Meeder Advisory Services Inc. Lowers Stock Holdings in Consolidated Edison Inc (NYSE:ED)

Meeder Advisory Services Inc. lessened its holdings in Consolidated Edison Inc (NYSE:ED) by 1.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,628 shares of the utilities provider’s stock after selling 133 shares during the period. Meeder Advisory Services Inc.’s holdings in Consolidated Edison were worth $1,065,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ED. Alpine Bank Wealth Management acquired a new position in Consolidated Edison during the 1st quarter worth approximately $32,000. Fort Vancouver Investment Management LLC acquired a new position in shares of Consolidated Edison during the first quarter worth $33,000. Wood Tarver Financial Group LLC purchased a new position in Consolidated Edison in the fourth quarter valued at $35,000. Elite Financial Inc. acquired a new stake in Consolidated Edison in the first quarter valued at $38,000. Finally, Park Square Financial Group LLC acquired a new stake in Consolidated Edison in the fourth quarter valued at $45,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of ED opened at $102.69 on Thursday. 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 Inc has a fifty-two week low of $87.28 and a fifty-two week high of $114.87. The firm has a 50-day simple moving average of $101.54 and a 200-day simple moving average of $102.47. The company has a market capitalization of $37.00 billion, a price-to-earnings ratio of 18.98, a price-to-earnings-growth ratio of 3.26 and a beta of 0.26.

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

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, August 13th will be issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison’s dividend payout ratio is presently 62.85%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Wells Fargo & Company increased their price objective on Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. Mizuho upgraded shares of Consolidated Edison from a “neutral” rating to an “outperform” rating and increased their price target for the company from $105.00 to $107.00 in a research note on Monday, June 30th. Citigroup boosted their price objective on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, April 9th. Guggenheim upped their target price on shares of Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a report on Friday, May 2nd. Finally, Morgan Stanley cut their price target on shares of Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating on the stock in a research note on Wednesday, June 18th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $105.09.

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.