Dakota Wealth Management Acquires 2,500 Shares of Consolidated Edison, Inc. (NYSE:ED)

Dakota Wealth Management boosted its position in Consolidated Edison, Inc. (NYSE:ED) by 21.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,999 shares of the utilities provider’s stock after acquiring an additional 2,500 shares during the period. Dakota Wealth Management’s holdings in Consolidated Edison were worth $1,249,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ED. Point72 Asset Management L.P. grew its holdings in Consolidated Edison by 1,766.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock worth $102,980,000 after acquiring an additional 935,962 shares during the last quarter. FMR LLC grew its holdings in Consolidated Edison by 82.3% in the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock worth $132,081,000 after acquiring an additional 572,530 shares during the last quarter. International Assets Investment Management LLC lifted its position 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 purchasing an additional 548,204 shares during the period. National Bank of Canada FI lifted its position in shares of Consolidated Edison by 350.6% in the 3rd quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock worth $64,634,000 after purchasing an additional 482,953 shares during the period. Finally, State Street Corp lifted its position in shares of Consolidated Edison by 1.7% in the 3rd quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock worth $2,439,684,000 after purchasing an additional 399,034 shares during the period. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED stock opened at $90.75 on Friday. The company has a 50 day moving average price of $93.08 and a 200-day moving average price of $97.98. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75. The firm has a market capitalization of $31.44 billion, a PE ratio of 17.09, a P/E/G ratio of 2.97 and a beta of 0.38. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.12. The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. As a group, equities research analysts expect that Consolidated Edison, Inc. will post 5.35 earnings per share for the current year.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be issued a dividend of $0.85 per share. The ex-dividend date is Wednesday, February 19th. This represents a $3.40 annualized dividend and a yield of 3.75%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s payout ratio is currently 62.52%.

Analyst Ratings Changes

Several research firms have recently commented on ED. Morgan Stanley dropped their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, November 22nd. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their price target for the company from $90.00 to $100.00 in a research report on Thursday, December 12th. Jefferies Financial Group assumed coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target for the company. Finally, Barclays lowered their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $100.64.

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.