Pictet Asset Management Holding SA Buys 24,860 Shares of Consolidated Edison, Inc. (NYSE:ED)

Pictet Asset Management Holding SA grew its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 12.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 219,595 shares of the utilities provider’s stock after buying an additional 24,860 shares during the period. Pictet Asset Management Holding SA’s holdings in Consolidated Edison were worth $19,594,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. United Bank bought a new position in shares of Consolidated Edison in the third quarter worth approximately $227,000. D.A. Davidson & CO. boosted its holdings in Consolidated Edison by 1.1% in the 3rd quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock worth $1,160,000 after buying an additional 124 shares during the period. FMR LLC increased its stake in Consolidated Edison by 82.3% in the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock worth $132,081,000 after buying an additional 572,530 shares in the last quarter. Townsquare Capital LLC raised its holdings in Consolidated Edison by 2.4% during the third quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider’s stock valued at $580,000 after acquiring an additional 130 shares during the period. Finally, Glenmede Trust Co. NA lifted its position in shares of Consolidated Edison by 2.6% in the third quarter. Glenmede Trust Co. NA now owns 17,908 shares of the utilities provider’s stock valued at $1,865,000 after acquiring an additional 454 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Up 1.8 %

Shares of NYSE ED opened at $110.69 on Tuesday. Consolidated Edison, Inc. has a 1 year low of $87.28 and a 1 year high of $111.14. The firm has a 50-day simple moving average of $99.90 and a two-hundred day simple moving average of $98.53. The company has a market cap of $38.38 billion, a P/E ratio of 21.12, a PEG ratio of 3.05 and a beta of 0.30. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.63 billion. Research analysts anticipate that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were issued a dividend of $0.85 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a yield of 3.07%. Consolidated Edison’s dividend payout ratio (DPR) is presently 64.89%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ED. Morgan Stanley increased their price objective on shares of Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a report on Thursday, March 20th. Evercore ISI downgraded shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Mizuho boosted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Scotiabank raised their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research report on Monday, February 24th. Finally, Barclays boosted their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research report on Monday, February 24th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Consolidated Edison has a consensus rating of “Hold” and a consensus target price of $102.40.

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.