Woodley Farra Manion Portfolio Management Inc. Grows Stock Position in Consolidated Edison Inc (NYSE:ED)

Woodley Farra Manion Portfolio Management Inc. increased its holdings in Consolidated Edison Inc (NYSE:ED) by 2.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,648 shares of the utilities provider’s stock after buying an additional 1,300 shares during the quarter. Woodley Farra Manion Portfolio Management Inc.’s holdings in Consolidated Edison were worth $6,044,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Merit Financial Group LLC raised its stake in shares of Consolidated Edison by 16.8% in the first quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider’s stock worth $1,180,000 after buying an additional 1,533 shares during the period. Ritholtz Wealth Management bought a new position in shares of Consolidated Edison during the 1st quarter valued at approximately $227,000. Wealth Enhancement Advisory Services LLC increased its holdings in Consolidated Edison by 2.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider’s stock worth $27,649,000 after acquiring an additional 6,869 shares in the last quarter. Orion Portfolio Solutions LLC raised its stake in Consolidated Edison by 22.2% during the 4th quarter. Orion Portfolio Solutions LLC now owns 7,516 shares of the utilities provider’s stock worth $671,000 after acquiring an additional 1,366 shares during the period. Finally, Flagship Harbor Advisors LLC bought a new stake in Consolidated Edison during the 1st quarter worth approximately $217,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ED shares. Citigroup upped their price target 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. Mizuho raised shares of Consolidated Edison from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $105.00 to $107.00 in a report on Monday, June 30th. Barclays increased their price target on Consolidated Edison from $100.00 to $101.00 and gave the stock an “underweight” rating in a research note on Monday, May 5th. Wells Fargo & Company boosted their price objective on Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a research report on Friday, May 2nd. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and an average target price of $105.09.

Consolidated Edison Price Performance

ED stock opened at $102.22 on Wednesday. Consolidated Edison Inc has a 52 week low of $87.28 and a 52 week high of $114.87. The firm has a market capitalization of $36.83 billion, a P/E ratio of 18.89, a price-to-earnings-growth ratio of 3.22 and a beta of 0.26. The company has a fifty day simple moving average of $101.59 and a two-hundred day simple moving average of $102.46. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04.

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

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison’s dividend payout ratio is currently 62.85%.

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.