Consolidated Edison, Inc. (NYSE:ED)

Flagship Wealth Advisors LLC bought a new stake in Consolidated Edison, Inc. (NYSE:ED) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,200 shares of the utilities provider’s stock, valued at approximately $196,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Point72 Asset Management L.P. lifted its position in shares of Consolidated Edison by 1,766.0% in the third quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock valued at $102,980,000 after acquiring an additional 935,962 shares in the last quarter. Burkehill Global Management LP purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at $53,538,000. FMR LLC lifted its position in shares of Consolidated Edison by 82.3% in the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after acquiring an additional 572,530 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Consolidated Edison by 350.6% in the third quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock valued at $64,634,000 after acquiring an additional 482,953 shares in the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at $42,916,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

ED opened at $106.60 on Monday. The company has a market cap of $36.97 billion, a PE ratio of 20.34, a price-to-earnings-growth ratio of 3.05 and a beta of 0.30. The stock has a 50-day moving average of $95.96 and a 200-day moving average of $98.17. Consolidated Edison, Inc. has a 52-week low of $87.16 and a 52-week high of $107.97. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.01. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. As a group, equities research analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th were paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend was Wednesday, February 19th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio is 64.89%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. UBS Group increased their target price on Consolidated Edison from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 25th. Scotiabank increased their target price on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research report on Monday, February 24th. Morgan Stanley reduced their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday, November 22nd. Barclays increased their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research report on Monday, February 24th. Finally, Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $101.50.

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.