Stony Point Wealth Management Inc. Purchases New Holdings in Consolidated Edison, Inc. (ED)

Stony Point Wealth Management Inc. purchased a new stake in Consolidated Edison, Inc. (NYSE:ED) during the fourth quarter, Holdings Channel reports. The fund purchased 2,582 shares of the utilities provider’s stock, valued at approximately $219,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of Consolidated Edison by 2.7% in the 4th quarter. BlackRock Inc. now owns 25,916,294 shares of the utilities provider’s stock worth $2,201,589,000 after buying an additional 680,592 shares during the last quarter. APG Asset Management N.V. increased its holdings in shares of Consolidated Edison by 28.4% in the 4th quarter. APG Asset Management N.V. now owns 5,209,155 shares of the utilities provider’s stock worth $368,519,000 after buying an additional 1,153,600 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Consolidated Edison by 4.5% in the 4th quarter. Geode Capital Management LLC now owns 3,431,426 shares of the utilities provider’s stock worth $290,908,000 after buying an additional 147,170 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Consolidated Edison by 5.2% in the 3rd quarter. Legal & General Group Plc now owns 2,930,589 shares of the utilities provider’s stock worth $236,432,000 after buying an additional 144,652 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of Consolidated Edison by 25.3% in the 3rd quarter. Janus Henderson Group PLC now owns 2,883,134 shares of the utilities provider’s stock worth $232,610,000 after buying an additional 582,457 shares during the last quarter. Institutional investors own 56.68% of the company’s stock.

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A number of analysts have recently weighed in on ED shares. Zacks Investment Research downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. JPMorgan Chase & Co. started coverage on shares of Consolidated Edison in a report on Friday, January 12th. They issued an “underweight” rating and a $78.00 target price on the stock. ValuEngine downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th. UBS started coverage on shares of Consolidated Edison in a report on Friday, February 2nd. They issued a “neutral” rating and a $80.00 target price on the stock. Finally, Morgan Stanley dropped their price target on shares of Consolidated Edison from $80.00 to $74.00 and set an “underweight” rating for the company in a research note on Tuesday, February 13th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. Consolidated Edison currently has a consensus rating of “Hold” and a consensus target price of $81.32.

Consolidated Edison, Inc. (ED) opened at $76.76 on Friday. Consolidated Edison, Inc. has a 52 week low of $73.73 and a 52 week high of $89.70. The company has a current ratio of 0.72, a quick ratio of 0.65 and a debt-to-equity ratio of 0.96. The company has a market cap of $23,798.14, a PE ratio of 15.54, a P/E/G ratio of 4.49 and a beta of 0.10.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, February 15th. The utilities provider reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.02. Consolidated Edison had a net margin of 12.67% and a return on equity of 8.51%. The firm had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $2.64 billion. During the same period in the previous year, the company earned $0.69 EPS. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. analysts predict that Consolidated Edison, Inc. will post 4.27 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Wednesday, February 14th were paid a dividend of $0.715 per share. The ex-dividend date was Tuesday, February 13th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.69. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.73%. Consolidated Edison’s payout ratio is currently 57.89%.

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About Consolidated Edison

Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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