McKinley Carter Wealth Services Inc. Buys New Holdings in Consolidated Edison, Inc. (NYSE:ED)

McKinley Carter Wealth Services Inc. bought a new stake in Consolidated Edison, Inc. (NYSE:ED) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,973 shares of the utilities provider’s stock, valued at approximately $205,000.

A number of other large investors have also modified their holdings of ED. Clean Energy Transition LLP raised its stake in shares of Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after purchasing an additional 623,787 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of Consolidated Edison by 302.3% in the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock valued at $63,396,000 after purchasing an additional 532,893 shares in the last quarter. AMF Tjanstepension AB raised its stake in shares of Consolidated Edison by 243.2% in the second quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock valued at $44,564,000 after purchasing an additional 352,903 shares in the last quarter. Swedbank AB acquired a new position in shares of Consolidated Edison in the first quarter valued at $30,515,000. Finally, LPL Financial LLC raised its stake in Consolidated Edison by 101.3% during the second quarter. LPL Financial LLC now owns 606,594 shares of the utilities provider’s stock worth $54,242,000 after acquiring an additional 305,291 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $106.13 on Thursday. The business’s 50-day simple moving average is $102.58 and its 200 day simple moving average is $96.42. The stock has a market cap of $36.70 billion, a price-to-earnings ratio of 20.37, a P/E/G ratio of 3.46 and a beta of 0.36. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $106.41. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same quarter last year, the business earned $0.61 earnings per share. As a group, research analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on ED. Barclays increased their price objective on Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research note on Monday, August 5th. Bank of America increased their price objective on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Wells Fargo & Company increased their price objective on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Morgan Stanley increased their price objective on Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research note on Wednesday, September 25th. Finally, Jefferies Financial Group started coverage on Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective for the company. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $96.46.

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.