Diversify Wealth Management LLC Makes New $493,000 Investment in Consolidated Edison Inc $ED

Diversify Wealth Management LLC bought a new position in shares of Consolidated Edison Inc (NYSE:ED) during the first quarter, HoldingsChannel reports. The firm bought 4,525 shares of the utilities provider’s stock, valued at approximately $493,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Carnegie Investment Counsel raised its holdings in shares of Consolidated Edison by 5.6% in the 1st quarter. Carnegie Investment Counsel now owns 2,835 shares of the utilities provider’s stock worth $321,000 after buying an additional 150 shares in the last quarter. Fifth Third Bancorp grew its position in Consolidated Edison by 405.9% in the first quarter. Fifth Third Bancorp now owns 91,300 shares of the utilities provider’s stock valued at $10,333,000 after acquiring an additional 73,253 shares during the period. Sachetta LLC grew its position in Consolidated Edison by 72.9% in the first quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 102 shares during the period. Candriam S.C.A. raised its stake in Consolidated Edison by 17.2% during the first quarter. Candriam S.C.A. now owns 102,000 shares of the utilities provider’s stock worth $11,544,000 after acquiring an additional 14,935 shares in the last quarter. Finally, Sequoia Financial Advisors LLC raised its stake in Consolidated Edison by 26.2% during the first quarter. Sequoia Financial Advisors LLC now owns 36,498 shares of the utilities provider’s stock worth $4,131,000 after acquiring an additional 7,582 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Price Performance

Shares of ED stock opened at $112.40 on Friday. Consolidated Edison Inc has a 1 year low of $94.96 and a 1 year high of $116.23. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. The firm’s 50 day moving average is $108.49 and its 200-day moving average is $108.59. The firm has a market capitalization of $41.42 billion, a price-to-earnings ratio of 18.92, a PEG ratio of 2.86 and a beta of 0.27.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be paid a $0.8875 dividend. This represents a $3.55 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, August 19th. Consolidated Edison’s dividend payout ratio (DPR) is 59.76%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ED. Wells Fargo & Company set a $98.00 target price on shares of Consolidated Edison in a research report on Tuesday, April 21st. Argus set a $112.00 price target on shares of Consolidated Edison in a research report on Tuesday, June 23rd. Weiss Ratings raised shares of Consolidated Edison from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, April 24th. KeyCorp raised their price objective on shares of Consolidated Edison from $96.00 to $97.00 and gave the stock an “underweight” rating in a report on Tuesday, April 21st. Finally, Evercore set a $116.00 target price on shares of Consolidated Edison in a research note on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $108.07.

Consolidated Edison Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.