Burkehill Global Management LP Takes Position in Consolidated Edison, Inc. (NYSE:ED)

Burkehill Global Management LP bought a new stake in Consolidated Edison, Inc. (NYSE:ED) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 600,000 shares of the utilities provider’s stock, valued at approximately $53,538,000. Consolidated Edison accounts for 5.1% of Burkehill Global Management LP’s holdings, making the stock its 4th largest holding. Burkehill Global Management LP owned 0.17% of Consolidated Edison at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ED. State Street Corp grew its stake in Consolidated Edison by 1.7% in the third quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock valued at $2,439,684,000 after acquiring an additional 399,034 shares during the period. Geode Capital Management LLC grew its position in Consolidated Edison by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 8,853,788 shares of the utilities provider’s stock valued at $919,041,000 after purchasing an additional 107,281 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Consolidated Edison by 3.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,225,989 shares of the utilities provider’s stock valued at $198,625,000 after purchasing an additional 77,323 shares in the last quarter. Amundi raised its holdings in Consolidated Edison by 12.2% during the fourth quarter. Amundi now owns 2,221,729 shares of the utilities provider’s stock worth $197,795,000 after buying an additional 242,243 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Consolidated Edison by 4.0% in the third quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock valued at $223,373,000 after buying an additional 82,985 shares in the last quarter. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Price Performance

Shares of NYSE:ED opened at $102.72 on Thursday. Consolidated Edison, Inc. has a fifty-two week low of $87.16 and a fifty-two week high of $107.97. The company’s 50-day moving average is $95.30 and its 200 day moving average is $98.11. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The company has a market capitalization of $35.62 billion, a P/E ratio of 19.60, a price-to-earnings-growth ratio of 3.05 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share 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 firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.63 billion. On average, equities research analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be given a $0.85 dividend. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 64.89%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ED shares. UBS Group boosted their target price on shares of Consolidated Edison from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 25th. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Mizuho lifted their target price on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Morgan Stanley lowered their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, November 22nd. Finally, Barclays lifted their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a report on Monday, February 24th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Consolidated Edison has an average rating of “Hold” and a consensus price target of $101.50.

Consolidated Edison 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.