Taurus Asset Management LLC Purchases New Position in Consolidated Edison, Inc. (NYSE:ED)

Taurus Asset Management LLC purchased a new stake in Consolidated Edison, Inc. (NYSE:ED) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,600 shares of the utilities provider’s stock, valued at approximately $271,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ED. Capital Performance Advisors LLP purchased a new stake in shares of Consolidated Edison in the third quarter valued at about $27,000. Beacon Capital Management LLC raised its holdings in shares of Consolidated Edison by 2,307.7% in the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after buying an additional 300 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in shares of Consolidated Edison in the third quarter valued at about $30,000. Pathway Financial Advisers LLC purchased a new stake in shares of Consolidated Edison in the first quarter valued at about $33,000. Finally, TruNorth Capital Management LLC purchased a new stake in shares of Consolidated Edison in the second quarter valued at about $33,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ED has been the subject of a number of research reports. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Bank of America upped their target price on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Wells Fargo & Company upped their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Barclays dropped their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research note on Friday, November 8th. Finally, Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $98.35.

Consolidated Edison Trading Up 1.3 %

Shares of ED opened at $96.44 on Monday. 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 firm’s 50-day moving average is $102.68 and its two-hundred day moving average is $98.04. Consolidated Edison, Inc. has a twelve month low of $85.85 and a twelve month high of $107.75. The firm has a market capitalization of $33.41 billion, a P/E ratio of 18.16, a PEG ratio of 3.24 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.56 by $0.12. The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. On average, research analysts predict that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be given a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 annualized dividend and a dividend yield of 3.44%. Consolidated Edison’s dividend payout ratio is presently 62.52%.

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.