McAdam LLC Makes New Investment in Consolidated Edison, Inc. (NYSE:ED)

McAdam LLC acquired a new stake in Consolidated Edison, Inc. (NYSE:ED) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,251 shares of the utilities provider’s stock, valued at approximately $205,000.

A number of other hedge funds also recently modified their holdings of ED. MGO One Seven LLC grew its holdings in Consolidated Edison by 2.1% in the 3rd quarter. MGO One Seven LLC now owns 5,727 shares of the utilities provider’s stock valued at $490,000 after buying an additional 119 shares in the last quarter. Advisors Capital Management LLC increased its position in Consolidated Edison by 3.8% during the third quarter. Advisors Capital Management LLC now owns 3,312 shares of the utilities provider’s stock worth $283,000 after acquiring an additional 122 shares during the period. Jeppson Wealth Management LLC raised its stake in Consolidated Edison by 1.6% in the 4th quarter. Jeppson Wealth Management LLC now owns 7,716 shares of the utilities provider’s stock worth $702,000 after purchasing an additional 125 shares in the last quarter. Sandy Spring Bank boosted its holdings in Consolidated Edison by 11.4% in the 4th quarter. Sandy Spring Bank now owns 1,222 shares of the utilities provider’s stock valued at $111,000 after purchasing an additional 125 shares during the period. Finally, Dorsey & Whitney Trust CO LLC boosted its holdings in Consolidated Edison by 4.9% in the 3rd quarter. Dorsey & Whitney Trust CO LLC now owns 2,764 shares of the utilities provider’s stock valued at $236,000 after purchasing an additional 128 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Up 0.5 %

Shares of NYSE ED opened at $94.40 on Wednesday. The company has a market cap of $32.62 billion, a price-to-earnings ratio of 13.15, a PEG ratio of 8.85 and a beta of 0.35. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $100.44. The stock has a 50-day moving average price of $89.79 and a two-hundred day moving average price of $90.01.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The company had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.70 billion. During the same quarter last year, the business posted $0.81 EPS. Consolidated Edison’s revenue for the quarter was down 14.6% on a year-over-year basis. As a group, analysts forecast that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.52%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is currently 46.24%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ED shares. Royal Bank of Canada dropped their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research report on Friday, February 16th. KeyCorp raised Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. Barclays increased their target price on Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a report on Thursday, March 14th. LADENBURG THALM/SH SH initiated coverage on Consolidated Edison in a research note on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 price target for the company. Finally, Scotiabank cut their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and a consensus target price of $87.54.

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.