Meeder Asset Management Inc. boosted its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 2,306.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 746 shares of the utilities provider’s stock after purchasing an additional 715 shares during the period. Meeder Asset Management Inc.’s holdings in Consolidated Edison were worth $65,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in ED. Coastal Capital Group Inc. bought a new stake in shares of Consolidated Edison during the second quarter worth about $26,000. Willingdon Wealth Management bought a new position in Consolidated Edison in the 1st quarter valued at $31,000. Interactive Financial Advisors bought a new position in Consolidated Edison in the 1st quarter valued at $34,000. Kavar Capital Partners LLC bought a new position in Consolidated Edison in the 2nd quarter valued at $37,000. Finally, Personal Wealth Partners bought a new position in Consolidated Edison in the 2nd quarter valued at $41,000. 59.29% of the stock is owned by institutional investors.
Shares of Consolidated Edison stock opened at $88.22 on Wednesday. The company has a current ratio of 0.62, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The firm has a market capitalization of $29.25 billion, a PE ratio of 20.42, a price-to-earnings-growth ratio of 10.01 and a beta of 0.10. The business’s 50-day moving average price is $87.19 and its 200-day moving average price is $85.59. Consolidated Edison, Inc. has a 12 month low of $73.29 and a 12 month high of $90.51.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be given a dividend of $0.74 per share. The ex-dividend date is Tuesday, August 13th. This represents a $2.96 annualized dividend and a yield of 3.36%. Consolidated Edison’s payout ratio is 68.52%.
A number of brokerages have issued reports on ED. Credit Suisse Group reduced their price objective on Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating for the company in a research note on Thursday, August 8th. Barclays reissued a “hold” rating and set a $90.00 price objective on shares of Consolidated Edison in a report on Thursday, June 20th. ValuEngine cut Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Morgan Stanley lowered their price target on Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating on the stock in a report on Friday, August 16th. Finally, KeyCorp assumed coverage on Consolidated Edison in a report on Tuesday, June 4th. They issued a “sector weight” rating on the stock. Three analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $84.73.
Consolidated Edison Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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