Graney & King LLC Purchases Shares of 3,360 Consolidated Edison, Inc. (NYSE:ED)

Graney & King LLC acquired a new stake in Consolidated Edison, Inc. (NYSE:ED) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 3,360 shares of the utilities provider’s stock, valued at approximately $300,000.

Other hedge funds also recently modified their holdings of the company. TD Private Client Wealth LLC boosted its stake in shares of Consolidated Edison by 4.7% during the third quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider’s stock valued at $243,000 after purchasing an additional 104 shares in the last quarter. Jacobi Capital Management LLC raised its position in shares of Consolidated Edison by 4.2% in the 4th quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider’s stock worth $229,000 after acquiring an additional 104 shares in the last quarter. Richwood Investment Advisors LLC boosted its position in shares of Consolidated Edison by 2.3% during the 4th quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider’s stock valued at $463,000 after purchasing an additional 115 shares in the last quarter. D.A. Davidson & CO. increased its holdings in Consolidated Edison by 1.1% in the third quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock worth $1,160,000 after purchasing an additional 124 shares in the last quarter. Finally, Penobscot Investment Management Company Inc. boosted its holdings in shares of Consolidated Edison by 5.7% during the 4th quarter. Penobscot Investment Management Company Inc. now owns 2,300 shares of the utilities provider’s stock worth $205,000 after buying an additional 125 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $105.60 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The business’s 50 day simple moving average is $98.60 and its 200 day simple moving average is $98.40. Consolidated Edison, Inc. has a 12 month low of $87.16 and a 12 month high of $109.36. The company has a market cap of $36.62 billion, a price-to-earnings ratio of 20.15, a PEG ratio of 3.05 and a beta of 0.30.

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

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were given a dividend of $0.85 per share. The ex-dividend date of this dividend was Wednesday, February 19th. This represents a $3.40 annualized dividend and a dividend yield of 3.22%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio is currently 64.89%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ED shares. Barclays raised their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a report on Monday, February 24th. Mizuho increased their price target on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Morgan Stanley increased their target price on Consolidated Edison from $85.00 to $91.00 and gave the stock an “underweight” rating in a report on Thursday, March 20th. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Finally, UBS Group raised their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $102.40.

About Consolidated Edison

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.