Midwest Capital Advisors LLC Takes Position in Consolidated Edison, Inc. (NYSE:ED)

Midwest Capital Advisors LLC acquired a new stake in Consolidated Edison, Inc. (NYSE:ED) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 1,176 shares of the utilities provider’s stock, valued at approximately $105,000.

Other large investors also recently modified their holdings of the company. International Assets Investment Management LLC boosted its holdings in shares of Consolidated Edison by 10,262.1% in the 3rd quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock worth $57,641,000 after acquiring an additional 548,204 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Consolidated Edison by 3.7% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 14,851 shares of the utilities provider’s stock worth $1,546,000 after acquiring an additional 527 shares in the last quarter. Dakota Wealth Management boosted its holdings in shares of Consolidated Edison by 14.4% in the 3rd quarter. Dakota Wealth Management now owns 11,499 shares of the utilities provider’s stock worth $1,197,000 after acquiring an additional 1,446 shares in the last quarter. Lake Street Advisors Group LLC boosted its holdings in shares of Consolidated Edison by 10.1% in the 3rd quarter. Lake Street Advisors Group LLC now owns 4,082 shares of the utilities provider’s stock worth $425,000 after acquiring an additional 375 shares in the last quarter. Finally, Allworth Financial LP boosted its holdings in shares of Consolidated Edison by 3.3% in the 3rd quarter. Allworth Financial LP now owns 5,021 shares of the utilities provider’s stock worth $523,000 after acquiring an additional 161 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $98.27 on Monday. The firm has a fifty day moving average of $92.09 and a two-hundred day moving average of $97.96. The stock has a market capitalization of $34.04 billion, a price-to-earnings ratio of 18.75, a PEG ratio of 3.05 and a beta of 0.39. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week 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.

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

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be given a $0.85 dividend. The ex-dividend date is Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.46%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio is currently 64.89%.

Analysts Set New Price Targets

ED has been the topic of several research reports. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and upped their price objective for the stock from $90.00 to $100.00 in a report on Thursday, December 12th. Barclays reduced their price objective on Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating on the stock in a report on Monday, January 27th. Mizuho upped their price objective on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Morgan Stanley reduced their price objective on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Finally, Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Consolidated Edison presently has an average rating of “Hold” and an average price target of $100.70.

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.